Shriram General Insurance (SGI) has announced strong Q2 FY25 financial results, with a 15 per cent year-on-year increase in Gross Written Premium (GWP), reaching ₹861 crore, up from ₹750 crore in Q2 FY24. For the first half of FY25, GWP surged by 22 per cent, totaling ₹1,594 crore, significantly surpassing the general insurance industry’s growth rate of 7 per cent.
SGI’s net profit rose by 17 per cent to ₹254 crore in H1 FY25, compared to ₹217 crore in the same period last year. The company issued over 2.7 million policies during this time, settling 102,449 claims — a 15 per cent increase from the 86,708 claims settled in H1 FY24. SGI’s solvency ratio remains strong at 3.93, well above the regulatory requirement of 1.50.
In Q2 FY25, the motor insurance segment led the way with a 16 per cent growth in GWP, significantly outperforming the industry’s motor insurance growth rate of 6 per cent. Other segments, including fire and engineering, also reported steady gains, with a combined overall growth rate of 15 per cent in Q2 FY25.
Commenting on the results, Anil Aggarwal, MD & CEO of Shriram General Insurance, highlighted the company’s customer-centric focus, particularly in motor insurance. “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,” Aggarwal stated.
Aligned with the Insurance Regulatory and Development Authority of India’s (IRDAI) “Insurance for All by 2047” vision, SGI aims to significantly expand its agent network. The company plans to add 20,000 new financial agents in FY25, raising its total agent network to 90,000 by the fiscal year-end. SGI has set an ambitious target to grow this network to 200,000 agents by 2030 to enhance insurance accessibility across both urban and rural regions.
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SGI expanded its operational footprint to 278 branches across 26 states in Q2 FY25, up from 252 branches in Q2 FY24. The workforce also increased to 4,049 employees, reflecting SGI’s commitment to extending its reach and bolstering its workforce to support future growth.
