Shriram General Insurance

Company targets 40% growth in gross direct premium in 2023-24

Likely to sell combined stake of 30% in the company at an enterprise valuation of $2 billion, say sources

The firm plans to replicate the model nationwide, going forward

As per the trends, the industry is expected to double its CAGR to 10.2% by the end of 2022 from its slowest growth of the decade at 5% from 2021, said Shriram General Insurance Company Ltd MD

SCL, the existing holding company of the Group, and Shriram City Union Finance will merge shortly with Shriram Transport Finance

Shriram General Insurance Company (SGIC) on Thursday said its net profit declined nearly 47.5 per cent to Rs 147.48 crore in the first half of the current fiscal, mainly due to fall in investment income. The company had posted a net profit of Rs 280.89 crore during the same period of the previous fiscal year. The Jaipur-based general insurer wrote 17.5 lakh new policies during April-September period of 2022-23, up 27 per cent from a year-ago period. Anil Aggarwal, MD & CEO, Shriram General Insurance Company, said there was degrowth of 35 per cent for the company as the industry was impacted in the aftermath of the Covid pandemic. "When you degrow, you wait for the profit to come back, in the current year we are growing and it will take one or two years to come back to the same level. Growth is important after degrowth of 35 per cent, this year we are growing by 27 per cent. And the second impact on profit is due to the increase in the interest rate," Aggarwal said in an ...

"The main focus for the coming years will include the recruitment of the manpower and opening of branches," said Aggarwal

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers

KKR's investment builds on strong tailwinds in the Indian general insurance space and SGI's continued expansion into new segments and investment in its digital capabilities

Shriram Group is expecting around Rs 750 crore profit this fiscal, up from Rs 700 crore last year, as its expects gross written premium income to touch Rs 2,200-2,300 crore this year

Private insurance companies received a premium of around Rs 46 crore in the last two years from railway and its passengers while making a payout of only Rs seven crore in claims under the national transporter's travel insurance scheme, an RTI has found. IRCTC, which is a wholly owned undertaking of the Ministry of Railways, has entered into an agreement with three private insurance companies through limited tender - Shriram General Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd and Royal Sundaram General Insurance Company Ltd for its Optional Travel Insurance Scheme which was launched in September 2016 with a premium of Rs 0.92 per passenger. This facility is for confirmed/RAC railway passengers who booked e-ticket through the official website of Indian Railway Catering & Tourism Corporation (IRCTC). Under the scheme, a sum assured is paid to the victim/family or legal heir of the victim as the case may be in case of death/injury of reserved passengers due to ..

GWP growth continues to be susceptible to improvement in general economic activity

Irdai also warned the company for marketing group insurance policies that deviated from the filed product