Shriram General Insurance reports significant growth, aims for 40% premium increase in FY24
2023.11.07 09:26
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Shriram General Insurance Company (SGIC), under the leadership of CEO Anil Aggarwal, has reported impressive growth figures, including a 58% net profit increase to Rs 119 crores in Q3 and a 47% year-on-year (YoY) rise to Rs 217 crores in H1 FY24. The company, a collaboration between Shriram Group and Africa’s Sanlam Group, oversees assets worth Rs 11,610 crores and more than 60 lakh policies across its 252 branches in India.
SGIC aims for a premium growth of around 40% in FY 2023-24, leveraging its motor and non-motor segments. The insurer has seen a YoY policy issuance increase of 31%, issuing a total of 27,34,197 policies. A significant strategic focus on the electric vehicle (EV) segment contributed to this growth.
The company’s Gross Written Premium (GWP) rose by 32% YoY to Rs 1310 crores, with the Motor and Non-Motor GWP being Rs 1185 Cr and Rs 125 Cr respectively. The board declared an interim dividend of Rs. 3/- per share.
SGIC has made strides in digital transformation, with digital policy issuance accounting for 83% of its total policies. As of the end of September, the company boasted a solvency ratio of 4.66.
The insurer also demonstrated its commitment to customer service by settling 85,779 claims in Q2 FY24.
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