Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “This year, we had a focus shift towards increasing the gross written premium. The company is entering into newer areas like EV (electric vehicles) insurance and developing combo insurance plans. It is also aiming to increase the non -motor folio. We anticipate a growth of 37 per cent in our non-motor business this year and are aiming to further this to 30 per cent next year.’’
Jaipur:
Shriram General Insurance Company (SGIC) on Tuesday announced that its net profit has risen by 51 per cent year- on year to Rs 117 crore during Q3 FY 23-24, owing to a growth in gross premium better claims management.
The insurer’s gross written premium (GWP) during Q3 FY24 has increased by 41 per cent to Rs 850 crore. The company’s motor premium grew 42 per cent y-o-y to Rs 779 crore.
Anil Aggarwal, MD & CEO, Shriram General Insurance Company, said, “This year, we had a focus shift towards increasing the gross written premium. The company is entering into newer areas like EV (electric vehicles) insurance and developing combo insurance plans. It is also aiming to increase the non -motor folio. We anticipate a growth of 37 per cent in our non-motor business this year and are aiming to further this to 30 per cent next year.’’
The company wrote 1681086 policies and settled 47006 claims during Q3 FY24, compared to 38937 in the year-ago period.
The company has maintained an augmented solvency ratio of 4.30 as of December 2023 (from 4.63 a year ago) as against the regulatory requirement margin of 1.5.
The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 83 per cent of all its policies were sold through digital mode and has unveiled a new health product during the last quarter.
“We recently introduced All Benefit Health Insurance (ABHI) Group Policy, an umbrella product that provides 21 benefit-based products/add-ons.” said Aggarwal.
The company has a current workforce of 3885 and plans to hire an additional 700 next financial year. The insurer has furthered its operations by opening 28 new branches in the last 9 months across India.