Shriram General Insurance records Q4 net profit at Rs 121 crore; GWP rises 34%

Shriram General Insurance Company Ltd announced a net profit of Rs 121 crore for the January-March 2024 quarter and Rs 455 crore for the fiscal year ending March 31, 2024. The company, jointly owned by the Shriram Group and Sanlam Ltd, reported a Gross Written Premium of Rs 876 crore for the quarter, marking a 30% increase over the same period in the previous financial year. \r

Anil Aggarwal, MD and CEO, expressed satisfaction with the company's performance, highlighting a record growth in Gross Written Premium and outlining expectations of 30% growth for the fiscal year 2025. The total assets under management as of March 31, 2024, amounted to Rs 12,064 crore. \r

Shriram General Insurance plans to expand its branch network by adding 25 new branches, with a focus on increasing its non-motor portfolio. Additionally, the company aims to recruit 20,000 agents and has been designated by IRDA as the lead insurer to achieve the vision of 'Insurance for All' by 2047, particularly targeting inclusion in Odisha through agent deployment in Gram Panchayats.