'Crop, motor, health and commercial to equally contribute to portfolio by FY26'

Universal Sompo General Insurance, known for its focus on motor and crop insurance, is setting its sights on expanding its health and commercial lines portfolio. In an interaction with Narayanan V, managing director and CEO Sharad Mathur shares the strategic rationale behind this diversification. Excerpts:

- Sharad Mathur shares

Your gross direct premium income (GDPI) till November was ₹3,622 crore. What is your projection for FY25 based on the current growth rate?

Last year, we closed with ₹4,622 crore GDPI. For FY25, we expect a GDPI base of ₹5,060 crore. Motor insurance will contribute around 46%, crop insurance 25% and health 17%. Commercial lines comprising fire, marine, and miscellaneous insurance will have a 12% contribution.

Aren't you highly concentrated on a single segment—motor insurance?

Initially, Universal Sompo focused heavily on crop insurance, which at one point accounted for 70% of our total premium portfolio. About four and a half years ago, we decided to diversify into other segments, including motor, health and commercial lines.