Magma General Insurance — Underwriting Performance

Magma General Insurance: Motor TP led at 37.2% of gross direct premium (₹31,080 lakh) for Q1 FY26-27, per IRDAI form NL-4.

combined ratio, Q1 FY26-27

118.5%

+2.9 pts

incurred claims ratio, Q1 FY26-27

84.3%

+0.3 pts

net commission ratio, Q1 FY26-27

20.9%

+0.3 pts

expense ratio to gross premium, Q1 FY26-27

32.7%

+2.7 pts

Total gross direct premium, Q1 FY26-27

₹83,503 lakh

−4.3%

Largest segment, Q1 FY26-27

Motor TP

37.2% of gross direct premium

Business mix by segment — Q1 FY26-27

Classification

Gross direct premium

Share of business

Retail

₹42,569 lakh

Retail segments (2)

Motor TP	₹31,080 lakh	73.0%
Motor OD	₹11,489 lakh	27.0%

Hybrid

₹30,845 lakh

Hybrid segments (2)

Health	₹29,598 lakh	96.0%
Personal Accident	₹1,247 lakh	4.0%

Commercial

₹10,089 lakh

Commercial segments (5)

Fire	₹7,765 lakh	77.0%
Marine Cargo	₹1,354 lakh	13.4%
Engineering	₹610 lakh	6.0%
Workmen's Comp.	₹346 lakh	3.4%
Liability	₹14 lakh	0.1%

Grand total

₹83,503 lakh

100%

Retail/Hybrid/Commercial is this site's own classification of IRDAI's filed segments, not an IRDAI-defined category — click through to the full per-segment breakdown below for the underlying filed detail, or the combined ratio & ICR by segment table further down for each segment's own profitability ratios.

Gross direct premium by segment — full detail, Q2 FY25-26 to Q1 FY26-27

Segment	Q1 FY26-27	Q4 FY25-26	Q3 FY25-26	Q2 FY25-26	% of total, Q1 FY26-27
Fire GDP	₹7,765 lakh	₹13,606 lakh	₹3,968 lakh	₹5,163 lakh	9.3%
Marine Cargo GDP	₹1,354 lakh	₹2,398 lakh	₹758 lakh	₹1,027 lakh	1.6%
Marine Hull GDP	Not disclosed	Not disclosed	Not disclosed	Not disclosed	—
Motor OD GDP	₹11,489 lakh	₹14,015 lakh	₹13,232 lakh	₹11,205 lakh	13.8%
Motor TP GDP	₹31,080 lakh	₹43,727 lakh	₹42,891 lakh	₹33,040 lakh	37.2%
Health GDP	₹29,598 lakh	₹27,386 lakh	₹19,511 lakh	₹21,260 lakh	35.4%
Personal Accident GDP	₹1,247 lakh	₹984 lakh	₹905 lakh	₹685 lakh	1.5%
Travel GDP	Not disclosed	Not disclosed	Not disclosed	Not disclosed	—
Workmen's Comp. GDP	₹346 lakh	₹331 lakh	₹218 lakh	₹298 lakh	0.4%
Liability GDP	₹14 lakh	₹-10 lakh	₹27 lakh	₹10 lakh	0.0%
Engineering GDP	₹610 lakh	₹1,403 lakh	₹1,059 lakh	₹949 lakh	0.7%
Aviation GDP	Not disclosed	Not disclosed	Not disclosed	Not disclosed	—
Crop GDP	Not disclosed	Not disclosed	Not disclosed	Not disclosed	—
Other GDP	Not disclosed	Not disclosed	Not disclosed	Not disclosed	—
Total gross direct premium	₹83,503 lakh	₹1,03,840 lakh	₹82,569 lakh	₹73,637 lakh	100%

Gross direct premium (not net earned premium) per IRDAI Form NL-4 (Premium Schedule), "for the quarter" column — these are standalone quarterly amounts, not running year-to-date totals. Segment-level net incurred claims in absolute rupees aren't shown here: IRDAI's segment-level claims filing (Form NL-5) hasn't been extracted for this insurer yet — see the combined ratio & ICR table below for the ratio form of this, sourced from NL-20.

Combined ratio & ICR by segment — Q1 FY26-27

Segment	ICR	Combined ratio
Fire	16.1%	79.3%
Marine Cargo	199.3%	236.6%
Motor OD	107.1%	152.6%
Motor TP	78.7%	115.6%
Health	88.9%	114.7%
Personal Accident	79.1%	108.0%
Workmen's Comp.	83.3%	120.5%
Liability	-66.7%	-23.8%
Engineering	30.5%	132.5%

Per IRDAI Form NL-20 (Analytical Ratios Schedule)'s own segmental breakdown, latest quarter only — this granularity isn't reliably available as a multi-quarter trend across insurers. Combined ratio here can legitimately differ from a simple "ICR + expense" sum when a segment's own expense-to-net-written-premium ratio is unusually negative or positive for the quarter — reported exactly as filed, not recalculated.

Provenance (Motor TP GDP, latest quarter)

Reported by: Magma General Insurance
Regulatory form: NL-4-PREMIUM-SCHEDULE · what this form contains
Reporting period: Q1 FY26-27
Source document: textplor-vendor-2026-27-Q1.xlsx · Magma General Insurance's disclosure page
Extracted by: EverythingInsurance Research (vendor-compiled dataset, textplor.com, offline 2026-10-26)
Last verified: 2026-10-26
Note: Vendor-aggregated dataset, not pulled directly from insurer's own public disclosure page. Gap-fill only (no existing value for this insurer/metric/period). Cross-check against insurer's own source queued separately -- see project-log/quarterly-update-runbook.md.