Shriram General Insurance reported a 17 per cent increase in net profit for the first quarter of FY25, reaching ₹114 crore compared to ₹98 crore in the same period last year. The company’s gross written premium (GWP) surged by 31 per cent to ₹733 crore during Q1FY25, up from the previous year’s figures.
Currently, 91 per cent of Shriram General Insurance’s GWP is derived from motor insurance, with the remaining 9 per cent from non-motor segments such as fire, engineering, and miscellaneous insurance. The company has set an ambitious target of achieving a GWP of ₹3,750 crore in FY25, focusing on diversifying into non-motor business lines, including crop and MSME insurance.
Anil Aggarwal, MD & CEO of Shriram General Insurance, outlined the company’s strategic goals, stating, “Our focus is to reduce the share of motor insurance business from 91% to 85% of the portfolio by FY2029-30 and increase the share of non-motor business from 9% to 15%.” Within the non-motor insurance sector, crop insurance is a key area of focus, with the industry estimated to be worth ₹30,000 crore.
Also read: Automated underwriting: The first step to improving life insurance coverage
In FY24, Shriram General Insurance closed with a GWP of ₹3,036 crore and aims to reach ₹3,750 crore in the current fiscal year.
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