Galaxy Health Insurance targets Rs 1,000 crore premium by FY29

The Chennai-headquartered Galaxy Health Insurance has announced its target to achieve a gross written premium (GWP) of Rs 1,000 crore by the 2028-29 financial year (FY29). To support this growth, the standalone health insurer plans to invest Rs 250 crore over the next 18 months to expand its footprint across the country.

Speaking on the company's growth trajectory, Galaxy Health Insurance Managing Director and Chief Executive Officer G Srinivasan stated that the firm recorded a GWP of Rs 148 crore in the 2025-26 fiscal year (FY26), which marked its first full year of operations. For the current 2026-27 fiscal year, the company expects to reach Rs 400 crore in premium income.

Alongside the financial targets, the insurer aims to scale its customer base significantly. The company currently serves nine lakh customers and plans to increase this number to 35 lakh customers by FY29.

To fund these expansion plans, Galaxy Health Insurance will deploy an additional Rs 250 crore over the next 18 months. This follows an initial investment of Rs 400 crore, which included Rs 100 crore injected during FY26.

According to Srinivasan, the company currently operates 73 offices across Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha, West Bengal, and Assam. It is now establishing operations in Jharkhand and Delhi NCR. The insurer also plans to enter the Kerala market in about a year, with further plans to expand into northern and western India to establish a pan-India presence within two years.

Galaxy Health Insurance is jointly promoted by Venu Srinivasan, the chairman emeritus of TVS Motor Company, and the family of V Jagannathan, who is the former CMD of United India Insurance Co.

Currently, about 60% of the insurer's business is generated from tier-2, tier-3, and tier-4 towns, while the remaining 40% comes from metros and tier-1 cities. The company's business mix is heavily focused on retail, with a retail-to-corporate ratio of 85:15. Srinivasan also noted that the company maintains a payout ratio of 98.6%, paying out Rs 98.6 for every Rs 100 claimed by policyholders.