Shriram General Insurance Reports Record Growth, Plans Major Expansion

Shriram General Insurance Company Ltd. reported a net profit of Rs 121 crore for the January-March 2024 quarter and Rs 455 crore for the year. Gross Written Premiums increased by 30%. MD and CEO Anil Aggarwal highlighted significant growth and expansion plans, including 25 new branches and 20,000 new agents.

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 to be around 30 per cent,'' he said.

As of March 31, 2024, the total assets under management stood at Rs 12,064 crore.

On their expansion plan, Aggarwal said it would add 25 more branches this year. ''Our focus last year was on expansion. We opened 43 new branches, and our manpower has increased to 4,015 from 3,705. We are working to increase our non-motor portfolio which has gone up from 8 per cent last year to 8.5 per cent. We will also add 25 more branches this year'' Aggarwal said.

The company has planned to recruit 20,000 agents this year.

Aggarwal further said the company has been appointed as the lead insurer by the Insurance Regulatory and Development Authority (IRDA) to achieve the vision of 'Insurance for All' by 2047.

The objective is to bring every member of the company within the insurance net in Odisha. The company is deploying its agents at the Gram Panchayats to accomplish this mission, the statement said.

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