Shriram General Insurance Posts 31% Growth in Q1 FY25, Eyes Innovative Product Expansion

Shriram General Insurance Company (SGIC) recorded a 31% increase in Gross Written Premium to Rs 733 crore in Q1 FY25, surpassing the industry's 13% growth. The company saw a net profit rise of 17% to Rs. 114 crore and plans to launch new products to expand its offerings further.

Shriram General Insurance Company (SGIC) has reported a remarkable 31% increase in Gross Written Premium (GWP) to Rs 733 crore during the first quarter of FY25, significantly outpacing the industry's 13% growth.

According to Anil Aggarwal, MD & CEO, the company's impressive growth was predominantly driven by its Motor Line of Business. The company has introduced several new products, including Shri Cyber Insurance, and is planning to launch more innovative offerings in the upcoming quarters.

The insurer also achieved a net profit of Rs 114 crore, a 17% rise from the Rs 98 crore recorded in the same period last year. SGIC settled 48,290 claims in Q1 FY25, compared to 39,076 in the year-ago period, and reported a solvency ratio of 3.87, well above the regulatory requirement of 1.5.

Shriram General Insurance is also making strategic moves in different market segments. The company has targeted the crop insurance sector, estimating a market potential of INR 30,000 crore. Additionally, SGIC has expanded its health insurance line by selling over 5000 policies in Q1 FY25 and plans to introduce Arogya Sanjeevani to diversify its health insurance offerings further.

Recognizing the potential of MSMEs, Shriram General Insurance is developing customized insurance solutions tailored to the unique needs of this sector, which includes over 63 million MSMEs in India. Furthermore, the company has been appointed as the lead insurer for Odisha by IRDAI, with an objective to increase insurance penetration across the state.

Jointly owned by Shriram Group and Sanlam Ltd, SGIC offers a comprehensive range of general insurance products for both retail and corporate clients. As of June 2024, the company managed assets worth Rs 12,268 crore and maintained over 62 lakh live policies through its 278 branches across 26 states in India. Shriram Group, a prominent financial conglomerate in India, continues its mission of financial inclusion, serving more than 3.2 crore customers.

(With inputs from agencies.)