Shriram General Insurance Q2 net rises 17% to ₹140 cr.

Shriram General Insurance Co. Ltd. (SGIC) reported standalone net profit for the September quarter rose 17% from the year-earlier period to ₹140 crore.

Gross written premium (GWP) increased by 15% to ₹861 crore, whereas the industry growth rate was 2%. Motor business grew by 16% and non-motor rose 6%.

During H1, assets under management rose 8.75% to ₹12,627 crore. The company wrote 27.33 lakh policies and settled 1.02 lakh claims. The number of live policies grew to 62.83 lakh (60.19 lakh). The solvency ratio stood at 3.93, MD & CEO Anil Aggarwal said during an interaction.

By FY30, SGIC is aiming to achieve GWP of ₹7,500-8,000 crore from the present ₹1,594 crore, increase the number of financial advisers to 2 lakh from 79,893. GWP target for FY25 is ₹3,700 crore.

“Currently, 92% of SGI’s GWP is from the motor insurance segment, with the remaining 8% coming from non-motor lines.SGIC aims to reduce its reliance on motor insurance to 85% and increase the contribution from non-motor segments from 8% to 15% by 2030,” he said.

Published - November 05, 2024 10:55 pm IST