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Gross Written Premium in Q4 FY24 was Rs. 876 Cr, 30% progress YoY.
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Wrote Rs 3036 Cr as premium for 2023-24, 34% progress YoY, highest ever, surpassing the business progress of 12.8% in FY24
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Net revenue jumps to Rs 455 Cr in FY24, a 22% progress from FY23.
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Proposes 39% ultimate dividend taking whole to 122.5% as towards 100% in FY23. Total dividend introduced & paid to promoters is Rs 2618 crore for an funding of Rs 259 crore.
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Business Expansion – Opened 43 new branches in FY24 and plans to open 25 extra branches in FY25
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Expanded workforce: elevated from 3705 to 4015 in FY24 .
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Agent Hiring: SGI at present has 69,000 brokers, and planning to recruit 20,000 brokers this yr and additional enhance it to 2 lakhs brokers in the approaching years .
Shriram General Insurance Company (SGIC) has introduced that its Gross Written Premium (GWP) throughout Q4 FY24 has elevated by 30% to Rs 876 crore, over the identical interval final yr. For the fiscal yr ended March 2024, the insurer witnessed a 34% progress in GWP, surpassing the business progress of 12.8%. The firm wrote 1474981 insurance policies in Q4FY24 and earned a web revenue of Rs. 121 crore through the fourth quarter of FY24. Profits for the yr rose 22% YoY at Rs 455 crore. The firm has settled 55997 claims throughout Q4 FY24, in contrast to 42442 in the yr in the past interval. The solvency ratio was 4.02 as of March 2024 towards the regulatory requirement margin of 1.5. The variety of dwell insurance policies has gone up from 52.95 lakhs in FY23 to 62.58 Lakhs in FY24.
Segment clever GWP (in Cr)
|
Particulars |
For the Quarter ended on thirty first Mar-2024 |
For the Quarter ended on thirty first Mar-2023 |
For the Year ended on thirty first Mar-2024 |
For the Year ended on thirty first Mar-2023 |
Growth
in FY24 |
|
Motor |
813 |
615 |
2778 |
2085 |
33% |
|
Personal Accident |
25 |
20 |
117 |
58 |
102% |
|
Fire |
21 |
23 |
89 |
80 |
11% |
|
Engineering |
8 |
6 |
22 |
17 |
29% |
|
Others Miscellaneous |
9 |
8 |
30 |
26 |
15% |
|
Total |
876 |
672 |
3036 |
2266 |
34% |
Business line progress as towards business throughout Q4 FY24:
|
Line of Business |
SGI |
Industry |
|
Motor |
33% |
13% |
|
Non-Motor |
43% |
13% |
Anil Aggarwal, MD & CEO, Shriram General Insurance Company stated, “The yr passed by has been a milestone for our enterprise as we recorded the very best ever progress since we started our operations in 2008. Our GWP rose to 34 % exceeding the business progress 12.8%. We anticipate the FY25 progress to be round 30%.
Our focus final yr was on growth. We opened 43 new branches, and our manpower has elevated from 3705 to 4015. We are working to enhance our non – motor portfolio that has gone up from 8% final yr to 8.5%. In the following 5 years we will probably be growing our non-motor folio to 15%. We are hiring aggressively. We at present have 69,000 brokers, and planning to recruit 20,000 brokers this yr and additional enhance it to 2 lakhs brokers in the approaching years . We may even add 25 extra branches this yr.
We are the second highest dividend paying firm by paying Rs 2618 Cr to our promotors as of 31 March 2024 towards a capital of Rs 259 Cr. For the present fiscal the whole dividend from SGI could be 122.5% for FY24, topic to share holders’ approval, towards 100% final yr.“
As the lead insurer for Odisha:
The firm has been appointed because the lead insurer by IRDA to obtain the imaginative and prescient of “Insurance for All by 2047“. The goal for SGI is to enhance the insurance coverage penetration in Odisha – bringing each member of the neighborhood throughout the insurance coverage security web. The firm is deploying its brokers on the Gram Panchayats to accomplish this mission.
SME Segment:
The focus space of SGI in the present yr is to write extra non-motor enterprise by way of SMEs. “This is a difficult space however a gorgeous one, we want a variety of manpower and techniques to promote merchandise in this section. We are working with varied business associations to assist in reaching companies in this section. This will assist us enhance our non- motor progress undoubtedly,” says Anil Aggarwal.
About Shriram General Insurance Company
Shriram General Insurance Company (SGIC), collectively owned by Shriram Group and Sanlam Ltd, Africa provides an entire vary of basic insurance coverage merchandise, starting from motor, house and private accidents in the retail area and customised merchandise like fireplace, engineering, and marine Insurance in the company area with a significant concentrate on the agricultural India. Shriram General Insurance manages property price Rs. 12,064 crores throughout with over 62 lakh dwell insurance policies. The firm has 278 branches in 26 states and an worker energy of 4015 throughout India, as of March 2024.
About Shriram Group
Shriram Group is India’s main monetary conglomerate with a dominant presence in retail financing, life insurance coverage, basic insurance coverage, chit fund, housing finance, inventory broking, distribution of monetary merchandise, and wealth advisory companies. The Group focuses on serving the underserved and is pushed by its monetary Inclusion agenda of bringing finance to low-income households and small companies. Shriram Group has an total buyer base of over 2.95 crore, a advertising power of 1,63,000, an worker energy 1,21,500 throughout 4,300 branches and manages an AUM of Rs 2.71 lakh crore as of December 2023.
