SBI General Insurance Sustains Growth Momentum in Q1 FY27, as GDPI Rises 10.9% Year
SBI General Insurance strengthens its Q1 FY27 performance with a double-digit rise in GDPI, marking steady progress in the insurer’s business growth.
SBI General Insurance records 10.9% year-on-year growth in Gross Direct Premium Income (GDPI) in Q1 FY27, maintaining its growth momentum.
New Delhi – SBI General Insurance: SBI General Insurance has opened FY27 with double-digit premium growth, reporting a Gross Direct Premium Income (GDPI) of INR 3,506 crore for the quarter ended June 2026, up 10.9% year-on-year. The private general insurer, backed by State Bank of India, said the numbers extend the growth trajectory it built through FY26, driven by a mix of retail and commercial lines.
The company also marked a first for the Indian general insurance industry: it became the first general insurer to publish its financial results under the newly adopted Ind AS (Indian Accounting Standards) framework, a move it says strengthens transparency and disclosure for stakeholders.
SBI General Insurance: Health and Engineering Segments Drive Broad-Based Growth
The quarter’s growth was spread across both retail and commercial portfolios rather than concentrated in a single line of business. Health insurance premiums rose 49.9% year-on-year, while Personal Accident (PA) cover grew 26.3%. On the commercial side, the Engineering segment posted the sharpest jump at 95.4%, with Marine-Cargo insurance up 16.8%.
The company attributed the spread of growth to its focus on scaling both its retail and commercial businesses while adapting to shifting protection needs among individual customers and enterprises.
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SBI General Insurance: Profitability and Capital Position Remain Strong
Alongside topline growth, SBI General Insurance reported a Comprehensive Income of INR 573 crore and a Profit After Tax (PAT) of INR 426 crore for Q1 FY27 under the Ind AS framework.
The insurer’s solvency ratio stood at 2.0 times, comfortably above the regulatory threshold, while its Combined Operating Ratio (COR) — a key measure of underwriting profitability — came in at 96.18% for the quarter.
SBI General Insurance: First Insurer to Adopt Ind AS Reporting
The shift to Ind AS reporting is being positioned by the company as a milestone in its financial disclosure journey. SBI General Insurance said the transition is intended to improve comparability and transparency for stakeholders and reflects its broader emphasis on governance and financial discipline as it scales.
SBI General Insurance: Management Commentary
MD & CEO Naveen Chandra Jha said the company had started FY27 on a strong note, with growth sustained across key parameters and a foundation in place to carry that momentum through the year. He pointed to the GDPI of INR 3,506 crore and comprehensive income of INR 573 crore as evidence of balanced growth and profitability, crediting customer trust and execution.
CFO Jitendra Attra highlighted the company’s position as the first adopter of Ind AS among general insurers, noting a 17.4% rise in comprehensive income for the quarter. He said the 10.9% GDPI growth reflected sustained momentum across business segments, while the 2.0 times solvency ratio left the company well placed to pursue growth without compromising financial discipline.
SBI General Insurance: Company Snapshot: From 17 Branches to Nationwide Reach
Founded in 2009, SBI General Insurance has scaled from 17 branches in 2011 to 182 branches nationwide today. For the full year FY 2025-26, the company reported Gross Direct Premium of INR 15,904 crore, a year-on-year increase of 14.5%.
The insurer operates a multi-distribution model spanning bancassurance, agency, OEM, broking, retail direct and digital channels, supported by a network of over 23,000 SBI branches along with agents, financial alliances, OEM partners and digital tie-ups. It employs more than 9,900 people and serves retail, corporate, SME and rural customer segments.
The company’s recent accolades include the Domestic General Insurer of the Year – India and Claims Initiative of the Year – India honours at the Insurance Asia Awards 2025 in Singapore, the Smart Insurer recognition at the ETNOW Insurance Summit & Awards 2025, and Best General Insurance Company of the Year at the 4th Edition of Future of Insurance Summit 2025. It was also certified a Great Place to Work in 2025.
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