Gross Premium of Shriram General Insurance up 31% in Q1FY25
Shriram General Insurance Company (SGIC) has announced that its Gross Written Premium (GWP) during Q1 FY25 has increased by 31% to Rs 733 crore, over the same period last year surpassing the industry growth of 13%
Mumbai, Aug 07: Shriram General Insurance Company (SGIC) has announced that its Gross Written Premium (GWP) during Q1 FY25 has increased by 31% to Rs 733 crore, over the same period last year surpassing the industry growth of 13%. The company wrote 1282017 policies in Q1FY25 and earned a net profit of Rs. 114 crores during the first quarter of FY25, a growth of 17% from Rs 98 crores a year ago period. The company has settled 48290 claims during Q1 FY25, compared to 39076 in the year ago period. The solvency ratio was 3.87 as of 30 June 2024 against the regulatory requirement margin of 1.5. The number of live policies has gone up to 62.85 Lakhs in Q1FY25 from 57 Lakhs in the same period a year ago.
Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “Shriram General Insurance has achieved a notable overall growth of approximately 31% in Gross Written Premium (GWP). This growth has been significantly driven by our Motor Line of Business. In the recent quarter, SGI introduced several new products, including Shri Cyber Insurance. We are also planning to launch more innovative products in the upcoming quarter to further expand our offerings.”