The corporate’s gross written premium (GWP) was ₹3,036 crore in FY24, a 34 per cent enhance, surpassing the trade development of 12.8 per cent. The motor enterprise GWP grew by 33 per cent to ₹2,778 crore in FY24 (up from ₹2,085 crore in FY23). In the meantime, private accident, hearth and engineering companies noticed development of 102 per cent (₹117 crore), 11 per cent (₹89 crore) and 29 per cent (₹22 crore) respectively.
In March 2024 quarter, GWP grew by 30 per cent to ₹876 crore, over the identical interval final yr.
The corporate wrote 1,474,981 insurance policies, a rise of 6 per cent, and settled 55,997 claims in Q4FY24 (42442 in Q4FY23). The solvency ratio was 4.02 as of March 2024, towards the regulatory requirement margin of 1.5. The variety of reside insurance policies grew to 62.58 lakh in FY24 from 52.95 lakh in FY23.
“In FY24, we recorded the highest-ever development since we started our operations in 2008. We count on the FY25 development to be round 30 per cent,” stated Anil Aggarwal, MD and CEO, Shriram Common Insurance coverage Firm.
The corporate opened 43 new branches, whereas it elevated manpower from 3,705 to 4,015. It plans so as to add 25 extra branches this yr.
The corporate has been appointed because the lead insurer for Odisha by IRDA with a view to extend the insurance coverage penetration within the State.
The corporate has proposed a 39 per cent ultimate dividend, taking the whole dividend to 122.5 per cent (100 per cent in FY23).
We’re the second highest dividend-paying firm by paying ₹2,618 crore to our promotors as of March 2024, towards a capital of ₹259 crore., he stated
#Shriram #Common #Insurance coverage #posts #rise #FY24 #web #revenue #crore