Shriram General Insurance - Declares 19% Interim Dividend

Shriram General Insurance Sees 27% Increase in New Policies Sold for H1FY23, Declares 19% Interim Dividend

·         Earns net profit of Rs. 147.48 crores

·         Writes 17.59 lakh new policies, an increase of 27% compared to H1FY22

·         Solvency ratio increased from 4.05 times to 4.60 times

·         Gross Written Premium (GWP) stood at Rs 991 crores, 27%

·         Interim Dividend declared is 19%

·         No of Branches increased to 223 from 202 last year

 


Mumbai, November 10, 2022: Shriram General Insurance Company (SGIC) on Thursday said it wrote 17.5 lakh new policies during the first half of the current fiscal, up 27% YoY. 

The general insurer earned Rs 991 crore, up 27%, with 74% of all policies sold digital. Net profits for the half year dropped to Rs 147.48 crore from Rs 280.89 crore driven by a drop in investment income triggered by rising interest rates. During H1 FY22, SGI earned Rs 48.16 crore as profits from sale of investments which dropped to Rs 10.67 crore this year. 

Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, "We are expanding our business both digitally and physically. Our phygital approach will drive future growth." 

SGI increased the number of branches to 223 from 202 during the H1 of last fiscal. Employee count rose to 3460 from 2766. 

The board has declared an interim dividend of 19%. SGI is amongst the most profitable insurers having returned Rs 2143 crore in dividends to the promoters for an investment of Rs 259 crore. 

During the half year, SGI settled 64,424 claims, down from 75,299. 

About Shriram General Insurance Company

Shriram General Insurance Company is a joint venture between Shriram Capital Ltd, the holding company for the financial services business of the Shriram Group, and Sanlam Ltd, a leading financial services group of South Africa. Shriram General Insurance is a Jaipur-based, 14-year-old company licensed with the IRDAI (Insurance Regulatory and Development Authority of India). The company offers a complete range of general insurance products, ranging from Motor, Travel, Home and Personal accidents in the retail space and customized products like Fire, Engineering and Marine Insurance in the corporate space. It also offers a range of products for rural India. Shriram General Insurance manages assets worth INR 107 billion across over 4.3 million live policies. The company has 223 branches in 24 states and an employee strength of 3,460 across India, as at the end of September 2022.

About Shriram Group

Shriram Group is India's leading financial conglomerate with a dominant presence in commercial vehicle (CV) financing, retail financing, chit fund, equipment financing, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its Financial Inclusion agenda of bringing finance to low-income families and small businesses. Shriram Capital Limited is the holding company for the Financial Services (Shriram City Union Finance Limited & Shriram Transport Finance Limited) and Insurance entities (Shriram General Insurance Company Limited & Shriram Life Insurance Company Limited). Shriram Housing Finance Limited is a subsidiary of Shriram City Union Finance Limited. Shriram Group together has an overall customer base in excess of 21.5 million, around 74,500 employees across 3,950 branches. Net profit of INR 49 billion with Assets under Management (AUM) of over INR 1.75 trillion

 


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