Anil Aggarwal, MD & CEO, Shriram General Insurance Company.
The general insurer’s combined ratio, one of the key matrix for profitability had fallen to 105.98 per cent in Fy 24 from 110.42 per cent in Fy 23
The company’s underwriting losses have fallen by 21.40 per cent y-o-y to Rs 142 crore in Fy 24
Chennai:
With a higher investment income, Shriram General Insurance, a joint venture between diversified conglomerate Shriram Group and South Africa-based Sanlam, has reported a net profit Rs 121 crore in the January-March 2024 quarter.
The gross written premium during the quarter under review was at Rs 876 crore up by 30 per cent over the same period of last financial year.
The general insurer’s net profit rose 22 per cent year on year (Y-O-Y) to Rs 455 crore for the year ending March 31, 2024.
Its combined ratio, one of the key matrix for profitability had fallen to 105.98 per cent in Fy 24 from 110.42 per cent in Fy 23.
The company’s underwriting losses have fallen by 21.40 per cent y-o-y to Rs 142 crore in Fy 24.
The investment income of the company has soared by 7 per cent to Rs 762 crore in Fy 24.
As of March 31, 2024, the total assets under management stood at Rs 12,064 crore.
The company proposes 39 per cent of final dividend taking total to 122.5 per cent in Fy 24 as against 100 per cent in FY23. Total dividend announced and paid to promoters is at Rs 2618 crore for an investment of Rs 259 crore.
“We had a good Apr 1 renewals and we were able to retain most of our existing clients,” said Anil Aggarwal, MD & CEO, Shriram General Insurance.
“The year gone by has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008,” added Aggarwal.
”Our focus last year was on expansion. We opened 43 new branches, and our manpower has increased to 4,015 from 3,705. We are working to increase our non-motor portfolio which has gone up from 8 per cent last year to 8.5 per cent. We will also add 25 more branches this year” Aggarwal said.
It expanded its workforce from 3705 in Fy 23 to 4015 in FY24.
The general insurer currently has 69,000 agents and planning to recruit 20,000 agents this year and further increase it to 2 lakhs agents in the coming years .