SBI General Insurance expects GST cut to hit profitability in near term

Amid a slowdown in the general insurance industry, SBI General Insurance's Managing Director (MD) & Chief Executive Officer (CEO) Naveen Chandra Jha spoke with Aathira Varier ina virtual meeting about the company’s strategies for maintaining growth. He also talked about plans for H2FY26, after implementation of the revised goods and services tax (GST) rates, among other issues.

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Edited excerpts:

How do you see the performance of the company so far in the first half of the financial year? = HiFY26 was very challenging for the industry because of the 1/N impact. Also, crop insurance prices went down significantly for most companies, including us. But despite all these things, we grew by more than 10 per cent against private sector growth.

Growth in the last quarter was muted for the company...

Last quarter, we grew by around 3.4 per cent. Last month was bad, because we got a hit of $357 crore in crop insurance which was around %580 crore less than HiFY26.