New Delhi, Oct 23 : General insurance company SBI General Insurance on Thursday announced a 10.7 per cent increase in its gross written premium to Rs 7,376 crore for H1 FY26, surpassing the industry growth rate of 7.3 per cent.

The growth in H1 FY26 was driven by strong performance in key sectors: health business grew by 41 per cent, personal accident (PA) by 48 per cent, and the motor business by 17 per cent, the statement said.

GWP grew by 13.9 per cent for the period, excluding the impact of 1/n accounting norms, the insurer said. The "1/n accounting norm" is a rule for insurance companies in India that requires that the premiums from long-term policies be recognised evenly over the policy's term rather than all at once.

The company increased its private market share by 38 basis points to 6.83 per cent, up from 6.45 per cent a year ago, and reported a profit after tax of Rs 422 crore.

The company attributed the growth to SBI General Insurance's expanding distribution footprint and strengthened digital ecosystem.

"The Ex-Crop business growth is 24 per cent, compared to private insurance growth of 8 per cent," the statement said.

The loss ratio also improved to 79.6 per cent in H1 FY26 from 86.1 per cent in H1 FY25. Further, it maintained a strong solvency ratio of 2.13 times, well above the regulatory requirement, indicating sound financial position and prudent capital management.

'In H1 FY26, SBI General Insurance grew 1.4 times faster than the industry and three times faster than private & SAHI insurance companies (ex-crop)," said Naveen Chandra Jha, MD & CEO, SBI General Insurance.

In the past several months, the company has strengthened its distribution network, deepened partnerships, and enhanced digital capabilities, Jha said.

Jitendra Attra, CFO, SBI General Insurance, said that growth across multiple lines of business demonstrates the insurer's diverse portfolio and responsiveness to evolving market needs.

/IANS