SBI General Insurance has reported a growth of 32 per cent in the first quarter of FY25, resulting in a Gross Direct Premium (GDP) of Rs 2,603 crore. As per the company, this growth rate significantly outperforms the industry average for the same period, underscoring SBI General’s strong market position and growth trajectory.
In addition to this, the profit before tax (PBT) stood at Rs 244 crores, with a growth of 159 per cent as compared to last year’s Q1 FY24. The solvency ratio stood at 2.21, above the regulatory requirement, which demonstrates strong financial stability. SBI General has further strengthened its foothold in the private insurance sector, achieving a market share of 5.41 per cent amongst private players, up from 4.82 per cent in the same last year, while the market share among multiline private insurers stands at 6.54 per cent in Q1FY25.
Notedly, the company’s growth in Q1 FY 25 was primarily driven by strong performance in the motor, fire and personal accident segments.
Talking about the company’s performance, Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “The 32 per cent growth in Q1 FY 24-25, reflects our strong business strategy and customer-focused approach. Our results reflect our commitment to sustainable and profitable growth for stakeholders. Our Q1 performance lays the foundation for sustained growth throughout FY25.”
Furthermore, SBI General Insurance continues to build on its product portfolio and distribution network, positioning itself for sustained growth and increased market share in the coming quarters.