Latest news with #AnilAggarwal
Business Standard
29-07-2025
- Business
- Business Standard
Shriram General Insurance Posts Strong Q1: GWP Up 31%, Net Profit Rises 9%
NewsVoir Jaipur (Rajasthan) [India], July 29: Shriram General Insurance Company (SGI) delivered a strong performance in Q1 FY26, driven by sustained momentum in its motor insurance portfolio. The company recorded a 31% year-on-year increase in Gross Written Premium (GWP), reaching Rs. 960 crore, up from Rs. 733 crore in Q1 FY25--well ahead of the general insurance industry's average growth rate of 9%. Key Highlights of Q1FY26 - 31% YoY growth in GWP while the industry grew at 9 % - 9% YoY growth in Net Profit - Solvency ratio at 3.35 as on 30th June 2025 - 31% YoY growth in the Motor segment - 5% increase in recruitment of Financial Advisors during the quarter Net profit for the quarter rose by 9%, climbing to Rs. 125 crore from Rs. 114 crore in the same period last year. Additionally, investment income grew by 7%, supported by consistent returns from financial instruments. Anil Aggarwal, MD & CEO of Shriram General Insurance Company, said, "It's been a strong start to the year. Our Q1 performance reflects the strength of our core segments and the growing trust of our customers. We issued 15.41 lakh policies during the first quarter of FY26, a 20% increase from 12.82 lakh policies in the same period last year." "While the motor segment continues to be a consistent performer, we're also seeing promising growth in the recently launched health insurance products. We're optimistic that this momentum will carry forward in the years ahead. With such a strong start to the year, we're excited about the potential to deliver standout results in the upcoming quarters," he noted. The company's solvency ratio stood at 3.35 as of June 2025, well above the regulatory requirement of 1.5 . SGI had 68 lakh active policies at the end of Q1FY26 compared to 63 Lakh a year ago. The company's drive to onboard Financial Advisors gained further momentum with 4777 new Financial Advisors recruited during the quarter. SGI's total Financial Advisor strength stands at 93,769 with plans to scale this up to 2,00,000 by fiscal year 2029-30. Shriram General Insurance Company (SGIC), jointly owned by Shriram Group and Sanlam Group, South Africa offers a complete range of general insurance products, ranging from motor, home and personal accidents and health in the retail space and customized products like fire, engineering, and marine insurance in the corporate space. Shriram General Insurance manages assets worth Rs 13377 crore across with 68 lakh live policies. The company has 279 branches in 26 states and an employee strength of 4156 across India, as of June 2025. Shriram Group is India's leading financial conglomerate with a dominant presence in retail financing, life insurance, general insurance, chit fund, stock broking, asset management, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its financial inclusion agenda of bringing finance to low-income families and small businesses. As of March 2025, Shriram Group has an overall customer base of over 3.3 crore, a marketing force of 1,74,000, manpower strength of over 1,16,500 across 4,650 branches and manages an AUM of Rs 3.37 lakh crore.
Fashion Value Chain
29-07-2025
- Automotive
- Fashion Value Chain
Shriram General Insurance Posts Strong Q1: GWP Up 31%, Net Profit Rises 9%
Key Highlights of Q1FY26 31% YoY growth in GWP while the industry grew at 9 % 9% YoY growth in Net Profit Solvency ratio at 3.35 as on 30 th June 2025 31% YoY growth in the Motor segment 5% increase in recruitment of Financial Advisors during the quarter Shriram General Insurance Company (SGI) delivered a strong performance in Q1 FY26, driven by sustained momentum in its motor insurance portfolio. The company recorded a 31% year-on-year increase in Gross Written Premium (GWP), reaching Rs. 960 crore, up from Rs. 733 crore in Q1 FY25-well ahead of the general insurance industry's average growth rate of 9%. Net profit for the quarter rose by 9%, climbing to Rs. 125 crore from Rs. 114 crore in the same period last year. Additionally, investment income grew by 7%, supported by consistent returns from financial instruments. Mr. Anil Aggarwal, MD & CEO, Shriram General Insurance Anil Aggarwal, MD & CEO of Shriram General Insurance Company, said, 'It's been a strong start to the year. Our Q1 performance reflects the strength of our core segments and the growing trust of our customers. We issued 15.41 lakh policies during the first quarter of FY26, a 20% increase from 12.82 lakh policies in the same period last year.' 'While the motor segment continues to be a consistent performer, we're also seeing promising growth in the recently launched health insurance products. We're optimistic that this momentum will carry forward in the years ahead. With such a strong start to the year, we're excited about the potential to deliver standout results in the upcoming quarters,' he noted. The company's solvency ratio stood at 3.35 as of June 2025, well above the regulatory requirement of 1.5 . SGI had 68 lakh active policies at the end of Q1FY26 compared to 63 Lakh a year ago. The company's drive to onboard Financial Advisors gained further momentum with 4777 new Financial Advisors recruited during the quarter. SGI's total Financial Advisor strength stands at 93,769 with plans to scale this up to 2,00,000 by fiscal year 2029-30. Segment wise GWP (in Rs. Cr) Particulars Q1FY26 Q1FY25 Growth % Motor 866.89 663.86 31% Personal Accident 28.96 26.59 9% Fire 35.41 28.27 25% Engineering 6.98 5.96 17% Health 4.08 0.75 445% Business Protector 10.13 2.07 389% Others Miscellaneous 7.93 5.59 42% Total 960.38 733.08 31% About Shriram General Insurance Company Shriram General Insurance Company (SGIC), jointly owned by Shriram Group and Sanlam Group, South Africa offers a complete range of general insurance products, ranging from motor, home and personal accidents and health in the retail space and customized products like fire, engineering, and marine insurance in the corporate space. Shriram General Insurance manages assets worth Rs 13377 croreâ¯across with 68 lakh live policies. The company has 279 branches in 26 states and an employee strength of 4156 across India, as of June 2025. ⯠About Shriram Group Shriram Group is India's leading financial conglomerate with a dominant presence in retail financing, life insurance, general insurance, chit fund, stock broking, asset management, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its financial inclusion agenda of bringing finance to low-income families and small businesses. As of March 2025, Shriram Group has an overall customer base of over 3.3 crore, a marketing force of 1,74,000, manpower strength of over 1,16,500â¯across 4,650 branchesâ¯and manages an AUM of Rs 3.37 lakh crore.
Time of India
14-05-2025
- Automotive
- Time of India
Sterling Tools partners with UK-based Advanced Electric Machines to produce magnet-free traction motors for EVs
Sterling Tools , through its subsidiary Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles . The Haryana-based company has signed a technology licensing agreement with UK-based Advanced Electric Machines (AEM) Ltd to produce these motors at its Faridabad plant, aiming to reduce reliance on China and bolster India's EV industrial supply chain. SGEM will serve all segments of the traction motors market, which is expected to grow to approximately ₹15,000 crore by 2030. The company plans to expand local manufacturing of EV solutions, strengthening India's industrial supply chain. Anil Aggarwal , Chairman of Sterling Tools, stated, "The diversification into rare earth magnet-free motors is in line with Sterling's ambition to develop Powertrain expertise to serve the Indian auto industry." The partnership aims to create high-quality powertrain solutions that cater to India's growing need to reduce its tailpipe emissions, while also supporting the country's self-reliance and sustainability goals. James Widmer, Co-founder and Chief Executive Officer of Advanced Electric Machines, said, "India's automotive and zero-emission manufacturing market offers immense potential for growth and innovation. Through our partnership with Sterling Tools, we are bringing our proven expertise in magnet-free motors to Indian customers across a wide range of vehicle categories."
Business Standard
14-05-2025
- Automotive
- Business Standard
Sterling Tools soars after inking technology pact with UK's Advanced Electric Machines
Sterling Tools jumped 6.30% to Rs 315.55 after the company announced the signing of a technology licensing agreement with UK-based Advanced Electric Machines (AEM) to manufacture magnet free motors in India. The company, through its subsidiary Sterling Gtake (SGEM), would develop, manufacture and market Magnet Free traction motors for electric vehicles. The production activities would be undertaken at the companys plant in Faridabad. By introducing a mature and commercially viable rare earth magnet-free technology, SGEM will offer its customers an alternative to the China dependent permanent magnet supply chain. Through this technology licensing agreement, SGEM will serve all segments of the traction motors market that is expected to grow to approx. Rs 15,000cr by 2030. The business plan also calls for the joint development of integrated motor and controller solutions. Anil Aggarwal, chairman, Sterling Tools, said, Sterlings foray into rare earth magnet-free motors demonstrates the Groups commitment to being a technology leader and an industry pioneer. We are expanding beyond MCUs to being a complete solution provider and meeting the EV Industrys growing demand for advanced technology. EV sub-systems are being increasingly consolidated into multifunction units and Sterling will also offer our customers integrated motor and controller solutions. The diversification into Rare Earth Magnet-Free motors is in line with Sterlings ambition to develop Powertrain expertise to serve the Indian Auto Industry. Sterling Tools has also announced its earnings for the quarter and the year ended on 31 March 2025. The company has reported 45.8% drop in consolidated net profit to Rs 8.8 crore as total income fell by 23.9% to Rs 205.7 crore in Q4 FY25 as compared with Q4 FY24. EBITDA declined by 23.1% year-over-year (YoY) to Rs 24.5 crore during the period under review. EBITDA margin, however, expanded by 10 basis points to 11.9% in Q4 FY25. Profit before tax in Q4 FY25 stood at Rs 11.9 crore, down by 44.2% from Rs 21.3 crore in Q4 FY24. Sterling Tools manufacture high tensile and premier cold forged hi-tensile fasteners catering to the passenger cars, two wheelers, commercial vehicles, agri-equipment and construction equipment segments. The companys client portfolio comprises leading OEMs in the domestic market and international markets.
Time of India
14-05-2025
- Automotive
- Time of India
Sterling Tools to manufacture, market rare earth magnet-free traction motors for electric vehicles
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Automotive component maker Sterling Tools through its subsidiary, Sterling Gtake E-Mobility Ltd (SGEM), on Wednesday announced its entry into the manufacturing and marketing of rare earth magnet-free traction motors for electric vehicles. The company has signed a technology licensing agreement with UK-headquartered Advanced Electric Machines (AEM) Ltd to manufacture these motors at its Faridabad plant in Haryana, it move will help reduce customers' dependency on China with a permanent supply chain alternative, Sterling Tools said."The diversification into rare earth magnet-free motors is in line with Sterling's ambition to develop Powertrain expertise to serve the Indian auto industry," said Anil Aggarwal, Chairman, Sterling Tools Tools plans to further expand the local manufacturing of EV solutions, strengthening India's industrial supply chain, he this technology licensing agreement, SGEM will serve all segments of the traction motors market that is expected to grow to approximately Rs 15,000 crore by 2030, it development will enable domestic companies and other suppliers to access advanced technology locally, building a self-reliant ecosystem for the auto industry, the company said."We are expanding beyond motor control units to being a complete solution provider and meeting the EV industry's growing demand for advanced technology. EV sub-systems are being increasingly consolidated into multifunction units and Sterling will also offer our customers integrated motor and controller solutions ," said Aggarwal."India's automotive and zero-emission manufacturing market offers immense potential for growth and innovation. Through our partnership with Sterling Tools, we are bringing our proven expertise in magnet-free motors to Indian customers across a wide range of vehicle categories," said James Widmer, Co-founder and Chief Executive Officer of Advanced Electric two partners together can create high-quality powertrain solutions that cater to India's growing need to reduce its tailpipe emissions, while also supporting the country's self-reliance and sustainability goals, he added.
