Introduction

SBI General Insurance Company Ltd., one of India's leading private general insurers, has announced its standalone audited financial results for the year ending March 31, 2025. The performance demonstrates strong operational resilience, significant profit growth, and a healthy balance sheet – making SBI General Insurance Unlisted Share an increasingly attractive opportunity for pre-IPO and unlisted share investors.

In this detailed analysis, we cover SBI General’s FY25 performance, key financial highlights, associated risks, and our expert outlook for FY26.

1. Strong Revenue Growth

The company continues to post impressive top-line growth, driven by an expanding customer base and robust product demand across retail and commercial insurance verticals.

• Income from Operations

  • FY25: ₹14,104 Cr

  • FY24: ₹12,730 Cr

  • YoY Growth: ₹1,374 Cr (+10.8%)

The steady rise in income reflects growth in Gross Written Premium (GWP) and an enhanced geographical presence.

2. Exceptional Profitability Surge

FY25 marked a significant jump in SBI General’s profitability metrics, with the company recording over 100% growth in profits.

• Profit Before Tax (PBT)

  • FY25: ₹67,592 Lakhs

  • FY24: ₹31,884 Lakhs

  • YoY Growth: +112%

• Profit After Tax (PAT)

  • FY25: ₹50,876 Lakhs

  • FY24: ₹23,984 Lakhs

  • YoY Growth: +112%

Key Drivers:

• Improved underwriting margins

• Higher investment income

• Cost optimization initiatives

3. Healthy Balance Sheet Strength

SBI General Insurance maintains a robust capital structure, providing confidence for sustained future expansion.

• Net Worth

  • FY25: ₹4,67,403 Lakhs

  • FY24: ₹4,14,449 Lakhs

  • YoY Growth: +12.8%

• Equity Share Capital: ₹22,376 Lakhs (FY25)

• Debt-Equity Ratio: Improved to 0.15 in FY25 (from 0.17 in FY24)

Coverage Ratios:

• Interest Service Coverage Ratio: 12.59 (significantly better from 0.91)

• Debt Service Coverage Ratio: 12.59 (vs. 50.91)

This solid financial base strengthens SBI General's capacity to underwrite higher risks and expand market share.

4. Earnings Per Share (EPS) Expansion

• Basic EPS: ₹22.75 (up from ₹10.83 in FY24)

• Diluted EPS: ₹22.73 (up from ₹10.82 in FY24)

The more than double EPS growth underscores the company's enhanced profitability and value accretion for shareholders, further improving the attractiveness of SBI General Insurance in the unlisted shares space.

5. Risks to Monitor

Despite the strong performance, certain sector-specific risks should be watched carefully:

• Claims Volatility: Natural calamities or pandemics can increase claim ratios unexpectedly.

• Regulatory Changes: Revisions in insurance pricing policies by IRDAI could impact margins.

• Investment Market Risk: Insurance companies’ investment incomes are sensitive to market movements.

Being mindful of these risks is critical when evaluating long-term investment potential in unlisted insurance companies.

6. UnlistedZone View

At UnlistedZone, we believe SBI General Insurance Unlisted Share offers a compelling opportunity for investors looking for strong financials backed by a reputed parentage (State Bank of India).

Key Strengths:

• Parent support from SBI

• Extensive branch and bancassurance network

• Consistent profitability and solvency ratios

• Ready for eventual IPO listing – strong rerating potential

Given the current momentum, SBI General is well-positioned to further consolidate its leadership in the Indian insurance market.

Conclusion

The FY25 performance of SBI General Insurance reflects a transformative year marked by revenue expansion, profit doubling, and improved operational efficiency. The company’s prudent risk management and balanced growth strategies create a strong platform for future success.

As an unlisted investment opportunity, SBI General Insurance stands out among private general insurers.

FY26 Outlook: We recommend closely tracking underwriting performance, investment yields, and solvency positions, which will indicate whether the company can sustain its exceptional performance in a competitive insurance landscape.

For investors exploring pre-IPO shares, SBI General Insurance remains a fundamentally strong and strategic bet.