Jaipur, November 8, 2023.
Shriram General Insurance Company (SGIC) on Tuesday said it wrote 27,34,197 policies driven by growth in GWP and higher focus towards Electrical Vehicle segment (6.39%).
The company earned a net profit of Rs 217 crores during the first half of FY24, a 47 % increase YoY. For the Q2 of FY24, the net profit was Rs 119 crores. The Board of Directors declared an Interim Dividend of Rs. 3/- per share.
The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 83% of all its policies were issued through digital mode. Its Gross Written Premium (GWP) stood at Rs 1310 crores, a rise of 32 % over the same period last year and the Company is hopeful of achieving a premium growth of around 40% in FY 2023-24. The company’s solvency at the end of September 2023 was 4.66, as against the statutory solvency requirement is 1.5.
Segment wise GWP as of Q2 FY24 :
• Motor: Rs 1185 Cr (Rs 920 Cr till Q2FY23)
• Non-Motor: Rs 125 Cr (Rs 71 Cr till Q2FY23) The company has settled 85779 claims in Q2 FY24, compared to 69449 in the year ago period. Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “Our focus is towards achieving GWP growth of 40% in the FY 2023-24 driven by both Motor and Non-Motor segment.” Shriram General Insurance manages assets worth Rs 11610 crores across with over 60 lakh live policies.
The company has a workforce strength of 3837 and 252 branches across the country.