Shriram General Insurance (SGI) has reported impressive financial results for Q2 FY25, marked by robust growth in key metrics. The company achieved a 15 per cent Year-on-Year (YoY) increase in Gross Written Premium (GWP), reaching Rs 861 crore in Q2 FY25, up from Rs 750 crore in Q2 FY24. For the first half of FY25, SGI recorded a 22 per cent surge in GWP, totalling Rs 1,594 crore, outpacing the general insurance industry’s growth rate of seven per cent.
The Net profit also demonstrated improvement, rising by 17 per cent to Rs 254 crore in H1 FY25, compared to Rs 217 crore in H1 FY24. During this period, SGI issued over 2.7 million policies and settled 102,449 claims, marking a 15 per cent increase from the 86,708 claims handled in H1 FY24. SGI’s solvency ratio remained strong at 3.93, comfortably above the regulatory requirement of 1.50, underscoring the company’s financial stability.
Motor insurance played a key role in SGI’s Q2 growth, with a 16 per cent increase in GWP in this segment, significantly outperforming the industry’s six per cent growth in motor insurance. SGI also recorded positive gains in fire and engineering insurance, contributing to an overall segment growth rate of 15 per cent in Q2 FY25.
Anil Aggarwal, Managing Director and Chief Executive Officer (CEO), SGI, credited this strong performance to the company’s customer-centric approach, particularly in motor insurance.
“Our robust GWP growth underscores our commitment to customer-focussed solutions. As we expand into health and MSME insurance, we are committed to leverage innovation and operational efficiency for sustainable growth,” Aggarwal noted.
In alignment with the Insurance Regulatory and Development Authority of India’s (IRDAI) “Insurance for All by 2047” vision, SGI is also focussing on widening its agent network. The company plans to add 20,000 agents in FY25, expanding the network to 90,000 by year-end and aiming for 200,000 agents by 2030 to enhance insurance accessibility across urban and rural areas.
Further, SGI expanded its operational footprint to 278 branches across 26 states and increased its workforce to 4,049 employees in Q2 FY25, reflecting its ongoing commitment to growth and customer reach.
