Shriram General Insurance Net Profit Soars 51% in Q3

Mumbai, Jan 30 (PTI) Shriram General Insurance reported a 51 per cent growth in net profit to Rs 117 crore for the December quarter on higher premium income, market gains, and better claims management.

The company said its premium income grew 41 per cent during the quarter, led by motor business that rose 42 per cent, personal accident segment that clipped past 57 per cent, and fire insurance grew 14 per cent, taking the gross written premium during the period to Rs 850 crore.

The Jaipur-based Shriram group company underwrote 10 per cent more policies during the reporting period, adding 1,681,086 new customers.

The company said it has settled 47,006 claims during the third quarter of the ongoing fiscal, compared to 38,937 in the year-ago period.

Motor premium grew to Rs 779 crore, which was 42 per cent higher than Rs 549 crore, personal accident segment rose 57 per cent from Rs 21 crore to Rs 33 crore, fire business went up 14 per cent to Rs 24 crore, and engineering premium rose to Rs 5 crore from Rs 4 crore.

Anil Aggarwal, the Chief Executive of the company, said the company's focus on increasing the gross written premium has paid off well.

The company is anticipating a growth of 37 per cent in non-motor business this year, and is aiming to push this to 30 per cent next year.

The insurer, jointly owned by Shriram Group and Africa's Sanlam Group, said 83 per cent of all its policies were sold digitally.

The company said its current workforce of 3,885 will go up by 700 in the next financial year.