SBI General Insurance Surges Ahead with a 32 per cent Growth in Q1 FY24-25

NewsVoir

Mumbai (Maharashtra) [India], August 12: 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, 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.

SBI General Insurance one of the fastest-growing private general insurance firms, backed by the robust support of SBI upholds a legacy of trust and security. We position ourselves as India's most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence of over 143 branches. In FY 2023-24, SBI General Insurance achieved significant growth, with a notable 17% increase in Gross Written Premium (GWP), reaching INR 12,731 crores.

The company has also received notable accolades including the 'Domestic General Insurer of the Year' - India at the Insurance Asia Awards 2023 in Singapore, recognition as one of the Best Brands 2023 at the ET Edge Best Brands events and being honoured as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. We have also received recognition as the runner-up for Highest Growth - General Insurance at the ASSOCHAM 15th Global Insurance Summit & Awards and were named the winner in the 'Best Large General Insurer' category at the Mint BFSI Summit & Awards 2023.

With a team of 8,000+ employees and our multi-distribution model covering Bancassurance, Agency, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network of over 22,518+ SBI branches, agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME, and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.

For more details: www.sbigeneral.in.

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