The insurer also plans to increase its financial advisor base to 2 lakh by FY 2030.
Shriram General Insurance Company (SGI) reported net profit increase of 5% year-on-year to $13.1m (INR131 crore) in first quarter (Q1 FY 2027), compared with $12.5m (INR125 crore) in the same quarter last year.
This in a 23% year-on-year increase in Gross Direct Premium (GDP) to $0.1b (INR1,180 crore) in the first quarter of FY 2027, up from $0.1b (INR960 crore) in the same period last year.
The company said its growth outpaced the general insurance industry’s 11% increase during the quarter, with motor insurance remaining its main growth driver.
Motor insurance premiums increased 25% to $0.1b (INR1,080 crore) from $0.1b (INR867 crore) a year earlier, compared with industry growth of 14%.
Personal accident premiums rose 47% to $4.3m (INR43 crore) from $2.9m (INR29 crore), matching the industry’s growth rate.
Health insurance recorded the highest percentage increase amongst SGI’s segments, with premiums rising 211% to $1.3m (INR13 crore) from $0.4m (INR4 crore).
Engineering premiums increased 22% to $0.9m (INR9 crore) from $0.7m (INR7 crore).
Fire insurance premiums fell 44% to $2.0m (INR20 crore) from $3.5m (INR35 crore), whilst other miscellaneous insurance premiums declined 7% to $1.7m (INR17 crore) from $1.8m (INR18 crore).
The company reported a solvency ratio of 3.02 as of June 2026, above the regulatory requirement of 1.50.
SGI said the expansion of its distribution network under its phygital model supported growth during the quarter.
It added 5,176 financial advisors during the period, an 8% increase from the corresponding quarter last year, taking its total advisor base to 1,10,102. Its branch network also increased to 291 from 279 a year earlier.
The company’s active policies rose to 72 lakh as of June 2026, compared with 68 lakh in the same period last year.
Anil Aggarwal, MD and CEO of Shriram General Insurance, said the company remained focused on expanding its financial advisor network whilst maintaining disciplined underwriting.
“Maintaining disciplined underwriting has enabled us to outpace industry growth in Q1 FY 2027,” he said, adding that efficient claims settlement remained a focus for the company.
SGI plans to increase its financial advisor base to 2 lakh by FY 2030 and is also expanding its presence in the health insurance segment.
The company said it will continue to focus on expanding distribution, disciplined underwriting and customer-focused product development as it seeks to grow its presence in India’s general insurance market.
($1.00 = INR95.42)
