- Gross Written Premium (GWP) during Q2 FY25 reaches Rs 861 Cr, marking a 15 % growth YoY, with a 22% increase for the first half of the financial year.
- Net Profit rose to Rs 140 Cr in Q2 FY25, reflecting a 17% growth compared to the same period a year ago.
- 2732906 policies written in the first half of FY25
- AUM stands at Rs. 12627 Cr as on Sep 30, 2024, an 8.75% year-on-year growth from Rs. 11,610 crore same period last year.
- The company’s solvency ratio remains strong at 3.93 as of September 30, 2024.
- The Motor business sees a 16% growth, while non-motor business grows by 6% in Q2 FY25. For the first half of FY25, motor business grows by 23%, and non-motor by 8%.
- The number of live policies increases to 62.83 lakh in HY1 FY25, up from 60.19 lakh in HY1 FY24.
- 5283 financial advisors recruited in Q2 FY25.
The company issued 2,732,906 policies during the first half of FY25 and posted a net profit of Rs. 254 Cr, reflecting a 17% growth from Rs. 217 Cr in the same period last year. Shriram General Insurance settled 102,449 claims in HY1 FY25, a significant increase from 86,708 claims in the year-ago period.
The company’s solvency ratio stands strong at 3.93 as of September 30, 2024, well above the regulatory requirement of 1.50. The number of live policies grew to 62.83 lakh in HY1 FY25, up from 60.19 lakh in the same period last year.
Segment wise GWP in Q2FY25 (in Rs.Cr)
Particulars | Q2FY25 | Q2FY24 | Growth |
Motor | 794.89 | 688.20 | 16% |
Personal Accident | 26.25 | 29.95 | -12% |
Fire | 23.36 | 20.49 | 14% |
Engineering | 5.92 | 4.48 | 1.44% |
Others Miscellaneous | 10.24 | 7.13 | 3.11% |
Total | 860.65 | 750.25 | 15% |
Line of Business | SGI | Industry |
Motor | 16% | 6% |
Non-Motor | 6% | 0.36% |
Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “Our robust GWP growth underscores our dedication to customer-centric solutions, particularly in the motor segment. As we strategically expand into health and MSME insurance, we are committed to leveraging innovation and operational efficiency to enhance our offerings and achieve sustainable growth.”
Future:
SGI recognizes the pivotal role of financial advisors in its business model, acknowledging their importance in promoting the value of insurance and aligning with the regulator’s “Insurance for All by 2047” vision.
“Our financial advisors are the backbone of our operations, acting as ambassadors to drive insurance awareness across both urban and rural India. Through large-scale recruitment, we are expanding our presence in underserved markets, ensuring that insurance products reach the last mile of the population.”- said Anil Aggarwal.
This year, SGI plans to further strengthen its advisor network by recruiting an additional 20,000 financial agents, raising the total from 79,832 to 90,000 by the end of this fiscal. The company has set an ambitious goal to grow this network to 200,000 agents by 2030, reinforcing its commitment to making insurance accessible to all segments of society.
As of Q2 2025, the company operates 278 branches across 26 states, an increase from 252 branches in Q2 2024. The company’s workforce has also grown to 4,049 across India, up from 3,837 last year.
Strategic Plans for Motor and Non-Motor Business
Currently, 92% of SGI’s Gross Written Premium (GWP) is derived from the motor insurance segment, with the remaining 8% coming from non-motor lines such as fire, engineering, and other insurance products. In a move to diversify its portfolio, the company plans to re-enter the crop insurance market and introduce new health insurance products. SGI aims to reduce its reliance on motor insurance by lowering its share from 92% to 85% and increase the contribution from non-motor segments from 8% to 15% by 2030.
0 Comments