Shriram General Insurance Q4 profit grows 82% to Rs400 crore
Shriram General Insurance operating profit grew by 91.95% to Rs501 crore from Rs261 crore in 2016-17
New Delhi: Shriram General Insurance Company on Thursday reported an 82% rise in its net profit at Rs400 crore for the fiscal ended March 2018.
During the year, the company’s net earned premium grew by 10% from a year ago to Rs1,855 crore, Shriram General Insurance Co said in a statement.
Neeraj Prakash, managing director, Shriram General Insurance, said: “Our net profit has risen mainly due to increase in investment income and reduction in the loss ratio. We are hopeful that the growth momentum will continue in the current fiscal as well.”
The company’s operating profit grew by 91.95% to Rs501 crore from Rs261 crore in 2016-17. Investment income increased to Rs744 crore from Rs580 crore, a growth of 28%. The net incurred claims ratio has come down to 94% from 103%, it added.
Shriram General said its solvency margin ratio, defined by how much assets of the company exceeds the liabilities and other commitments, is at 2.35 times as against the regulatory requirement of 1.50 times.