SBI General Insurance IPO: State Bank of India’s Chairman Challa Sreenivasulu Setty said the public sector lender is planning for a public listing of SBI General Insurance after the initial public offering of SBI Asset Management Company (SBI Mutual Fund).
Speaking to Moneycontrol, CS Setty confirmed that the public sector lending giant views the non-life insurance business as a prime contender for the public markets, though it remains secondary in the immediate pipeline.
Created with AI. Errors are possibleSpeaking to Moneycontrol, CS Setty said, “I think it is a candidate for listing. Maybe after the AMC, we will definitely look at it. But, there’s a good performance trajectory for SBI General.”
While specific financial metrics remain private due to the company’s unlisted status, the SBI Chairman emphasised strong operational benchmarks for the insurer, noting that its expansion rate is comfortably outpacing the broader industry.
“SBI General has done phenomenally well, and I think in every parameter, as we see, because many of the numbers may not be available in the public domain, because it’s not a listed company. In terms of underwriting, in terms of writing, actually they’re growing better than the market,” Setty added, stating that the firm grew at roughly 1.4 times the market average during the 2025–26 fiscal year.
“So, I think the company is on the growth path,” he concluded.
Earlier in August last year, Setty had said that SBI General Insurance and SBI Mutual Fund are under consideration for public listing. However, he did not specify any timeline for its finalisation.
Setty made the remarks during the launch of specialised health insurance branches of SBI General Insurance in Telangana and Andhra Pradesh.
“In our portfolio, there are two companies we are seriously considering-the Asset Management Company (SBI Mutual Fund) and SBI General Insurance. However, the timelines are yet to be decided. These two companies are strong candidates for listing,” the SBI Chairman had told reporters on the sidelines of the event.
SBI General Insurance FY26 performance
SBI General Insurance reported a strong FY26 performance, with gross direct premium (GDP) rising 14.5 per cent year-on-year to Rs 15,904 crore, crossing the Rs 15,000 crore mark for the first time since inception.
The insurer’s profit after tax rose to Rs 553 crore in FY26, up 8.7 per cent from Rs 509 crore posted in the previous financial year.
Its premium growth was 1.6 times higher than the overall industry growth rate, helping it strengthen its position in the market. It also recorded an improvement in private and SAHI market share, which increased by 27 basis points to 7.17 per cent in FY26 from 6.90 per cent in FY25.
Growth during FY26 was led by multiple segments. Health insurance premiums grew 27 per cent, motor insurance rose 16 per cent, personal accident business increased 40 per cent, while fire insurance expanded 10 per cent. The company said its diversified product mix continued to support stable growth across categories.
SBI General Insurance also retained its leadership position in the personal accident segment among private and SAHI insurers.
On profitability, SBI General Insurance reported an improvement in underwriting metrics. Loss ratio declined to 78.3 per cent in FY26 from 82.4 per cent in FY25, indicating lower claims outgo relative to premium earned. Its solvency ratio stood at 1.90 times at the end of FY26, comfortably above the regulatory requirement, reflecting a strong capital base.
