SBI General Insurance has delivered a stellar financial performance for the first half of FY25, with a net profit soaring 6.9 times to ₹414 crore, a remarkable 591% increase from ₹60 crore in the same period last year. This surge underscores the company’s strong operational execution and strategic focus.
The company’s gross written premium (GWP) witnessed robust growth, rising 16.1%, more than double the industry’s growth rate of 7%. SBI General‘s solvency ratio stood at 2.26 times, comfortably above the regulatory requirement of 1.50 times, reflecting its solid financial foundation.
Key business drivers for this growth included strong performances in the Motor, Health, Engineering, and Marine Cargo segments, showcasing the company’s diverse and resilient portfolio.
Commenting on the Company’s performance, Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We are pleased with our strong performance in H1 FY25, with growth accelerating across key segments such as Motor, Health, Engineering and Marine Cargo. This growth has been fueled by our strong distribution network, emphasis on technology and claims and the strength of the SBI brand. It highlights our commitment to delivering outstanding value to our customers while continuously driving innovation and leadership in the insurance sector. We look forward to sustaining this momentum and further strengthening our position in the industry.”
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Jitendra Attra, CFO, SBI General Insurance, said “Our financial results reflect our commitment to building long term value for stakeholders. The Company’s Profit after tax (PAT) growth of 591%, reflects our financial health and also the work done in improving productivity, improving loss ratios and focus on delivering customer value.”
SBI General Insurance continues to build on its diverse product portfolio and extensive distribution network, positioning itself for sustained growth and increased market share in the coming quarters.
