SHRIRAM General Insurance Company Limited announced its FY 17-18 financial results posting a strong rise in net profit to Rs 400 cr at a rise of 82 per cent on YoY basis. The net earned premium witnessed a rise to Rs 1855 crore – up 10 per cent on a YoY basis.
Neeraj Prakash, managing director, Shriram General Insurance said, “ Exemplary performance of Shriram General Insurance is a result of the commitment of our employees to contribute to the overall growth of the company by acquiring new customers offering a variety of products that suit customer needs. Our Net profit has risen mainly due to increase in Investment Income and reduction in the loss ratio. Weare hopeful that the growth momentum will continue in the current fiscal as well.”
The company’s operating profit grew from Rs 261 cr to Rs 501 cr at a rate of 91.95 per cent. Investment income increased from Rs. 580 cr to Rs 744 cr – a growth of 28 per cent. Net Incurred Claims ratio has come down to 94 per cent from 103 per cent.
Solvency margin ratio of the Company is at 2.35 times as against the regulatory requirement of 1.50 times.