SBI GENERAL INSURANCE SURGES AHEAD WITH A 32 PER CENT GROWTH IN Q1 FY24-25

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.

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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.