Shriram General Insurance

Shriram General Insurance plans to re-enter crop insurance business

Shriram General Insurance Company Ltd announced plans to re-enter the crop insurance portfolio as part of its diversification strategy. Shriram General Insurance, jointly owned by the diversified Shriram Group and Africa-based Sanlam Ltd, offers a range of general insurance products. In a statement on Tuesday, the company reported its financial performance for the July-September 2024 quarter, stating it achieved a 15 per cent year-on-year increase in Gross Written Premium (GWP), rising to Rs 861 crore from Rs 750 crore in the same quarter of the previous financial year. The company plans to add 20,000 financial agents during the current financial year, bringing the total to 90,000. For the six-month period ending September 30, 2024, the Gross Written Premium grew to Rs 1,594 crore, up from Rs 1,310 crore in the same period last year. Net profit for the six-month period ending September 30, 2024, increased to Rs 254 crore, compared to Rs 217 crore in the same period the previous ..

Shriram General Insurance eyes listing in 3 years, Q2 net profit up 17%

SGI plans to strengthen its advisor network by adding 20,000 financial agents, raising the total from 79,832 to 90,000 by the end of this fiscal

Shriram Group to list general insurance arm first, both IPOs in two years

Shriram Group and South African financial services giant Sanlam jointly own Shriram Life Insurance and Shriram General Insurance

Shriram General Insurance Q1 results: Net profit rises 17% to Rs 114 crore

Plans to increase share of non-motor business to 15%

Shriram General Insurance Company plans re-entry in crop business

SGIC is all set to re-enter the crop business and also expand its presence in the non-motor segment to 15 per cent

Shriram General Insurance Q4 results: PAT at Rs 121 cr, AUM at Rs 12,064 cr

Shriram General Insurance Company Ltd has reported a net profit for the January-March 2024 quarter at Rs 121 crore, the company said on Wednesday. Shriram General Insurance Company is jointly owned by the diversified conglomerate Shriram Group and South Africa-based Sanlam Ltd. In a statement, the company said it earned a net profit of Rs 121 crore for the quarter ending March 31, 2024 while net profits for the year ending March 31, 2024, stood at Rs 455 crore. The Gross Written Premium during the quarter under review was at Rs 876 crore up by 30 per cent over the same period of last financial year. Commenting on the financial performance, Shriram General Insurance Company Ltd MD and CEO Anil Aggarwal said, "The year gone by has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008. Our Gross Written Premium rose to 34 per cent exceeding the industry growth of 12.8 per cent." "We expect the FY25 Gross Written Premium Growth

How Shriram General Insurance Co's MD & CEO stays mentally, physically fit

From technology detox to meditation and deep breathing, Anil Aggarwal incorporates wellness into his daily routine

Shriram General Insurance Q3 results: Net profit jumps 51% to Rs 117 cr

Shriram General Insurance reported a 51 per cent growth in net profit to Rs 117 crore for the December quarter on higher premium income, market gains, and better claims management. The company said its premium income grew 41 per cent during the quarter, led by motor business that rose 42 per cent, personal accident segment that clipped past 57 per cent, and fire insurance grew 14 per cent, taking the gross written premium during the period to Rs 850 crore. The Jaipur-based Shriram group company underwrote 10 per cent more policies during the reporting period, adding 1,681,086 new customers. The company said it has settled 47,006 claims during the third quarter of the ongoing fiscal, compared to 38,937 in the year-ago period. Motor premium grew to Rs 779 crore, which was 42 per cent higher than Rs 549 crore, personal accident segment rose 57 per cent from Rs 21 crore to Rs 33 crore, fire business went up 14 per cent to Rs 24 crore, and engineering premium rose to Rs 5 crore from Rs

Shriram General to increase non-motor insurance biz this fiscal: Official

Shriram General Insurance has planned to diversify its product portfolio by focusing more on the non-motor segments like marine, fire, during the current financial year, a top official said. Motor insurance has been the core of the business for the Jaipur-based firm accounting to about 92 per cent, company Chief Underwriting Officer Shashi Kant Dahuja said. As part of the diversification plan, the company would launch new insurance products under the fire, marine, engineering segments, he said. "The idea is to double our non-motor business to around 15 per cent in two to three years from the current 7-8 per cent," Dahuja told PTI in an interaction. The non-motor business was growing at 70 per cent, he said. To strengthen its presence in the non-motor business, he said the company would launch products in cyber insurance, pay as you drive, theft and pet insurance, soon. "As a business strategy we don't want to be excessively dependent on one vertical and we also want to diversify

Shriram General Insurance reports 37% rise in net profit in June quarter

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 growt

Shriram General Insurance bets big on EVs, join hands with several OEMS

Company targets 40% growth in gross direct premium in 2023-24

Piramal, TPG on verge exit from Shriram General Insurance Holdings

Likely to sell combined stake of 30% in the company at an enterprise valuation of $2 billion, say sources

Shriram General Insurance opens two women-only branches in the north

The firm plans to replicate the model nationwide, going forward

2023 may see an M&A surge in insurance sector: Shriram General Insurance MD

As per the trends, the industry is expected to double its CAGR to 10.2% by the end of 2022 from its slowest growth of the decade at 5% from 2021, said Shriram General Insurance Company Ltd MD

Shriram Financial Ventures to be holding company in Shriram Group recast

SCL, the existing holding company of the Group, and Shriram City Union Finance will merge shortly with Shriram Transport Finance

Shriram General Insurance net profit dips 47.5% to Rs 147 crore in H1FY23

Shriram General Insurance Company (SGIC) on Thursday said its net profit declined nearly 47.5 per cent to Rs 147.48 crore in the first half of the current fiscal, mainly due to fall in investment income. The company had posted a net profit of Rs 280.89 crore during the same period of the previous fiscal year. The Jaipur-based general insurer wrote 17.5 lakh new policies during April-September period of 2022-23, up 27 per cent from a year-ago period. Anil Aggarwal, MD & CEO, Shriram General Insurance Company, said there was degrowth of 35 per cent for the company as the industry was impacted in the aftermath of the Covid pandemic. "When you degrow, you wait for the profit to come back, in the current year we are growing and it will take one or two years to come back to the same level. Growth is important after degrowth of 35 per cent, this year we are growing by 27 per cent. And the second impact on profit is due to the increase in the interest rate," Aggarwal said in an ...

I am not in the race for market share, says SGIC's Anil Kumar Aggarwal

"The main focus for the coming years will include the recruitment of the manpower and opening of branches," said Aggarwal

City Union Bank, Shriram Gen Insurance tie up for distribution of products

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers

KKR signs deal to buy 10% stake in Shriram Gen Insurance for Rs 1,800 cr

KKR's investment builds on strong tailwinds in the Indian general insurance space and SGI's continued expansion into new segments and investment in its digital capabilities

Shriram General Insurance plans aggressive rural push, eyes 16% income

Shriram Group is expecting around Rs 750 crore profit this fiscal, up from Rs 700 crore last year, as its expects gross written premium income to touch Rs 2,200-2,300 crore this year