SBI
General Insurance becomes the first general insurer to report financial
statements under the newly adopted Ind AS framework
THEBUSINESSBYTES
BUREAU
MUMBAI,
AUGUST 31, 2026
SBI General
Insurance, one of India’s leading general insurance companies, opened FY27 on a
strong footing, carrying forward the growth momentum established in FY26. The
company continued to strengthen its business across key segments, supported by
a diversified portfolio, disciplined execution and a robust capital position.
Gross Direct Premium
Income (GDPI) stood at ₹3,506
crore in Q1 FY27, registering a year-on-year growth of 10.9 per cent and
reflecting sustained business momentum during the first quarter of the
financial year.
The company continued
to scale its business across both retail and commercial segments, with several
key lines delivering strong growth. Health insurance grew 49.9 per cent
and Personal Accident (PA) insurance increased 26.3 per cent.
On the commercial side, Engineering recorded growth of 95.4 per cent,
while Marine-Cargo grew 16.8
per cent.
The broad-based
performance across these segments underscores SBI General Insurance’s continued
focus on expanding its retail and commercial businesses while responding to the
evolving protection needs of customers and enterprises.
The company’s
performance was supported by a continued focus on balancing business growth
with financial discipline. Under the Ind AS financial statements, SBI General
Insurance reported a Comprehensive Income of ₹573 crore and Profit After Tax (PAT) of ₹426 crore for
Q1 FY27.
The company reported
a solvency ratio of 2.0 times and a Combined Operating Ratio (COR) of 96.18%
for the quarter, reflecting its strong capital position and providing a sound
foundation for pursuing 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
represents an important step towards strengthening the company’s financial
reporting and disclosure framework, while further reinforcing its focus on
transparency, governance and financial discipline.
Commenting on the
company’s performance, 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 ₹3,506 crore,
with Comprehensive Income at ₹573
crore in Q1 FY27, 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.”
Jitendra Attra, CFO, SBI General Insurance, said, “We are the first general insurer to adopt the Ind AS framework, marking another important milestone in our financial reporting journey. This will further enhance transparency and comparability for our stakeholders. We achieved a 17.4% growth in Comprehensive Income in Q1 FY27, while our 10.9% growth in GDPI reflects sustained momentum across key business segments. 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 its business with discipline, strengthening underwriting capabilities and driving operational efficiency. With a growing and diversified portfolio, robust capital position and continued investments in technology and distribution, the company is well positioned to sustain its growth momentum, deepen insurance penetration and strengthen its position in India’s evolving general insurance landscape.
