Shriram General Insurance Is jointly owned Shriram group and africa based Sanlam Ltd. offers insurance products in vehicle, personal, home insurance, but specilizes in fire, marine and engineering like corporate insurance products.
Shriram general insurance net profit rose to Rs 455 crore in the 23–24 fiscal year. A 22 per cent, jump year on year, the company said in a statement. For 2023–2024, company's premium writing is at its highest of all times; the insurer writes a premium of Rs 3036 Cr, a 34 per cent YoY increase.
The gross written premium of Shriram General Insurance Company increased by 30per cent to Rs 876 crore in Q4 FY24 compared to the same period the previous year.
The insurer's GWP increased by 34 per cent for the fiscal year that ended in March 2024, outpacing the industry growth of 12.8 per cent. In the fourth quarter of FY24, the company wrote 14,74981 policies and realized a net profit of Rs.121 crore. At Rs 455 crore, the year's profits increased 22per cent year on year.
Future Outlook from Management
According to a statement from shriram insurance company, the insurer wrote 14,74,981 policies in Q4 of FY24 and made a net profit of Rs 121 crore."The past year has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008," stated Anil Aggarwal, MD & CEO, Shriram General Insurance Company.
We predict a growth of about 30per cent in FY25. He mentioned that the company's current year's focus is on writing more non-motor business through SMEs, Aggrawal added.
In an effort to boost the state's insurance penetration, IRDA designated the company as the lead insurer for Odisha.
A final dividend proposal of 39 per cent has been made by the company, bringing the total dividend to 122.5 percent, 100 percent in FY23.
