Shriram General Insurance Company today reported an 82 per cent rise in its net profit at Rs 400 crore for the fiscal ended March 2018.
During the year, the company's net earned premium grew by 10 per cent from a year ago to Rs 1,855 crore, Shriram General Insurance Co said in a statement.
Neeraj Prakash, managing director, Shriram General Insurance, said: "Our net profit has risen mainly due to increase in investment income and reduction in the loss ratio. We are hopeful that the growth momentum will continue in the current fiscal as well."
The company's operating profit grew by 91.95 per cent to Rs 501 crore from Rs 261 crore in 2016-17.
Investment income increased to Rs 744 crore from Rs 580 crore, a growth of 28 per cent.
The net incurred claims ratio has come down to 94 per cent from 103 per cent, it added.
Shriram General said its solvency margin ratio, defined by how much assets of the company exceeds the liabilities and other commitments, is at 2.35 times as against the regulatory requirement of 1.50 times.
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