The Insurer Reports Strong Q3 FY25 Results: 25% Growth in GWP
FinTech BizNews Service
Mumbai, February 3, 2025: Driven by strong growth in motor premium, Shriram General Insurance Company (SGI) has reported a 25% year-on-year increase in Gross Written Premium (GWP) for Q3 FY25, at Rs. 1061 Cr, up from Rs. 850 Cr in the same quarter last year. For the 9M FY25, GWP grew by 23% year-on-year, rising from Rs 2160 Cr to Rs. 2654 Cr, significantly outperforming the general insurance industry's growth rate of 8%.
Net profit for the quarter rose to Rs 131 Cr , a 12% growth from Rs. 117 Cr in the same period last year. Investment Income rose by 13%.
Anil Aggarwal, MD & CEO of Shriram General Insurance Company, stated, "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."
During the quarter SGI launched a new motor insurance product featuring usage-based pricing, allowing for personalized 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 choose a plan suitable to their needs.
SGI issued 17.40 Lakh policies during the third quarter of FY25, up by 3.5% YoY. The company’s solvency ratio stands strong at 3.58 as of 31 Dec 2024, well above the regulatory requirement of 1.50. The number of live policies grew to 64 Lakh, up from 61.4 Lakh in the same period last year.
The drive to onboard financial advisors gained further momentum with the company recruiting 5644 financial advisors during the quarter. The plans are to increase the number of financial advisors to 2,00,000 by 2029-30.
Segment wise GWP (in Rs. Cr):
Particulars | Q3FY25 | Q3FY24 | Growth |
Motor | 988 | 780 | 27% |
Personal Accident | 39 | 34 | 15% |
Fire | 18 | 24 | -25% |
Engineering | 5 | 5 | 9% |
Others Miscellaneous | 9 | 7 | 32% |
Total | 1061 | 850 | 25% |
Business line growth as against industry:
Line of Business | Q3FY25 | Q3FY24 | ||
| SGI | Industry | SGI | Industry |
Motor | 27% | 8% | 42% | 10% |
Non-Motor | 3% | 11% | 33% | 14% |
