Shriram General Insurance Company Q2 net profit up 150% at Rs 143 crore

Shriram General Insurance Company today reported 150 per cent growth in net profit for the September quarter at Rs 143 crore.

The private insurer's net stood at Rs 57 crore in the corresponding quarter of FY17, the company said in a release.

The company's gross written premium (GWP) grew by 12.59 per cent during the quarter under review to Rs 501 crore compared to Rs 445 crore in the same period last year.

The new business premium too witnessed a growth of 11.45 per cent at Rs 463 crore compared to Rs 416 crore in the same quarter of the previous fiscal.

"GWP growth continues to be susceptible to improvement in general economic activity, and volatility in underwriting margins due to discounting because of stiff competition and entry of new players in the market," Shriram General Insurance Managing Director Neeraj Prakash said.

Shriram General Insurance Company (SGICL) came into existence in 2008, and is the general insurance arm of the Rs 1,20,000 crore Chennai-based financial conglomerate, Shriram Group.