Chennai: Galaxy Health Insurance is targeting a gross written premium (GWP) of Rs 1,000 crore over the next three years. The standalone health insurer, which commenced operations in 2024, will invest Rs 250 crore over the next 18 months as it looks to expand across the country.Its MD & CEO, G Srinivasan, said the company clocked a GWP of Rs 148 crore in 2025-26. “Last fiscal (FY26) was our first full year of operations. In the current year (2026-27), we expect to reach Rs 400 crore in premium income and Rs 1,000 crore in GWP by FY29. Currently, we have nine lakh customers and aim to cover 35 lakh customers by FY29,” he told TOI.The Chennai-headquartered company has so far invested Rs 400 crore, including Rs 100 crore in FY26. It will now invest an additional Rs 250 crore over the next 18 months. According to Srinivasan, the fresh investments will be used for growth and expansion.“We are operating in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha, West Bengal, and the Northeast, starting with Assam, with about 73 offices. We are also opening operations in Jharkhand and Delhi NCR. We will enter the Kerala market in about a year’s time and gradually expand into the north and west. In another two years, we will be a pan-India company,” he added.The company is jointly promoted by Venu Srinivasan, chairman emeritus of TVS Motor Company, and the family of V Jagannathan, the former CMD of United India Insurance Co.About 60% of Galaxy Health Insurance’s business comes from tier-2, tier-3, and tier-4 towns, while the remaining 40% is contributed by metros and tier-1 cities. The ratio between retail and corporate business stands at 85:15.“Our payout ratio is 98.6%, meaning that for every Rs 100 claimed by a policyholder, we pay Rs 98.6,” Srinivasan added.
