Shriram General Insurance Q1 net up by 37 per cent
The insurer on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products.
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CHENNAI: Shriram General Insurance Company posted a 37 per cent growth in net profit at Rs 98 crore during the first quarter of FY 24.
The insurer on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products. About 82 per cent of all its policies now come from online purchases and it introduced three new products during the quarter, the insurer jointly owned by Shriram Group and Africa’s Sanlam Group, said. Its gross written premium stood at Rs 560 crore, a rise of 39 per cent growth over the same period last year.
Its solvency at the end of June 2023 was 4.83 from 4.48 a year ago. It has settled 39,076 claims in Q1 FY24 compared to 33,811 in the year-ago period. “Our physical approach is the main driver during the quarter ,” Anil Aggarwal, MD-CEO said.
