Shriram General Insurance reports strong premium growth in Q3

Shriram General Insurance Company (SGI) has reported a 25% year-on-year rise in gross written premium (GWP) for the third quarter of fiscal year 2025 (Q3 FY25), reaching Rs 1,061 crore, compared to Rs 850 crore in the same period last year.

For the first nine months of FY25, the company’s GWP grew by 23% to Rs 2,654 crore.

Meanwhile, the insurer’s net profit for the quarter increased by 12% to Rs 131 crore, up from Rs 117 crore in the same period last year. Investment income also saw a 13% rise.

Anil Aggarwal (pictured), managing director and CEO of SGI, said the company’s focus on the motor sector has yielded positive outcomes.

“Our focused strategy in the motor sector is yielding positive outcomes. This quarter, we achieved significant progress in digital transformation,” he said.

Motor insurance growth and new offerings 

The company attributed its performance to strong demand in the motor insurance segment, which accounted for Rs 988 crore of the total GWP, marking a 27% increase from Rs 780 crore in Q3 FY24.

SGI introduced a usage-based motor insurance policy during the quarter, allowing policyholders to pay premiums based on actual vehicle usage. The new product aligns with shifting consumer preferences for more flexible and personalised coverage.

In addition, the insurer expanded its product portfolio with an indemnity-based health insurance policy, Shri Health Suraksha Insurance. The plan offers financial coverage for hospitalisation, including modern medical procedures and AYUSH therapies – Ayurveda, Yoga, Unani, Siddha, and Homeopathy. Policyholders can access cashless treatments at over 13,000 hospitals across India, with multiple sum-insured options designed to cater to individuals and families.

During the quarter, SGI issued 17.4 lakh policies, reflecting a 3.5% year-on-year increase. The company’s solvency ratio stood at 3.58 as of Dec. 31, 2024, exceeding the regulatory requirement of 1.50. The total number of active policies rose to 64 lakh from 61.4 lakh in the same period last year.

SGI continued its expansion strategy by increasing its financial advisor network, adding 5,644 advisors in Q3 FY25. The company aims to reach 200,000 advisors by FY 2029-30.

Segment wise GWP (in Rs. Cr)

Industry comparison

Business line growth as against industry:  

Looking ahead, Aggarwal said: “With our targeted growth approach, we are optimistic about our roadmap for the upcoming quarters.”