‘Gross written premium was up 27% to ₹991 crore, with 74% of all policies sold online’
‘Gross written premium was up 27% to ₹991 crore, with 74% of all policies sold online’
Shriram General Insurance Co. (SGIC) said net profit declined 48% to ₹147 crore for the first half ended September due to a drop in investment income triggered by rising interest rates.
During the period, SGIC earned ₹11 crore as profits from sale of investments compared with ₹48 crore a year earlier. It underwrote 27% more 17.59 lakh new policies. Gross written premium was up 27% to ₹991 crore, with 74% of all policies sold online, it said in a statement.
SGIC settled 64,424 claims down from 75,299. Solvency ratio increased from 4.05 times to 4.60 times.
“We are expanding our business both digitally and physically. Our phygital approach will drive future growth,” said Anil Aggarwal, MD & CEO.
The board declared an interim dividend of 19%.
SGIC is amongst the most profitable insurers having returned ₹2,143 crore in dividends to the promoters for an investment of ₹259 crore.
