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Shriram General posts strong Q3 growth as motor business drives profits
MUMBAI:When insurance hits the accelerator, Shriram General is clearly in the fast lane. Shriram General Insurance Company (SGI) delivered a robust third quarter, posting motor-driven growth that comfortably outpaced the broader industry. Gross Direct Premium (GDP) rose 19 per cent year on year to Rs 1,258 crore in Q3 FY26, compared with Rs 1,061 crore a year earlier, well ahead of the industry’s 11 per cent growth.
The momentum was even sharper on a cumulative basis. For the nine months ended Q3 FY26, SGI’s GDP climbed 24 per cent year on year to Rs 3,304 crore from Rs 2,654 crore in the corresponding period last year, nearly 2.8 times the industry growth rate of 9 per cent.
Profitability kept pace with scale. Net profit for the quarter increased 26 per cent year on year to Rs 165 crore, up from Rs 131 crore in Q3 FY25, reflecting disciplined underwriting and steady investment performance. The insurer also reported a healthy solvency ratio of 3.32 as of 31 December 2025, comfortably above the regulatory threshold of 1.5.
Motor insurance continued to anchor growth, with segment GDP rising 19 per cent year on year to Rs 1,171.12 crore. Engineering insurance saw the sharpest percentage jump at 38 per cent, albeit on a smaller base, while personal accident premiums grew 15 per cent and fire insurance posted a modest 3 per cent increase.
Distribution expansion remained a key growth lever. SGI added 14,262 new financial advisors up to Q3 FY26, taking its total advisor base to 1,01,474. Its branch network expanded to 285 locations, up from 278 a year ago, while active policies increased to 69 lakh as of 31 December 2025, compared with 64 lakh last year.
Commenting on the performance, Shriram General Insurance Company MD and CEO Anil Aggarwal said the quarter reflected strong execution across core segments, supported by deeper distribution reach, disciplined underwriting and stronger claims servicing. Investment income also rose 17 per cent year on year to Rs 255 crore from Rs 217 crore.
Looking ahead, SGI has outlined ambitious growth plans. The company aims to expand its advisor network to two lakh by FY 2029–30, close the current fiscal with gross written premium of Rs 4,600 crore, and scale up to Rs 8,000 crore by 2030. It is also exploring new avenues such as parametric insurance and surety bond insurance to diversify its product mix.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
