Page 7 - The Insurance Times June 2025

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News

health insurers rose 11%, indicating
SBI General Insurance Net Profit Doubles to Rs. 509
strong sector momentum.
Crore in FY25
SBI General Insurance posted a robust performance in FY25, with net profit Non-Life Insurers' Pre-
more than doubling to Rs. 509 crore compared to Rs. 240 crore in the pre- mium Rises 13.5% in April
vious fiscal. The non-life insurer, a subsidiary of the State Bank of India, at-
tributed this significant increase to improved underwriting and operational Amid Sectoral Momentum
efficiency. Gross direct premiums collected by
non-life insurers rose 13.5% year-on-
The company also recorded an 11% rise in gross written premium (GWP),
year to Rs. 33,688.48 crore in April
which grew to Rs. 14,140 crore from Rs. 12,731 crore in FY24, reflecting
2025, driven by robust growth from
sustained business momentum and customer trust.
multiline general insurers and
SBI General's solvency ratio stood at 2.03, comfortably exceeding the regu- standalone health insurers, as per the
latory requirement of 1.50, underscoring its strong capital position and ability General Insurance Council. General
to meet policyholder obligations. insurers recorded a 14% rise in pre-
The insurer's leadership expressed confidence in continuing the growth tra- mium collections to Rs. 30,662 crore,
jectory while focusing on financial discipline and market expansion. The re- while standalone health insurers
sults affirm SBI General's position as one of India's leading general insurers logged an 11% increase to Rs. 2,932.8
delivering consistent performance across metrics. crore. Due to changes in regulatory
accounting norms implemented from
ICICI Lombard to Ramp Up product launches and an expanded October 2024, figures are not directly
sales force. comparable with last year.
Health Insurance Focus as
The insurer remains open to acquisi- Among key players, New India Assur-
Industry Premiums Rise tions that complement its current or- ance reported a 14.6% growth in pre-
ICICI Lombard General Insurance is in- ganic growth areas, particularly in miums to Rs. 6,026 crore, while ICICI
tensifying its focus on health insurance health. Balachandran said any acquisi- Lombard's grew 6.72% to Rs. 3,592
to align its retail health market share tions would align with the firm's exist- crore. Bajaj Allianz remained flat at Rs.
with its overall non-life presence. While ing investment focus, not as a separate 2,402.8 crore. Oriental Insurance
the company commands around 9% of strategic move. posted a sharp 56.53% surge, and Na-
the overall general insurance market, tional Insurance and United India reg-
its retail health segment has lagged at Meanwhile, the non-life insurance in- istered 10.92% and 3.44% growth re-
just 3%. "We did not invest enough in dustry posted a 13.5% year-on-year spectively. Star Health led among
products or on distribution expansion," rise in gross direct premiums to Rs. standalone health insurers with Rs.
said CFO Gopal Balachandran, noting 33,688 crore in April 2025. General 1,060 crore in premiums, up 4.63%,
recent efforts to rectify this with new insurers grew 14% and standalone while Care Health grew 8.72%. Mar-

The Insurance Times June 2025 7