Generali Central General Insurance has outlined ambitious growth plans, targeting ₹10,000 crore in gross written premium over the next five years, up from the current ₹5,600 crore. According to Krishnamoorthy Rao, managing director and CEO, the company aims for 7-8% annual premium growth while prioritizing profitable expansion over aggressive market share gains. As reported by Business Standard, the insurer is focusing on retail health, fire, and SME insurance segments while reducing exposure to intensely competitive group health business.
The company is strategically balancing its business by reducing exposure to group health insurance, where intense competition has led to aggressive pricing despite elevated claims ratios. According to General Insurance Council data, the insurer's gross direct premium stood at ₹5,233 crore, down from ₹5,408 crore in FY25. Out of the total health portfolio of nearly ₹1,500 crore, group health accounted for almost 87% of the business and retail health insurance 13%. Motor insurance accounted for almost 35% of its business.
The company's combined ratio stood at 115% during the year, compared with 112% in FY25, while the solvency ratio remained stable at 196% in FY26. As reported by Business Standard, with a solvency ratio of around 190%, well above the regulatory requirement, the company does not foresee an immediate need for fresh capital, though shareholders remain willing to infuse funds if growth accelerates.
Beyond motor and health insurance, Generali Central is strengthening its presence in fire, engineering and marine cargo insurance, while expanding in underpenetrated segments such as home insurance, SME insurance and cyber insurance. The company plans to introduce simpler home insurance products that can be distributed through agents and bancassurance partners, targeting the significantly underinsured home insurance market in India despite growing asset ownership.
Rao expects general insurance to continue growing, though at a slower pace than last year as weak pricing in commercial lines weighs on premium expansion. According to Business Standard, India's non-life insurance industry grew 9% in FY26 to ₹3.36 trillion in gross direct premium income, with health insurance continuing to drive growth. The company, a joint venture between Italy-based Generali Group (74% stake) and Central Bank of India (26% stake), accounts for 30-35% of the bank's business.
