Shriram General Insurance profit jumps over 58%

Shriram General Insurance has reported over 58 per cent jump in net profit at Rs 119 crore in September 2023 quarter. The company aims for a 40 per cent growth in gross written premium in the current fiscal. The insurer had recorded a net profit of Rs 75.96 crore in the July-September quarter of the previous financial year.

The company has written a total of 27,34,197 policies during the period, which is 31 per cent higher year on year. Its gross written premium (GWP) stood at Rs 1,310 crore, registering a year on year growth of 32 per cent. Shriram General Insurance has 252 branches across the country.

“Our focus is towards achieving GWP growth of 40 per cent in the FY 2023-24 driven by motor and non-motor segment. The company currently manages assets worth Rs 11,610 crore with over 60 lakh policies. The company’s net profit during the first six months of the current fiscal went up to Rs 217 crore from Rs 147 crore in the year-ago period,” company’s Managing Director and CEO Anil Aggarwal said.

The board of directors of the company has also declared an interim dividend of Rs 3 per share. The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 83 per cent of all its policies were issued through digital mode.

Aggarwal said the company’s solvency ratio as of September 30, 2023 was 4.66, as against the statutory requirement of 1.5. The company has settled 85,779 claims in the second quarter of FY24 compared to 69,449 in the year ago period.