Shriram General Insurance Q1 net up 37% to ₹98 cr.
The Hindu
Shriram General Insurance Co. (SGIC) standalone net profit for the June quarter rose 37% to ₹98 crore, driven by higher digital selling of traditional and new combo products.
Shriram General Insurance Co. (SGIC) standalone net profit for the June quarter rose 37% to ₹98 crore, driven by higher digital selling of traditional and new combo products.
The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said in a statement that 82% of all its policies now come from online purchases and that it introduced three new products during the quarter.
Its Gross Written Premium (GWP) grew by 39% to ₹560 crore, of which motor insurance was ₹497 crore, personal accident ₹28 crore and fire insurance ₹24 crore.
The company wrote 13.03 lakh policies, an increase of 44%, and settled 39,076 claims against 33,811.
SGIC’s solvency rose to 4.83 from 4.48 against the statutory solvency requirement is 1.5.
“Our phygital approach is the main driver during the quarter,” said its MD & CEO Anil Aggarwal. “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,” he added.
The insurer has a workforce strength of 3,716 and 243 branches across the country. It plans to increase its workforce by an additional 750 and branch numbers by 20%.
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