SBI General Insurance has announced a key addition to its leadership team, appointing Shrish Ramchandra Mahuli as the new Chief Business Officer (CBO). In this pivotal role, Mahuli will oversee the company’s business strategy, distribution network, and customer-centric growth initiatives.
The appointment comes at a high-growth juncture for the insurer, which recently reported growing 1.6 times faster than the industry average in FY26.
A Veteran in Insurance & Automotive
Mahuli brings over 24 years of experience to SBI General, with a career defined by leadership roles in some of India’s most prominent financial and automotive institutions.
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Previous Role: Most recently, he served as President and Head of Agency & Broking (Motor, Health, and SME) at Reliance General Insurance.
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Career Pedigree: His extensive background includes senior stints at ICICI Lombard General Insurance and Tata Motors Ltd., providing him with a unique dual perspective on both the insurance product lifecycle and the automotive sector—the primary driver for general insurance (via motor policies).
Strategic Context: SBI General’s 10% Market Share Goal
The appointment of a seasoned CBO is a tactical move by MD & CEO Naveen Chandra Jha to hit the company’s ambitious 10% market share target in the private insurance sector.
SBI General’s FY26 Performance Highlights:
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Gross Direct Premium (GDP): ₹15,904 Crore (up 14.5% YoY).
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Profit After Tax (PAT): ₹553 Crore (compared to ₹509 Crore in FY25).
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Underwriting Improvement: The loss ratio improved to 78.3%, down from 82.4% the previous year.
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Market Share Gain: Increased to 7.17% among private and SAHI (Standalone Health Insurance) players.
Focus Areas for the New CBO
Mahuli is expected to focus on three critical “growth levers” as the company enters FY27:
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Retail Expansion: Specifically in Health (which grew 27% in FY26) and Motor (up 16%).
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Tier 2 & 3 Penetration: Leveraging his experience in building agency networks to deepen SBI General’s footprint beyond metropolitan hubs.
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Digital Distribution: Strengthening collaborations with digital partners and fintechs to complement the existing 22,000+ SBI branch bancassurance network.
The Bottom Line: With the general insurance industry benefiting from rising consumer awareness and the recent GST removal on certain health and life products, Mahuli’s expertise in “scaling businesses” will be critical. His appointment signals that SBI General is moving beyond its “bank-led” identity to become a more aggressive, multi-channel competitor.
SBI General Insurance has announced a key addition to its leadership team, appointing Shrish Ramchandra Mahuli as the new Chief Business Officer (CBO). In this pivotal role, Mahuli will oversee the company’s business strategy, distribution network, and customer-centric growth initiatives.
The appointment comes at a high-growth juncture for the insurer, which recently reported growing 1.6 times faster than the industry average in FY26.
A Veteran in Insurance & Automotive
Mahuli brings over 24 years of experience to SBI General, with a career defined by leadership roles in some of India’s most prominent financial and automotive institutions.
-
Previous Role: Most recently, he served as President and Head of Agency & Broking (Motor, Health, and SME) at Reliance General Insurance.
-
Career Pedigree: His extensive background includes senior stints at ICICI Lombard General Insurance and Tata Motors Ltd., providing him with a unique dual perspective on both the insurance product lifecycle and the automotive sector—the primary driver for general insurance (via motor policies).
Strategic Context: SBI General’s 10% Market Share Goal
The appointment of a seasoned CBO is a tactical move by MD & CEO Naveen Chandra Jha to hit the company’s ambitious 10% market share target in the private insurance sector.
SBI General’s FY26 Performance Highlights:
-
Gross Direct Premium (GDP): ₹15,904 Crore (up 14.5% YoY).
-
Profit After Tax (PAT): ₹553 Crore (compared to ₹509 Crore in FY25).
-
Underwriting Improvement: The loss ratio improved to 78.3%, down from 82.4% the previous year.
-
Market Share Gain: Increased to 7.17% among private and SAHI (Standalone Health Insurance) players.
Focus Areas for the New CBO
Mahuli is expected to focus on three critical “growth levers” as the company enters FY27:
-
Retail Expansion: Specifically in Health (which grew 27% in FY26) and Motor (up 16%).
-
Tier 2 & 3 Penetration: Leveraging his experience in building agency networks to deepen SBI General’s footprint beyond metropolitan hubs.
-
Digital Distribution: Strengthening collaborations with digital partners and fintechs to complement the existing 22,000+ SBI branch bancassurance network.
The Bottom Line: With the general insurance industry benefiting from rising consumer awareness and the recent GST removal on certain health and life products, Mahuli’s expertise in “scaling businesses” will be critical. His appointment signals that SBI General is moving beyond its “bank-led” identity to become a more aggressive, multi-channel competitor.
