General Insurance News

SBI General Insurance Net Profit Doubles to Rs. 509 Crore in FY25

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SBI General Insurance posted a robust performance in FY25, with net profit more than doubling to Rs. 509 crore compared to Rs. 240 crore in the previous fiscal. The non-life insurer, a subsidiary of the State Bank of India, attributed this significant increase to improved underwriting and operational efficiency.

The company also recorded an 11% rise in gross written premium (GWP), which grew to Rs. 14,140 crore from Rs. 12,731 crore in FY24, reflecting sustained business momentum and customer trust.

SBI General's solvency ratio stood at 2.03, comfortably exceeding the regulatory requirement of 1.50, underscoring its strong capital position and ability to meet policyholder obligations.

The insurer's leadership expressed confidence in continuing the growth trajectory while focusing on financial discipline and market expansion. The results affirm SBI General's position as one of India's leading general insurers delivering consistent performance across metrics.

ICICI Lombard to Ramp Up Health Insurance Focus as Industry Premiums Rise

ICICI Lombard General Insurance is intensifying its focus on health insurance to align its retail health market share with its overall non-life presence. While the company commands around 9% of the overall general insurance market, its retail health segment has lagged at just 3%. "We did not invest enough in products or on distribution expansion," said CFO Gopal Balachandran, noting recent efforts to rectify this with new product launches and an expanded sales force.

The insurer remains open to acquisitions that complement its current organic growth areas, particularly in health. Balachandran said any acquisitions would align with the firm's existing investment focus, not as a separate strategic move.