Mumbai, November 11, 2022: Shriram General Insurance Company (SGIC) on Thursday said it wrote 17.5 lakh new policies during the first half of the current fiscal, up 27% YoY.
The general insurer earned Rs 991 crore, up 27%, with 74% of all policies sold digital. Net profits for the half year dropped to Rs 147.48 crore from Rs 280.89 crore driven by a drop in investment income triggered by rising interest rates. During H1 FY22, SGI earned Rs 48.16 crore as profits from sale of investments which dropped to Rs 10.67 crore this year.
Anil Aggarwal, MD & CEO, Shriram General Insurance Company said, “We are expanding our business both digitally and physically. Our phygital approach will drive future growth.”
SGI increased the number of branches to 223 from 202 during the H1 of last fiscal. Employee count rose to 3460 from 2766.
The board has declared an interim dividend of 19%. SGI is amongst the most profitable insurers having returned Rs 2143 crore in dividends to the promoters for an investment of Rs 259 crore.
During the half year, SGI settled 64,424 claims, down from 75,299.