SBI General Insurance posts 10.9 pe rcent GDPI growth to Rs 3,506 crore in Q1 FY27

Mumbai: SBI General Insurance has started FY27 on a strong note. SBI General Insurance reported a 10.9 per cent year-on-year increase in Gross Direct Premium Income (GDPI) to Rs 3,506 crore for the first quarter, extending the growth momentum it built during FY26.

The insurer recorded broad-based growth across its retail and commercial portfolio, with health and personal accident emerging as key contributors. Health grew 49.9 per cent, while personal accident (PA) increased 26.3 per cent during the quarter.

Commercial segments also delivered strong numbers. Engineering grew 95.4 per cent, while Marine-Cargo recorded 16.8 per cent growth, reflecting the company’s focus on expanding across multiple business lines.

SBI General Insurance reported comprehensive income of Rs 573 crore and profit after tax (PAT) of Rs 426 crore for Q1 FY27 under the newly adopted Ind AS framework. The company’s combined operating ratio (COR) stood at 96.18 per cent, while its solvency ratio was 2.0 times, indicating a strong capital position.

The quarter also marked a significant reporting milestone for the insurer. SBI General Insurance became the first general insurance company to report its financial statements under the newly adopted Ind AS framework.

The company said the transition is aimed at strengthening financial reporting and disclosures while improving transparency, governance and financial discipline.

Commenting on the performance, SBI General Insurance managing director and chief executive officer Naveen Chandra Jha said the company had started FY27 with sustained growth across key parameters.

“We have built solid foundations and expect this growth momentum to carry us to a strong year-end,” Jha said, adding that the company’s GDPI and comprehensive income reflected its focus on balancing growth with profitability.

SBI General Insurance chief financial officer Jitendra Attra said the adoption of Ind AS marked another important milestone in the company’s financial reporting journey and would enhance transparency and comparability for stakeholders.

He said comprehensive income grew 17.4 per cent in Q1 FY27, while the 10.9 per cent increase in GDPI reflected continued momentum across key business segments.

The insurer plans to maintain its focus on disciplined expansion, underwriting capabilities and operational efficiency as it moves through FY27. It also intends to continue investing in technology and distribution while expanding its diversified portfolio.

With premium growth across retail and commercial segments, a 2.0 times solvency ratio and the adoption of Ind AS, SBI General Insurance enters the new financial year with both scale and capital strength on its side.