Galaxy Health Insurance Targets Rs 1,000 Crore Premium by FY29

Chennai-headquartered Galaxy Health Insurance announced plans to achieve a gross written premium of Rs 1,000 crore by the financial year 2029. The standalone health insurer, which began operations in 2024, is also planning to invest Rs 250 crore over the next 18 months to fund its nationwide expansion.

The company registered a gross written premium (GWP) of Rs 148 crore during the 2025-26 fiscal year, which was its first full year of operations. According to Galaxy Health Insurance Managing Director and CEO G Srinivasan, the firm expects to reach Rs 400 crore in premium income in the current 2026-27 financial year before hitting its Rs 1,000 crore GWP target by FY29.

In addition to premium growth, 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 support this growth, Galaxy Health Insurance will deploy an additional Rs 250 crore in funding over the next 18 months. This is on top of the Rs 400 crore the company has already invested since its inception, which included a Rs 100 crore investment in FY26.

The company currently operates 73 offices across Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha, West Bengal, and Assam. It is now preparing to launch operations in Jharkhand and Delhi NCR, with plans to enter the Kerala market in about a year. The firm expects to achieve a pan-India presence within the next two years.

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

Currently, about 60 percent of the company's business is generated from tier-2, tier-3, and tier-4 towns, while the remaining 40 percent comes from metropolitan areas and tier-1 cities. The company's business mix is heavily weighted toward retail, which accounts for 85 percent of its portfolio, while corporate business makes up the remaining 15 percent. The insurer also reported a payout ratio of 98.6 percent.