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Economic Times
6 days ago
- Business
- Economic Times
SBI General Insurance posts 21.5% growth in Q1FY26, outpaces industry growth of 6.2%
SBI General Insurance outpaced industry in Q1 FY26 with ₹188 crore profit, strong growth in motor, health, and PA segments, and improved underwriting performance. Synopsis SBI General Insurance posted 21.5% YoY topline growth in Q1 FY26, outperforming the industry's 6.2%. Strong gains in motor, health, and PA segments boosted profit to ₹188 crore, with improved loss ratio and solvency showcasing financial strength. SBI General Insurance has reported a strong business performance for the first quarter of FY26, registering a 21.5% year-on-year growth in topline, significantly outpacing the industry growth of 6.2% (including Private and SAHI players). ADVERTISEMENT Profit Before Tax (PBT) stood at Rs 249 crore, while Profit After Tax (PAT) was reported at Rs 188 crore. The company's performance positions it as one of the fastest-growing general insurers in the country. During the quarter, the company reported a Gross Written Premium (GWP) of Rs 3,250 crore. Adjusted for the 1/n accounting norm, the GWP rose by 25.6% YoY, indicating continued momentum across its business company achieved a 78 basis points improvement in private market share, reaching 6.19%, a reflection of growing customer preference and wider presence in key loss ratio improved notably from 86.2% to 81.7%, highlighting stronger portfolio quality and disciplined underwriting. The solvency ratio stood at 2.08, well above the regulatory requirement, indicating sound financial stability. ADVERTISEMENT SBI General Insurance maintained its leadership in the Personal Accident (PA) segment, retaining its position as the No. 1 private insurer in that category. It also gained market share in: The health and motor insurance lines remained the primary growth drivers. Other segments, such as Fire, Engineering, and Liability, also contributed meaningfully to the company's overall growth. ADVERTISEMENT The company attributed its robust Q1 performance to factors such as increased demand for comprehensive insurance coverage, enhanced digital adoption, rising awareness, and favourable government policy support.'We have started FY26 on a strong note with sustained growth across all key parameters. Our GWP stood at INR 3250 crores, reflecting focus on balanced growth and profitability, backed by customer trust and agile execution. The insurance industry is evolving rapidly, shaped by rising awareness, regulatory momentum, and increasing adoption of digital platforms. Our performance is a reflection of our steadfast dedication to customer-focused innovation, operational excellence, and sustainable growth. We remain committed to further strengthening our capabilities and delivering on our promise of protecting what matters most to our customers,' said Naveen Chandra Jha, MD & CEO of SBI General Insurance, while commenting on the Q1 performance. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Time of India
12-07-2025
- Health
- Time of India
India's Ayush 'innovations' featured in WHO's brief on AI in traditional medicine
The WHO has acknowledged India's efforts in integrating Artificial Intelligence (AI) with traditional medicine systems, particularly Ayush systems, the Centre said on Saturday. The World Health Organization praised the country's efforts in a technical brief - Mapping the Application of Artificial Intelligence in Traditional Medicine. The release follows India's proposal on the subject, leading to the development of WHO's first-ever roadmap for using AI in traditional medicine, the Ayush ministry said in a statement. India's efforts to harness the potential of AI to advance its Ayush systems reflect Prime Minister Narendra Modi 's vision of "AI for All," it said. Union Minister of State (Independent Charge) for Ayush and Minister of State for Health and Family Welfare Prataprao Jadhav said India's AI initiatives, mentioned in WHO's brief, reflect the commitment of Indian scientists to advancing traditional medicine through cutting-edge technology. "By integrating AI with Ayush systems, and through pioneering digital platforms such as the SAHI portal, NAMASTE portal, and the Ayush Research Portal, India is not only safeguarding its centuries-old medical wisdom but also leading the way in shaping a future of personalised, evidence-based, and globally accessible healthcare ," he said. Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush, said the WHO document highlights India's AI-driven innovations, such as "Prakriti-based machine learning models" to the "groundbreaking Ayurgenomics project that brings together Ayurveda knowledge and modern genomics." At the core of the supposed transformation is the Ayush Grid, a digital health platform launched in 2018, which serves as the foundation for SAHI, NAMASTE, and Ayush Research portals, he said. "Together, these AI-enabled platforms are not only preserving and validating India's traditional knowledge systems of medicine but are also advancing their global integration within evidence-based, digital healthcare frameworks," Kotecha said. The WHO document showcases a range of AI-driven applications in Ayurveda, Siddha, Unani, Sowa Rigpa, and homoeopathy, including diagnosis support systems that integrate traditional methods like pulse reading, tongue examination, and Prakriti assessment with machine learning algorithms and deep neural networks, Ayush said. The brief also mentions Ayurgenomics, which Ayush claims is a scientific breakthrough combination of genomics and ayurvedic principles. The initiative aims to identify disease markers and personalise health recommendations using AI-based analysis of ayurvedic constitution types, the statement said. The document also highlights India's efforts in decoding the genomic and molecular basis of herbal formulations for repurposing them in modern disease conditions. India's Traditional Knowledge Digital Library (TKDL) has been praised as a global model for the preservation and responsible use of indigenous medical heritage, the statement said. AI-powered tools are being used for cataloguing and semantic analysis of ancient texts, it said. Another aspect recognised by the WHO is the use of AI for drug action pathway identification, comparative studies across systems like Ayurveda, TCM, and Unani, and the development of artificial chemical sensors to assess traditional parameters such as Rasa, Guna, and Virya, Ayush said.
Time of India
12-07-2025
- Health
- Time of India
India's Ayush 'innovations' featured in WHO's brief on AI in traditional medicine
The WHO has acknowledged India's efforts in integrating Artificial Intelligence (AI) with traditional medicine systems, particularly Ayush systems, the Centre said on Saturday. The World Health Organization praised the country's efforts in a technical brief - Mapping the Application of Artificial Intelligence in Traditional Medicine. The release follows India's proposal on the subject, leading to the development of WHO's first-ever roadmap for using AI in traditional medicine, the Ayush ministry said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Foods for Spine Health: Foods That Fight Back Pain Learn More Undo India's efforts to harness the potential of AI to advance its Ayush systems reflect Prime Minister Narendra Modi 's vision of "AI for All," it said. Union Minister of State (Independent Charge) for Ayush and Minister of State for Health and Family Welfare Prataprao Jadhav said India's AI initiatives, mentioned in WHO's brief, reflect the commitment of Indian scientists to advancing traditional medicine through cutting-edge technology. Live Events "By integrating AI with Ayush systems, and through pioneering digital platforms such as the SAHI portal, NAMASTE portal, and the Ayush Research Portal, India is not only safeguarding its centuries-old medical wisdom but also leading the way in shaping a future of personalised, evidence-based, and globally accessible healthcare ," he said. Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush, said the WHO document highlights India's AI-driven innovations, such as "Prakriti-based machine learning models" to the "groundbreaking Ayurgenomics project that brings together Ayurveda knowledge and modern genomics." At the core of the supposed transformation is the Ayush Grid, a digital health platform launched in 2018, which serves as the foundation for SAHI, NAMASTE, and Ayush Research portals, he said. "Together, these AI-enabled platforms are not only preserving and validating India's traditional knowledge systems of medicine but are also advancing their global integration within evidence-based, digital healthcare frameworks," Kotecha said. The WHO document showcases a range of AI-driven applications in Ayurveda, Siddha, Unani, Sowa Rigpa, and homoeopathy, including diagnosis support systems that integrate traditional methods like pulse reading, tongue examination, and Prakriti assessment with machine learning algorithms and deep neural networks, Ayush said. The brief also mentions Ayurgenomics, which Ayush claims is a scientific breakthrough combination of genomics and ayurvedic principles. The initiative aims to identify disease markers and personalise health recommendations using AI-based analysis of ayurvedic constitution types, the statement said. The document also highlights India's efforts in decoding the genomic and molecular basis of herbal formulations for repurposing them in modern disease conditions. India's Traditional Knowledge Digital Library (TKDL) has been praised as a global model for the preservation and responsible use of indigenous medical heritage, the statement said. AI-powered tools are being used for cataloguing and semantic analysis of ancient texts, it said. Another aspect recognised by the WHO is the use of AI for drug action pathway identification, comparative studies across systems like Ayurveda, TCM, and Unani, and the development of artificial chemical sensors to assess traditional parameters such as Rasa, Guna, and Virya, Ayush said.
Time of India
10-06-2025
- Business
- Time of India
Non-life insurance industry register 6.5% y-o-y rise in gross direct premiums
The non-life insurance industry reported a 6.5% year-on-year increase in gross direct premiums to Rs22,257 crore in May with growth in standalone health insurers (SAHI) beating that of general insurers, data from the General Insurance Council showed. The growth in May slowed compared to 14.9% YoY reported in the same month last year. The slowdown in premium growth is largely attributed to the 1/n rule, which kicked in October, experts said. Under the 1/n rule, IRDAI has mandated non-life insurers to report premiums annually even if the policy term is longer than one year. Accordingly, the reported premium is calculated by dividing 1 by the number of days the policy is in effect. 'The flash numbers for May reported a modest growth indicating that the industry is still adjusting with the 1/n rule on premium reporting. Despite the impact, the growth seems to be supported by renewal of commercial lines like fire insurance, and growth in SAHI players indicative of steady demand in health insurance,' said Saurabh Bhalerao, Associate Director, CareEdge Ratings. Barring SAHIs, overall premiums collected by general insurers grew 5.7% YoY to 19,210 crore in May. Eight out of the 25 general insurers reported year-on-year fall in premium collections in the reporting month. Among the listed general insurers, New India Assurance led gains among major players in May. The state-run insurer reported a 22.47% jump in gross premiums to Rs 2,944 crore, helping its market share edge up to 16.06% from 15.15% in May 2024. Private sector major ICICI Lombard General Insurance saw premiums rise 2.41% year-on-year, while Go Digit General Insurance saw a 2.19% drop in premiums. Newly listed Niva Bupa Health Insurance registered a 9.69% increase in premiums to Rs 554 crore. Total premiums by standalone health insurers grew 10% YoY to Rs2,917 crore in May. Among the seven SAHI players, ManipalCigna Health Insurance topped the chart with nearly 43% growth in premium collections, followed by 36% growth reported by Aditya Birla Health Insurance.
Business Standard
29-05-2025
- Business
- Business Standard
Total general insurance premium collections reach Rs 3.07 lakh crore in FY 25
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a review meeting of Public Sector General Insurance Companies (PSGICs) yesterday. The Minister reviewed key performance indicators including premium collections, insurance penetration and density, and incurred claims ratios. It was noted that the total premium collected by PSGICs has witnessed a notable rise from around Rs 80,000 crore in 2019 to nearly Rs 1.06 lakh crore in 2025. The overall general insurance industry also reported growth, with total premium collections reaching Rs 3.07 lakh crore in FY 2024-25. While general insurance penetration in India remains relatively low at 1% of GDP - compared to a global average of 4.2% in 2023 - insurance density has steadily improved, increasing from $9 in 2019 to $25 in 2023. The finance minister underscored the need for PSGICs to work towards improving both penetration and density to ensure wider financial protection. Officials also presented a five-year analysis of the health insurance segment, showing consistent premium growth across Private Insurers, Standalone Health Insurers (SAHI), and PSGICs. Incurred claims ratios, which had peaked during the COVID-19 pandemic in FY21 (PSGICs at 126% and private insurers at 105%), have since declined. By FY24, these ratios had moderated to 103% for PSGICs, 89% for private insurers, and 65% for SAHI.
