NewsVoir
Jaipur (Rajasthan) [India], May 22: Shriram General Insurance Company (SGIC) has announced that its Gross Written Premium (GWP) during Q4 FY24 has increased by 30% to Rs 876 crore, over the same period last year. For the fiscal year ended March 2024, the insurer witnessed a 34% growth in GWP, surpassing the industry growth of 12.8%. The company wrote 1474981 policies in Q4FY24 and earned a net profit of Rs. 121 crore during the fourth quarter of FY24. Profits for the year rose 22% YoY at Rs 455 crore. The company has settled 55997 claims during Q4 FY24, compared to 42442 in the year ago period. The solvency ratio was 4.02 as of March 2024 against the regulatory requirement margin of 1.5. The number of live policies has gone up from 52.95 lakhs in FY23 to 62.58 Lakhs in FY24.
Segment wise GWP (in Cr)
Business line growth as against industry during Q4 FY24:
Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “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. Our GWP rose to 34 % exceeding the industry growth 12.8%. We expect the FY25 growth to be around 30%.
Our focus last year was on expansion. We opened 43 new branches, and our manpower has increased from 3705 to 4015. We are working to increase our non – motor portfolio that has gone up from 8% last year to 8.5%. In the next 5 years we will be increasing our non-motor folio to 15%. We are hiring aggressively. We currently have 69,000 agents, and planning to recruit 20,000 agents this year and further increase it to 2 lakhs agents in the coming years . We will also add 25 more branches this year.
We are the second highest dividend paying company by paying Rs 2618 Cr to our promotors as of 31 March 2024 against a capital of Rs 259 Cr. For the current fiscal the total dividend from SGI would be 122.5% for FY24, subject to share holders’ approval, against 100% last year.”
As the lead insurer for Odisha:
The company has been appointed as the lead insurer by IRDA to achieve the vision of “Insurance for All by 2047”. The objective for SGI is to increase the insurance penetration in Odisha – bringing every member of the community within the insurance safety net. The company is deploying its agents at the Gram Panchayats to accomplish this mission.
SME Segment:
The focus area of SGI in the current year is to write more non-motor business through SMEs. “This is a challenging area but an attractive one, we need a lot of manpower and strategies to sell products in this segment. We are working with various industry associations to help in reaching businesses in this segment. This will help us increase our non- motor growth definitely,” says Anil Aggarwal.
Shriram General Insurance Company (SGIC), jointly owned by Shriram Group and Sanlam Ltd, Africa 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 with a major focus on the rural India. Shriram General Insurance manages assets worth Rs. 12,064 crores across with over 62 lakh live policies. The company has 278 branches in 26 states and an employee strength of 4015 across India, as of March 2024.
Shriram Group is India’s leading financial conglomerate with a dominant presence in retail financing, life insurance, general insurance, chit fund, housing finance, 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 has an overall customer base of over 2.95 crore, a marketing force of 1,63,000, an employee strength 1,21,500 across 4,300 branches and manages an AUM of Rs 2.71 lakh crore as of December 2023.
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