Shriram General Insurance HY1 FY24 Net Profit Rises 47%
Jaipur, November 2023.
Shriram General Insurance Company (SGIC) on Tuesday said it wrote 27,34,197 policies driven by growth in GWP and higher focus towards Electrical Vehicle segment (6.39%).
The company earned a net profit of Rs 217 crores during the first half of FY24, a 47 % increase YoY. For the Q2 of FY24, the net profit was Rs 119 crores. The Board of Directors declared an Interim Dividend of Rs. 3/- per share.
The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 83% of all its policies were issued through digital mode. Its Gross Written Premium (GWP) stood at Rs 1310 crores, a rise of 32 % over the same period last year and the Company is hopeful of achieving a premium growth of around 40% in FY 2023-24. The company’s solvency at the end of Sept...
