Shriram General Insurance's Q4 Results: GWP Up 30% To Rs 876 Cr
AUM stands at Rs 12,064 crore as on 31 March 2024, a 7.10 per cent growth from Rs 11,264 crore same period a year ago
Shriram General Insurance Company (SGIC) has unveiled that its Gross Written Premium (GWP) during quarter ending March 2024 (Q4 FY24) has increased by 30 per cent to Rs 876 crore, over the same period last year. For the fiscal year ending March 2024, the insurer witnessed a 34 per cent growth in GWP, surpassing the industry growth of 12.8 per cent.
The company wrote 14,74,981 policies in Q4 FY24 and earned a net profit of Rs 121 crore during the fourth quarter of FY24. Profits for the year rose 22 per cent year-on-year (YoY) at Rs 455 crore.
The company has settled 55,997 claims during Q4 FY24, compared to 42,442 in the year-ago period. The solvency ratio was 4.02 as of March 2024 against the regulatory requirement margin of 1.5. The number of live policies has gone up from 52.95 lakhs in FY23 to 62.58 Lakhs in FY24.
Anil Aggarwal, managing director (MD) and chief executive officer (CEO), Shriram General Insurance Company said, “Our GWP rose to 34 per cent exceeding the industry growth of 12.8 per cent. We expect the FY25 growth to be around 30 per cent."
Shriram General Insurance Company (SGIC), jointly owned by Shriram Group and Sanlam, Africa offers a complete range of general insurance products, ranging from motor, home and personal accidents in the retail space and customized products like fire, engineering, and marine Insurance in the corporate space with a major focus on the rural India.
“Our focus last year was on expansion. We opened 43 new branches, and our manpower has increased from 3705 to 4015. We are working to increase our non–motor portfolio which has gone up from 8% last year to 8.5 per cent,” added Aggarwal.
Shriram General Insurance manages assets worth Rs. 12,064 crores across with over 62 lakh live policies. The company has 278 branches in 26 states and an employee strength of 4015 across India, as of March 2024.
“In the next 5 years we will be increasing our non-motor folio to 15 per cent. We are hiring aggressively. We currently have 69,000 agents, and planning to recruit 20,000 agents this year and further increase it to 2 lakhs agents in the coming years . We will also add 25 more branches this year,” mentioned Aggarwal.
