SBI General Insurance Company Ltd
State Bank of India's 69%-owned general insurer — ₹15,900 Cr of premium, ₹553 Cr profit in FY26 and an IPO queued behind SBI Mutual Fund.
Market cap
₹13,478 Cr
21.56 Cr shares
P/E ratio
24.38
Sector average 30
Book value
₹233.05
P/B 2.68
1-year return
+0.00%
52w ₹625 – ₹625
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹625 → ₹625
52-week band in this window: ₹625.00 – ₹625.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY26: GDPI ₹15,904 Cr (+14.5%), PAT ₹553 Cr (+8.7%), loss ratio 78.3%, solvency 1.90x.
- Q1 FY27 PAT ₹426 Cr with a 96.18% combined ratio; first Indian insurer to adopt Ind AS.
- SBI 69%, Premji Invest's Napean 15.78%, Warburg's Honey Wheat about 8%; IPO to follow SBI MF.
About SBI General
SBI General Insurance Company Limited is the non-life insurance arm of State Bank of India, incorporated on 24 February 2009 in Mumbai and licensed by IRDAI. It writes motor, health, property, crop, personal accident, travel and commercial lines through SBI's 22,000-plus branches, agents, brokers, digital partners and its own offices.
SBI holds 69.00%. Insurance Australia Group, the original 26% joint-venture partner, exited in 2019-20, selling 16.01% to Napean Opportunities LLP (Premji Invest / PI Opportunities) and 9.99% to Honey Wheat Investment (Warburg Pincus); those blocks have since been slightly diluted by employee stock options. The remaining shares are held by employees and a small number of investors, which is the float traded in the unlisted market.
FY26 gross direct premium grew 14.5% to ₹15,904 Cr — 1.6 times the industry rate — and profit after tax rose 8.7% to ₹553 Cr from ₹509 Cr in FY25 and ₹240 Cr in FY24. The loss ratio improved to 78.3% from 82.4%, solvency stood at 1.90 times at March 2026 and 2.0 times at June 2026, and Q1 FY27 delivered a record ₹426 Cr profit as the company became the first Indian insurer to report under Ind AS.
Figures preliminary; verify from MCA filings. Premium and profit headlines are from the company's results releases; balance-sheet lines, investment income and expense splits on this page are estimates built around those headlines and should be replaced with the audited FY26 accounts. Note also that other dealers quote this stock above ₹1,100 — the ₹625 shown here is the wwipl.com rate and should be confirmed before trading.
Where the revenue comes from
- Motor32%
Own-damage and third-party; estimate
- Health & personal accident28%
Retail and group health, PA; the fastest-growing line; estimate
- Property, fire & engineering20%
Corporate and SME property, home insurance via SBI loans; estimate
- Crop, liability & other20%
PMFBY crop, marine, liability, travel; estimate
Products & services
Motor insurance
Private car, two-wheeler and commercial vehicle cover sold through SBI branches, dealers and digital partners.
Health & personal accident
Arogya range of retail health plans, group health and PA cover.
Property & commercial
Fire, engineering, marine, liability and SME packages, plus home insurance bundled with SBI home loans.
Crop & rural
PMFBY crop insurance and rural micro-covers distributed through SBI's rural network.
What works
- • Bancassurance engine: exclusive access to SBI's branch network and customer base, the widest distribution in Indian financial services.
- • Scale and growth: ₹15,904 Cr GDPI in FY26 growing at 1.6x the industry, with the loss ratio improving four points in a year.
- • Strong capital: solvency of 1.90–2.0x against the 1.5x regulatory floor and no reliance on subordinated debt.
- • Marquee minority investors (Premji Invest, Warburg Pincus) and a stated IPO intent from the SBI chairman give a visible exit path.
What to watch
- • Profitability lags growth: a combined ratio near 96–100% leaves margins thin and dependent on investment income and reinsurance terms.
- • Motor third-party pricing and health-claim inflation are regulated or volatile and can swing underwriting results between years.
- • The IPO is explicitly sequenced after SBI Mutual Fund's listing, so a liquidity event may be two or more years away.
- • Dealer quotes vary widely (₹625 on wwipl versus ₹1,100-plus elsewhere in 2026); check the rate and the share count before committing.