November 05, 2024: Shriram General Insurance Company (SGI) has reported a 15% year-on-year increase in Gross Written Premium (GWP) for Q2 FY25, reaching Rs. 861 Cr, up from Rs. 750 Cr in the same quarter last year. For the first half of the financial year, GWP grew by 22%, rising from Rs. 1,310 Cr to Rs. 1,594 Cr, significantly outperforming the general insurance industry’s growth rate of 7%.

The company issued 2,732,906 policies during the first half of FY25 and posted a net profit of Rs. 254 Cr, reflecting a 17% growth from Rs. 217 Cr in the same period last year. Shriram General Insurance settled 102,449 claims in HY1 FY25, a significant increase from 86,708 claims in the year-ago period.

The company’s solvency ratio stands strong at 3.93 as of September 30, 2024, well above the regulatory requirement of 1.50. The number of live policies grew to 62.83 lakh in HY1 FY25, up from 60.19 lakh in the same period last year.

Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “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.”

Future:

Targeting 2 Lakh Agents by 2030 in Alignment with IRDAI’s Vision

SGI recognizes the pivotal role of financial advisors in its business model, acknowledging their importance in promoting the value of insurance and aligning with the regulator’s “Insurance for All by 2047” vision.

“Our financial advisors are the backbone of our operations, acting as ambassadors to drive insurance awareness across both urban and rural India. Through large-scale recruitment, we are expanding our presence in underserved markets, ensuring that insurance products reach the last mile of the population.”– said Anil Aggarwal.

This year, SGI plans to further strengthen its advisor network by recruiting an additional 20,000 financial agents, raising the total from 79,832 to 90,000 by the end of this fiscal. The company has set an ambitious goal to grow this network to 200,000 agents by 2030, reinforcing its commitment to making insurance accessible to all segments of society.

Expansion and increasing Workforce:

As of Q2 2025, the company operates 278 branches across 26 states, an increase from 252 branches in Q2 2024. The company’s workforce has also grown to 4,049 across India, up from 3,837 last year.

Strategic Plans for Motor and Non-Motor Business

Currently, 92% of SGI’s Gross Written Premium (GWP) is derived from the motor insurance segment, with the remaining 8% coming from non-motor lines such as fire, engineering, and other insurance products. In a move to diversify its portfolio, the company plans to re-enter the crop insurance market and introduce new health insurance products. SGI aims to reduce its reliance on motor insurance by lowering its share from 92% to 85% and increase the contribution from non-motor segments from 8% to 15% by 2030.