SBI General Insurance April-September profit soars nearly 7 times to Rs 414 crore

SBI General Insurance on Wednesday reported a profit after tax of Rs 414 crore for the first half of the current financial year, up 591 per cent over the corresponding period a year ago. The general insurer said its growth was primarily driven by strong performances of its motor, health, egineering and marine cargo units. 

SBI General registered 16.1 per cent year-on-year growth in its gross written premium (GWP) for the six-month period, superior to an industry average of 7.0 per cent. For the year ended March 31, SBI General Insurance clinched 17 per cent growth in its GWP to Rs 12,731 crore.

SBI General Insurance Solvency Ratio

Its solvency ratio—a key metric that determines an insurance company's ability to meet its long-term debt obligations—was recorded at 2.26 times for the first half of FY25, higher than the minimum regulatory requirement of 1.50 times, according to the company. 

SBI General Insurance said that its solvency ratio demonstrates its strong financial stability. 

SBI General Insurance Management Commentary

"We are pleased with our strong performance in H1 FY25, with growth accelerating across key segments,” said Naveen Chandra Jha, MD and CEO, SBI General Insurance. 

Jha said the company’s growth, driven by its strong distribution network, its emphasis on technology and claims, and the strength of brand SBI, highlights its commitment to delivering outstanding value to its 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,” added Jha. 

SBI General Insurance CFO Jitendra Attra said the company’s financial results reflect its commitment to building long-term value for its stakeholders. 

What is SBI General Insurance and what does it do?

Since its establishment in 2009, SBI General Insurance has grown to a nationwide presence of more than 144 branches. 

SBI Q2 Results Date

State Bank of India, the country's largest lender by assets, is scheduled to report its financial results on November 8.

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