Mumbai; August 06th, 2024: SBI General Insurance, one of India’s leading General Insurance companies, has reported a robust growth of 32% in the first quarter of FY 24-25, resulting in a Gross Direct Premium (GDP) of INR 2,603 crore. This growth rate significantly outperforms the industry average for the same period, underscoring SBI General’s strong market position and growth trajectory.
The Company’s impressive performance is reflected in key financial metrics. The Profit before tax stood at INR 244 crores, with a growth of 159% as compared to last year’s Q1 FY 23-24. The solvency ratio stood at 2.21, well above the regulatory requirement, demonstrating strong financial stability. SBI General has further strengthened its foothold in the private insurance sector, achieving a market share of 5.41% amongst private players (including SAHI), up from 4.82% in the same last year, while our market share among multiline private insurers (excluding SAHI) stands at 6.54% in Q1FY25.
In Q1 FY 24-25, the Company’s growth was primarily driven by strong performance in the Motor, Fire, and Personal Accident segments.
Commenting on the Company’s performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We are thrilled to announce an impressive 32% growth in Q1 FY 24-25, reflecting our strong business strategy and customer-focused approach. Our results reflect our commitment to sustainable and profitable growth for stakeholders. We remain dedicated to maintaining our growth momentum and delivering value to our stakeholders through innovative, customer-centric insurance solutions. Our commitment to innovation and digital expansion ensures we meet the evolving needs of our customers. Our robust Q1 performance lays the foundation for sustained growth throughout FY 24-25. We will leverage our extensive distribution network and strategic partnerships to enhance insurance penetration, supporting IRDAI’s vision of Insurance for all by 2047.”
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.