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Shriram General targets 20% growth; EV insurance still a concern amid rising battery, repair costs: Anil Aggarwal

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Shriram General targets 20% growth; EV insurance still a concern amid rising battery, repair costs: Anil Aggarwal

Shriram General targets 20% growth; EV insurance still a concern amid rising battery, repair costs: Anil Aggarwal

Shriram General Insurance is growing at more than twice the industry pace, but rising repair costs, weak motor persistency and uncertainty around EV economics remain key challenges for the insurer. In an interview with ETBFSI, Anil Aggarwal, MD & CEO, Shriram General Insurance, said the company is “not bullish” on EV insurance and will enter the segment only if it gets adequate reinsurance support.

Shriram General Insurance posted 23% premium growth in the first quarter of FY27, more than twice the industry's 11% growth, with motor premium rising 25% and non-motor premium growing 18%. The insurer wrote around ₹1,180 crore of premium during the quarter, compared with ₹960 crore a year ago, while its overall market share rose to 1.34% from 1.21%. However, profitability growth remained more muted, with net profit rising around 5% to ₹131 crore from ₹125 crore. Anil Aggarwal, MD & CEO, Shriram General Insurance attributed the slower profit growth partly to investment income, saying the company could not book capital gains from equities amid the market environment. Advt

While motor remains the core business, Aggarwal flagged caution around EV insurance , citing rising battery-related and repair costs. He said Shriram General is watching the segment closely and would consider entering more aggressively only if it gets adequate reinsurance support. Here are the edited excerpts from the interview: Q. Shriram General Insurance has grown almost twice as fast as the industry in Q1.


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