Shriram General Insurance net profit dips 47.5% to Rs 147 crore in H1FY23

Shriram General Insurance Company (SGIC) on Thursday said its net profit declined nearly 47.5 per cent to Rs 147.48 crore in the first half of the current fiscal, mainly due to fall in investment income.

The company had posted a net profit of Rs 280.89 crore during the same period of the previous fiscal year.

The Jaipur-based general insurer wrote 17.5 lakh new policies during April-September period of 2022-23, up 27 per cent from a year-ago period.

Anil Aggarwal, MD & CEO, Shriram General Insurance Company, said there was degrowth of 35 per cent for the company as the industry was impacted in the aftermath of the Covid pandemic.

"When you degrow, you wait for the profit to come back, in the current year we are growing and it will take one or two years to come back to the same level. Growth is important after degrowth of 35 per cent, this year we are growing by 27 per cent. And the second impact on profit is due to the increase in the interest rate," Aggarwal said in an ...