Shriram General Insurance Co. Ltd. (SGIC) reported standalone net profit for the June quarter rose 17% from the year-earlier period to ₹114 crore.
Gross written premium (GWP) increased 31% to ₹733 crore, against the industry growth of 13%. Motor business grew by 34% and non-motor rose 10%.
Assets under management rose 8.74% to ₹12,268 crore. The company wrote 12,82,017 policies and settled 48,290 claims. The solvency ratio stood at 3.87, MD & CEO Anil Aggarwal said during a press interaction.
He also announced that going forward SGIC would be re-entering the crop insurance business, and unveil a full-fledged indemnity-based health insurance portfolio and a product to insure uninsured vehicles.
“The size of crop insurance market is estimated at ₹3,000 crore and we are targeting ₹200-300 crore of it. It is a tender based product. We bid for Andhra Pradesh and Jharkhand and lost it, as we were not the lowest bidder,” he said.
According to him, the company is planning to introduce Arogya Sanjeevani, an indemnity-based health insurance product on a pan-India basis.
By FY30, SGIC is aiming to achieve GWP of ₹9,000 crore from the present ₹3,056 crore, increase the number of financial advisers to 2 lakh from 76,000, more than double the headcount to 10,000 and have branches 500 (278). GWP target for FY25 is ₹3,700 crore.
“Prior to that by FY29, we would balance our current product mix. Raise non-motor contribution from 9% to 15% and reduce motor business from 91% to 85%,” he said.
Published - August 06, 2024 08:04 pm IST
