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Business Economy

Shriram General Insurance net profit at Rs 121 crore in Q4; Gross Written Premium up 30 pc

New Delhi, May 23 (UNI) Shriram General Insurance Company (SGIC), jointly owned by Shriram Group and Sanlam Ltd of Africa, on Thursday announced net profit at Rs 121 crore during fourth quarter ended March 31, 2024 while profits for the fiscal 2023-24 grew 22 per cent at Rs 455 crore.
SGIC’s Gross Written Premium (GWP) during Q4 FY24 has increased by 30 per cent to Rs 876 crore, over the same period last year, the company said in a release adding for the fiscal year ended March 2024, the insurer witnessed a 34 per cent growth in GWP, surpassing the industry growth of 12.8 per cent.
"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 per cent YoY at Rs 455 crore,” it said.
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.
“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 per cent last year to 8.5 per cent. In the next 5 years we will be increasing our non-motor folio to 15 per cent. 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,” the company said.
SGIC is the second highest dividend paying company by paying Rs 2618 crore to its promotors as of 31 March 2024 against a capital of Rs 259 crore.
For the current fiscal the total dividend from SGI would be 122.5 per cent for FY24, subject to share holders’ approval, against 100 per cent last year, it said.
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