 "Shriram General Insurance")
Shriram General Insurance Company posted a 37 percent growth in net profit at Rs 98 crore during the first quarter of FY 24. The insurer on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products.
About 82 percent of all its policies now come from online purchases and the company introduced three new products during the quarter, the insurer jointly owned by Shriram Group and Africa's Sanlam Group, said in a statement. Its gross written premium (GWP) stood at Rs 560 crore, a rise of 39 percent growth over the same period last year.
The company's solvency at the end of June 2023 was 4.83 from 4.48 a year ago. It has settled 39,076 claims in Q1 FY24 compared to 33,811 in the year-ago period.
"Our physical approach is the main driver during the quarter. 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," Anil Aggarwal, MD and CEO said in the statement.
Additionally, the company is looking at expanding into the non-motor segment for SMEs, he added.
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