Shriram Gen Insurance: Shriram General Insurance Company Expansion Plans for 2024

Shriram Gen Insurance to hire 400 employees and 15,000 advisors this year

Jaipur: Pink City-based Shriram General Insurance Company (SGIC) plans to hire 15,000 employees Financial Advisors and 400 employees in the current financial year to support the expansion of the branch network, which grew by 15% last year.
Talking to TOI, Anil Agarwal, CEO, Shriram General Insurance Company, said, “Our branch network will grow to 278 during 2023-24 as we have added 15% more branches. This year, we will focus on hiring both employees and financial advisors.”
The company currently has over 4,100 employees and a financial advisor base of 70,000. Agarwal said that while the number of advisors will grow to 90,000 by the end of this year, the company aims to increase this number to 2 lakh by 2030.
This recruitment will be key to maintaining the high premium growth rate for SGIC. The company’s premium revenue grew 34% to Rs 3,036 crore in FY23, compared to an industry growth of 13%. Continuing the momentum, premiums grew 31% in the first quarter of the current financial year, compared to an industry growth of 13%.
Agarwal said, “Premium collections are expected to grow by 25% this year to around Rs 3,800 crore in the current fiscal as against Rs 3,036 crore in FY24. Recruitment will be the driver of this growth.”
The company, a joint venture between Shriram Capital and South Africa’s Sanlam, reported a 17 per cent rise in net profit in the first quarter of fiscal 2024-25 to Rs 114 million, compared with Rs 98 million in the same period last year.

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