SBI General Insurance Posts 10.9% Q1 FY27 Growth, Reports Under Ind AS

The company strengthened its business portfolio during the quarter through contributions from both retail and commercial lines. Health grew by 49.9% and PA by 26.3%, while Engineering and Marine-Cargo recorded growth of 95.4% and 16.8%, respectively. The performance reflects SBI General Insurance’s focus on scaling its retail and commercial businesses while responding to evolving protection needs of customers and enterprises.

The company’s financial performance remained supported by a balance between business expansion and financial discipline. Comprehensive Income stood at INR 573 crore, while Profit After Tax (PAT) stood at INR 426 crore as per the Ind AS financial results. SBI General Insurance reported a solvency ratio of 2.0 times and a Combined Operating Ratio (COR) of 96.18% for Q1 FY27, reflecting its capital position and providing a foundation for its growth ambitions.

The quarter also marked a significant milestone in the company’s financial reporting journey, with SBI General Insurance becoming the first general insurer to report its financial results under the newly adopted Ind AS framework. The transition is aimed at strengthening the company’s financial reporting and disclosure framework while reinforcing its focus on transparency, governance and financial discipline.

Commenting on the company’s performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We have started FY27 on a strong note with sustained growth across all key parameters. We have built solid foundations and expect this growth momentum to carry us to a strong year-end. Our GDPI stood at INR 3506 crore with comprehensive income at 573 crore in Q1FY27, reflecting our focus on balanced growth and profitability, backed by customer trust and agile execution. We remain committed to further strengthening our capabilities and delivering on our promise of protecting what matters most to our customers.”

Mr. Jitendra Attra, CFO, SBI General Insurance, said, “We’re the first adopters of the Ind AS framework among the General Insurance companies, marking another important milestone in our financial reporting journey and will further enhance transparency and comparability for our stakeholders. We’ve firmly achieved a 17.4% growth in the Comprehensive income for Q1 FY27. Our 10.9% growth in GDPI reflects sustained momentum across key business segments, while our focus remains firmly on maintaining financial discipline as we scale. With a solvency ratio of 2.0 times, we remain well positioned to pursue sustainable growth while maintaining financial strength and discipline.”

As SBI General Insurance progresses through FY27, the company remains focused on scaling with discipline, strengthening underwriting and driving operational efficiency. With a growing and diversified portfolio, robust capital position and continued investments in technology and distribution, the company aims to sustain its momentum, deepen insurance penetration and further strengthen its position in India’s evolving general insurance landscape.

SBI General Insurance, established in 2009, is backed by the support of SBI and has expanded from 17 branches in 2011 to a nationwide presence in 182 branches. In FY 2025-26, the company reported Gross Direct Premium (GDP) of INR 15,904 crores, recording a year-on-year growth of 14.5%.

The company has received several accolades, including Domestic General Insurer of the Year – India and Claims Initiative of the Year – India at the Insurance Asia Awards 2025 in Singapore, Smart Insurer for the year 2025 at the ETNOW Insurance Summit & Awards 2025, India’s Leading General Insurance Company (Mid) at the 18th edition of the Dun & Bradstreet BFSI & Fintech Summit 2026 and Best General Insurance Company of the Year at the 4th Edition of Future of Insurance Summit 2025.

Certified as a Great Place to Work in 2025, SBI General Insurance also received recognition at the 8th ICC Social Impact Award 2026 for its commitment to CSR Activities in Project Mission for Vision in Meghalaya, as well as the “ET NOW Champions of CSR” award at the ET Edge ET NOW Champions of CSR 2025.

With a team of 9,900+ employees, the company operates a multi-distribution model covering Bancassurance, Agency, OEM, Broking, Retail Direct Channels and Digital collaborations. Its network includes over 23000+ SBI branches, along with agents, financial alliances, OEMs and digital partners, extending its services to remote areas of India. Its offerings cover Retail, Corporate, SME and Rural segments through digital and physical channels.