Retail Health Insurance A focus area for SBI General Insurance, says Naveen Chandra JHA, MD & CEO

SBI General Insurance achieved a growth of 21 percent on an annual basis in gross written premium (GWP) in the first quarter this tax. What led to this version and what are the goals for the full year?

The performance is the result of a strategic push in the past two to three years. We have extended our product suite on health, motor and commercial lines, our network of agent and staff strengthened and invested in technology platforms. We have focused on deepening our reach in submerged regions and improving our customer experience. For FY26 we focus on around 15 percent GWP growth, with a positive bias if market conditions remain supportive. Our goal is to grow faster than industry.

During Q1FY26, motor insurance grew by 20 percent yoj. How did the segments of their own damage (OD) and third parties (TP) performed?

Both OD and TP have contributed to this growth. We also won 47 basic points in market share. Although there has been a delay in the sale of new vehicles, we have continued to grow the segment by focusing on used and older vehicles, and by being selective in our insurance approach. Our loss ratio in the engine has also been improved and moved from 86.2 percent in the last financial year to 81.7 percent this year.

Is the company aimed at increasing the self-damage (OD) share in its motor insurance portfolio if premiums for third parties (TP) stagnate for a few years?

We have no specific distortion to OD or TP. The focus is on maintaining a healthy, balanced portfolio and continuing our 15-20 percent growth trajectory in the motor insurance. We performed our efforts in the two -wheel insurance segment last year. Although we were present earlier, it was on a much smaller scale. The strategy is now to grow this segment selectively and profitably. Two-wheeler insurance can be expensive in the first instance because of the five-year coverage requirement of third parties, but we believe it will be profitable in the coming years.

What is the contribution of the retail in the health insurance portfolio? How do you intend to grow it?

The health insurance as a whole grew by almost 50 percent in the first quarter and before the 1/n accounting change was adjusted, growth was around 66 percent. Group health makes up about 70 percent of our health portfolio, while the retail trade contributes to the remaining 30 percent. The retail segment is growing faster and remains a strategic focus. We plan to gradually move the mix from the current 70:30 (group: Retail) ratio to a more balanced 50:50 in the coming years. Retail health is more stable, offers better margins and is tailored to our goal to build a profitable and sustainable health insurance activities.

What is the current loss ratio in health insurance and how has it changed?

Our overall ratio of health loss is around 92 percent. Retail health, including income products, has a loss ratio of 58 percent, while group health (employer-employee policy) is 108 percent. Compared to last year, the health of the retail trade has improved by 17 percent and by around 3 percent group health, resulting in an improvement of 9 percent in the total ratio. These trends are encouraging and tailored to our long -term goal of sustainable insurance.

Is there a plan for an IPO?

There are no immediate plans to become public. That decision lies with our promoters. For now, our focus remains on delivering consistent, customer-first growth and building long-term value. When the time is ripe and the market conditions are favorable, we are well positioned for it.