Shriram General Insurance Reports 47% Net Profit Growth in HY1 FY24

• Earns net profit of Rs 217 crore during first half of FY24 (47% YoY rise) 
• Board of Directors declared an Interim Dividend of Rs. 3/- per share
• Writes 27,34,197 policies, an increase of 31% YoY. 
• Gross Written Premium (GWP) stood at Rs 1310 crores, 32% growth YoY 
• Solvency ratio grew to 4.66 
• Number of branches increased to 252 from 243
  

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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.