Shriram General Insurance Company has reported a 22 per cent increase in its net profit, reaching ₹455 crore for FY24, driven by growth across its business segments. The net profit for the March 2024 quarter stood at ₹121 crore.

The company’s gross written premium (GWP) was ₹3,036 crore in FY24, a 34 per cent increase, surpassing the industry growth of 12.8 per cent. The motor business GWP grew by 33 per cent to ₹2,778 crore in FY24 (up from ₹2,085 crore in FY23). Meanwhile, personal accident, fire and engineering businesses saw growth of 102 per cent (₹117 crore), 11 per cent (₹89 crore) and 29 per cent (₹22 crore) respectively.

In March 2024 quarter, GWP grew by 30 per cent to ₹876 crore, over the same period last year.

The company wrote 1,474,981 policies, an increase of 6 per cent, and settled 55,997 claims in Q4FY24 (42442 in Q4FY23). The solvency ratio was 4.02 as of March 2024, against the regulatory requirement margin of 1.5. The number of live policies grew to 62.58 lakh in FY24 from 52.95 lakh in FY23.

“In FY24, we recorded the highest-ever growth since we began our operations in 2008. We expect the FY25 growth to be around 30 per cent,” said Anil Aggarwal, MD and CEO, Shriram General Insurance Company. 

The company opened 43 new branches, while it increased manpower from 3,705 to 4,015. It plans to add 25 more branches this year.

The company has been appointed as the lead insurer for Odisha by IRDA with a view to increase the insurance penetration in the State.

The company has proposed a 39 per cent final dividend, taking the total dividend to 122.5 per cent (100 per cent in FY23).

We are the second highest dividend-paying company by paying ₹2,618 crore to our promotors as of March 2024, against a capital of ₹259 crore., he said

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