Shriram General Insurance company, a joint venture between Shriram Capital and South Africa’s Sanlam, is aiming at Rs 3,750-crore gross written premium (GWP) in FY25 with a focus on diversifying into non-motor business, including crop and MSME insurance.
The company on Tuesday posted a 17% rise in net profit during the first quarter of FY25 at Rs 114 crore, compared to Rs 98 crore during the year-ago period. Its GWP during Q1FY25 increased by 31% to Rs 733 crore over the same period last year. Around 91% of the GWP is currently from motor insurance while the non-motor segments, including fire, engineering and miscellaneous insurance, contributed to the remaining.
“Our focus is to reduce the share of motor insurance business from 91% to 85% of the portfolio by FY2029-30 and increase the share of non-motor business from 9% to 15%,” Anil Aggarwal, MD & CEO, told FE. He said within non-motor insurance, the focus is on crop insurance, which is estimated to be a Rs 30,000-crore industry. “We have already tendered for two Andhra Pradesh and Jharkhand (for crop insurance), but did not succeed. We will keep tendering for more states,” Aggarwal said.
He added that the company closed FY24 with GWP of Rs 3,036 crore and expects to close the current fiscal with Rs 3,750 crore in GWP.