Naveen Chandra Jha, MD & CEO, SBI General Insurance
Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We have been consistently growing faster than the market. In FY25, our GWP grew by 11.1 per cent, 70 per cent faster than the industry growth of 6.2%. The company has registered 2.1 times increase in PAT, underscoring our financial health. We improved our loss ratio by 3.5 per cent , which is again best in the industry. Almost all players have worsened their loss ratio due to hardening of fire and motor premium. ‘’
Mumbai: SBI General Insurance, has recorded a 112 per cent jump in its net profit to Rs 509 crore in FY 25.
Continuing its robust growth trajectory, the insurer, a wholly owned subsidiary of country’s largest bank State Bank of India(SBI), reported a gross written premium (GWP) of Rs 14,140 crores, showing a year-on-year(YoY) growth of 11.1 per cent .
Excluding the impact of 1/n accounting norm, the GWP of the Company grew by 14.5% for FY25.The “1/n” accounting norm, implemented by the domestic general insurers since Oct 24 at the instance of regulator IRDAI, , refers to a method of reporting long-term premiums where the premium is recognized over the policy term, rather than upfront.
Commenting on the company’s performance, Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We have been consistently growing faster than the market. In FY25, our GWP grew by 11.1 per cent, 70 per cent faster than the industry growth of 6.2%. The company has registered 2.1 times increase in PAT, underscoring our financial health. We improved our loss ratio by 3.5 per cent , which is again best in the industry. Almost all players have worsened their loss ratio due to hardening of fire and motor premium. ‘’
“As we celebrate 15 years of excellence, our FY25 results stand as a testament to our sustained focus on customer service, growth, and profitability. Looking ahead, we are committed to building on this momentum, setting new benchmarks in providing reliable and affordable insurance solutions and reinforcing our pledge to the financial security of millions across India.” he added.
Jitendra Attra, CFO, SBI General Insurance, “The company has displayed a significant improvement in the loss ratio compared to the previous financial year. This demonstrates our efforts in enhancing productivity, cost management, and operational efficiency. We will continue to focus on improving customer value while maintaining a strong financial position to support future growth.”
The company’s solvency ratio stood at 2.03, well above the regulatory requirement of 1.50, highlighting its strong financial stability.
Additionally, the insurer during the reporting year has gained 23 basis points improvement in private market share, reinforcing its strong foothold in the industry.
SBI General Insurance continued to lead the Personal Accident (PA) segment, maintaining its position as the No. 1 private insurer. Health Insurance grew at 19.2 per cent and motor insurance at 31.2 per cent YOY, contributing significantly to the overall growth of the company. Other segments like Marine Cargo, Engineering, and other commercial lines, also contributed meaningfully to SBI General Insurance’s overall growth.
The company has improved its market share in Health by 25 basis points (bps), Motor by 83 bps and PA by 71 bps.