Shriram General Insurance Q1FY24 Net Profit Rises 37% on Digital Sales

Shriram General Insurance Q1FY24 Net Profit Rises 37% on Digital Sales,  

Better Product Mix 

 

• Earns net profit of Rs 98 crore during Q1FY24 (37% YoY rise)  
• Writes 13,03,340 policies, an increase of 44.26% YoY.
• Gross Written Premium (GWP) stood at Rs 560 crores, 39% growth YoY  
• Solvency ratio grew to 4.83  
• Number of branches increased to 243  
  
  
  
  Chennai, August 1, 2023: Shriram General Insurance Company (SGIC) on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products. The company earned a net profit of Rs 98 crore during the first quarter of FY24, a 37% increase YoY. 
  
   
  
  The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 82% of all its policies now comes from online purchases and the company introduced three new products during the quarter. Its Gross Written Premium (GWP) stood at Rs 560 crore, a rise of 39% over the same period last year. 
  
  
  
  The company’s solvency at the end of June 2023 was 4.83, from 4.48 a year ago. The statutory solvency requirement is 1.5.  
  
  
  
   Segment wise GWP as of Q1 FY24 
  
  
• Motor: Rs 496.72 Cr                           (Rs 369.05 Cr in Q1FY23) 
• Personal Accident: Rs 28.09 Cr         (Rs 5.78 Cr in Q1FY23)  
• Fire: Rs 23.84 Cr                                (Rs 17.69 Cr in Q1FY23) 
• Engineering: Rs 4.35 Cr                     (Rs 3.44 Cr in Q1FY23)
  
  
  
   
  
  The company has settled 39,076 claims in Q1 FY24, compared to 33,811 in the year ago period.   
  
   
  
  Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “Our phygital approach is the main driver during the quarter. While we remain focussed on existing business streams, we believe newer areas like EV insurance and developing a stream of combo insurance plans will help the market and drive growth for us. Additionally, we are looking at expanding into the non-motor segment for SMEs.”  
  
    
  
  The company has a workforce strength of 3,716 and 243 branches across the country. The insurer plans to increase its workforce by an additional 750 and branch numbers by 20% in the current year. 
  
   
  
  About Shriram General Insurance Company  
  
  
  
  Shriram General Insurance Company is a joint venture between Shriram Group and Sanlam Group a leading financial services group in Africa. The Jaipur-based Shriram General Insurance was formed in 2008, 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. Shriram General Insurance manages assets worth Rs 11,282 crores across with over 57 lakh live policies. The company has 243 branches in 24 states and an employee strength of 3,716 across India, as of June 2023.  
  
  
  
  About Shriram Group  
  
  
  
  Shriram Group is India’s leading financial conglomerate with a dominant presence in retail financing, chit fund, housing finance, life insurance, general insurance, stock broking, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its Financial Inclusion agenda of bringing finance to low-income families and small businesses. Shriram Group together has an overall customer base of over 2.25 crores, around 1,08,000 employees across 4,150 branches and manages an AUM of Rs 2.41 lakh c