Shriram General Insurance Company expects Rs 4,500 crore GWP in FY26

Shriram General Insurance Company Ltd, jointly owned by the diversified Shriram Group and Africa-based Sanlam Ltd, on Monday said that it expects its gross written premium (GWP) to touch Rs 4,500 crore in 2025-26, up from Rs 3,750 crore, which it is likely to clock this financial year. In FY24, its GWP was seen at Rs 3,036 crore.

 

“Excluding the crop business, we expect our GWP to touch Rs 4,500 crore in FY26. We have already announced our re-entry into the crop business,” said Anil Aggarwal, managing director and chief executive officer of Shriram General Insurance Company.

 

Aggarwal added that the decision by the government to open up the sector through 100 per cent foreign direct investment (FDI) will further boost the industry and lead to a global capital inflow.

 

 

Shriram General Insurance is also targeting an increase in its number of financial advisors from 86,558 currently to around 91,000 by the end of this financial year, and to 200,000 by 2029-30.

 

Driven by strong growth in the motor segment, Shriram General Insurance Company (SGI) posted a 12 per cent rise in net profit during the third quarter of the current financial year to Rs 131 crore, up from Rs 117 crore in the same period last year.

 

The company reported a 25 per cent year-on-year increase in gross written premium (GWP) for the third quarter of FY25, at Rs 1,061 crore, up from Rs 850 crore during the same quarter last year, mainly due to growth in motor premium.

 

Motor premium increased by 27 per cent, rising from Rs 780 crore during the same period last financial year to Rs 988 crore in Q3 of this financial year.

 

For the nine months of FY25, GWP grew by 23 per cent year-on-year, rising from Rs 2,160 crore to Rs 2,654 crore, significantly outperforming the general insurance industry's growth rate of 8 per cent.

 

Investment income for the quarter under review also rose by 13 per cent.

 

"Our focused strategy in the motor sector is yielding positive outcomes. This quarter, we achieved significant progress in digital transformation. With our targeted growth approach, we are optimistic about our roadmap for the upcoming quarters," Aggarwal added.

 

During the quarter, SGI launched a new motor insurance product featuring usage-based pricing, allowing for personalised premiums. This initiative aims to improve affordability and accessibility, aligning with evolving customer needs.

 

The company also launched its indemnity-based health insurance product—Shri Health Suraksha Insurance, designed to cover a wide variety of treatments, including modern procedures and AYUSH treatments (Ayurveda, Yoga, Unani, Siddha, and Homeopathy), offering flexible options to meet the insured’s diverse healthcare needs.

 

The new offering provides nationwide coverage, allowing access to cashless treatments at over 13,000 network hospitals, with a range of options enabling individuals to choose a plan suitable to their needs.

 

SGI issued 1.74 million policies during the third quarter of FY25, up by 3.5 per cent year-on-year.

 

The company’s solvency ratio stands strong at 3.58 as of December 2024, well above the regulatory requirement of 1.50.

 

The number of live policies grew to 6.4 million, up from 6.14 million in the same period last year.

 

The drive to onboard financial advisors gained further momentum, with the company recruiting 5,644 financial advisors during the quarter.

 

Shriram General Insurance manages assets worth Rs 13,003.88 crore. The company has 278 branches in 26 states and an employee strength of 4,012 across India, as of December 2024.