Shriram General Insurance Company (SGI) reported a 17% increase in net profit at ₹140 crore for the quarter ended September 30, 2024.

The company’s Gross Written Premium (GWP) for the September quarter rose by 15%, reaching ₹861 crore, up from ₹750 crore in the same period last year.

For the first half of the financial year, SGI’s net profit climbed 17% to ₹254 crore, compared to ₹217 crore in the prior year. GWP for H1 surged 22% to ₹1,594 crore from ₹1,310 crore, notably outpacing the general insurance industry’s growth rate of 7%, as highlighted in a company statement.

“Our strong GWP growth underscores our commitment to delivering customer-centric solutions, especially in motor insurance. As we expand into health and MSME insurance, we are focused on driving sustainable growth through innovation and operational efficiency,” said Anil Aggarwal, MD & CEO of Shriram General Insurance Company.

Currently, 92% of SGI’s GWP is derived from the motor insurance segment, while the remaining 8% comes from non-motor segments, including fire, engineering, and other insurance products.

During the first half of FY25, SGI issued 2,732,906 policies and settled 102,449 claims, a significant increase from 86,708 claims in the same period last year.

As of September 30, 2024, SGI’s solvency ratio stood at 3.93, well above the regulatory requirement of 1.50. The company’s live policies increased to 62.83 lakh in H1 FY25, up from 60.19 lakh a year ago.

By the end of Q2 FY25, SGI operated 278 branches across 26 states, compared to 252 in Q2 FY24. The workforce also expanded, with 4,049 employees across India, up from 3,837 last year.

Looking ahead, SGI plans to expand its advisor network further, adding 20,000 financial agents to bring the total from 79,832 to 90,000 by fiscal year-end.

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