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Tag: Q1FY25

Gross Premium of Shriram General Insurance up 31% in Q1FY25

August 6, 2024: Shriram General Insurance Company (SGIC) has announced that its Gross Written Premium (GWP) during Q1 FY25 has increased by 31% to Rs 733 crore, over the same period last year surpassing the industry growth of 13%. The company wrote 1282017 policies in Q1FY25 and earned a net profit of Rs. 114 crores during the first quarter of FY25, a growth of 17% from Rs 98 crores a year ago period. The company has settled 48290 claims during Q1 FY25, compared to 39076 in the year ago period. The solvency ratio was 3.87 as of 30 June 2024 against the regulatory requirement margin of 1.5. The number of live policies has gone up to 62.85 Lakhs in Q1FY25 from 57 Lakhs in the same period a year ago.


Segment wise GWP (in Cr) till June 2024:

Particulars

For the Quarter ended on 30-Jun-2024

For the Quarter ended on 30-Jun-2023


Growth

in FY25

Motor

663.86

496.72

34 %

Fire

28.27

23.84

19%

Engineering

5.96

4.35

37%

Others Miscellaneous

35.00

34.68

0.92%

Total

733.08

559.59

31%


Business line growth as against industry during Q1 FY25:

Line of Business

SGI

Industry

Motor

34 %

12 %

Non-Motor

10%

14%

Total

31%

13%

  Anil Aggarwal, MD & CEO, Shriram General Insurance Company said,

 Shriram General Insurance has achieved a notable overall growth of approximately 31% in Gross Written Premium (GWP). This growth has been significantly driven by our Motor Line of Business. In the recent quarter, SGI introduced several new products, including Shri Cyber Insurance. We are also planning to launch more innovative products in the upcoming quarter to further expand our offerings.”

Future Plans

Crop Insurance

Shriram General Insurance is targeting a market with an estimated industry premium potential of INR 30,000 crore. “The strategy for is centred on efficiency and innovation, aiming to increase our non-motor premiums and achieve a more balanced business mix” says Anil Aggarwal.

New foray:

Last year, SGI took a significant step by launching benefit-based health insurance products such as Hospital Daily Cash and Critical Illness Insurance. In Q1FY25, the insurer has sold more than 5000 policies under Health Insurance Line of Business. “Building on this momentum, we are preparing to introduce Arogya Sanjeevani, an indemnity-based product, to enhance our health insurance portfolio” says Anil Aggarwal.

Tapping MSME

India has over 63 million MSMEs, of which fewer than 10% are currently insured. MSMEs ought to realise the importance of insurance to sustain business during any unforeseen circumstances. With the aim of addressing this knowledge gap and recognizing the potential of this segment, SGI is developing customized insurance solutions tailored to the diverse needs of this sector.

As the lead insurer for Odisha:

The company has been appointed as the lead insurer by IRDAI to achieve the vision of “Insurance for All by 2047”. The objective for SGI is to increase the insurance penetration in Odisha – bringing every member of the community within the insurance safety net. The company is deploying its agents at the Gram Panchayats to accomplish this mission.

BlackSoil invests over INR 220 Crores across 10 companies in Q1FY25

August 2, 2024: BlackSoil, a leading alternative credit platform, disbursed more than INR 220 Crores ($28 million) in Q1FY25. The Company invested in 7 new businesses, bringing its total transactions to 10, and successfully exited from 5 companies during this period. BlackSoil’s Assets Under Management (AUM) demonstrated impressive growth, surging by 40% year-on-year.

ankur

Key highlights:

  • AUM grew 40% YoY
  •  7 new investments, 5 successful exits
  •  Notable new investments: Celebal Technologies, Leverage Edu, JCB Salons
  •  Notable exits: Cashe, PlayShifu, WEGoT
  •  Top sector investments: Consumer (36%), FIs (34%) & SaaS / DeepTech / IoT (29%)
  •  70% EBITDA positive portfolio

BlackSoil continues to emphasise portfolio diversification as a key strategy. In Q1FY25, investments were strategically allocated across high-growth sectors – 36% in Consumer, 34% in Financial Institutions (FI), and 29% in SaaS / DeepTech / IoT.

On the Company’s performance, Ankur Bansal, Co-Founder and Director of BlackSoil, highlighted, “Our Q1 FY25 results underscore BlackSoil’s strategic vision and adaptability, as we continue to identify and capitalize on emerging market opportunities. The 40% year-on-year growth in our AUM is a testament to the strength of our investment strategy and the quality of our portfolio companies. We are dedicated to fuelling innovation and growth across diverse sectors, while maintaining a balanced approach to risk and return. Our success in executing strategic exits alongside new investments demonstrates our agility in navigating market dynamics”.

BlackSoil’s notable new investments in Q1 FY25 included Celebal Technologies, a rapidly growing IT services provider, Leverage Edu, an AI-enabled student counselling platform, and JCB Salons, a premium consumer service brand in the beauty and wellness sector. The Company also successfully exited from five investments, including Cashe, PlayShifu, WEGoT, Mahaveer Finance, realising significant returns.

The strength of BlackSoil’s portfolio was further evidenced by the achievements of its investee companies. In Q1FY25, BlackSoil’s portfolio companies collectively raised INR 541 Crores ($67 million), with 70% of the portfolio maintaining EBITDA positive status. This robust performance across the portfolio reinforces BlackSoil’s reputation as a discerning investor in high-potential ventures.

Looking ahead, BlackSoil remains positioned to capitalise on emerging opportunities in the alternative credit space, leveraging its expertise in identifying and nurturing high-growth companies across diverse sectors.