Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We have started FY27 on a strong note with sustained growth across all key parameters. We have built solid foundations and expect this growth momentum to carry us to a strong year-end. Our GDPI stood at Rs 3506 crore with comprehensive income at Rs 573 crore in Q1FY27, reflecting our focus on balanced growth and profitability.”
Mumbai:SBI General Insurance, subsidiary of State Bank of India, continued its growth momentum in the Q1 of FY27 and has become the first general insurer to report its financial results under the newly adopted Ind AS framework.
The transition represents an important step in strengthening the company’s financial reporting and disclosure framework and further reinforces its focus on transparency, governance and financial discipline, said the compnay.
It has reported a net profit of Rs 426 crore as per the Ind AS financial in the Q1 of FY27.
With a a solvency ratio of 2.0 times, It has combined operating ratio (COR) of 96.18 per cent for Q1 FY27, reflecting a robust capital position and providing a strong foundation to support the company’s growth ambitions.
Jitendra Attra, CFO, SBI General Insurance,said, “We’re the first adopters of the Ind AS framework among the general insurance companies, marking another important milestone in our financial reporting journey and will further enhance transparency and comparability for our stakeholders.
The general insurer has recorded a gross direct premium income (GDPI) of Rs 3,506 crore, registering a year-on-year growth of 10.9 per cent and continues to build scale across its business portfolio, with strong contributions from both retail and commercial lines in the Q1 of FY27.
Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We have started FY27 on a strong note with sustained growth across all key parameters. We have built solid foundations and expect this growth momentum to carry us to a strong year-end. Our GDPI stood at Rs 3506 crore with comprehensive income at Rs 573 crore in Q1FY27, reflecting our focus on balanced growth and profitability, backed by customer trust and agile execution.”
During the reporting quarter, the insurer’s Health portfolio grew by 49.9 per centr and personal accident(PA) by 26.3 per cent, while Engineering and Marine-Cargo grew by 95.4 per centr and 16.8 per cent , respectively.
“We’ve firmly achieved a 17.4 per cent growth in the comprehensive income for Q1 FY27. Our 10.9 per cent growth in GDPI reflects sustained momentum across key business segments, while our focus remains firmly on maintaining financial discipline as we scale. With a solvency ratio of 2.0 times, we remain well positioned to pursue sustainable growth while maintaining financial strength and discipline,” said Attra