Brands
Shriram General posts strong Q3 growth as motor business drives profits
MUMBAI:When insurance hits the accelerator, Shriram General is clearly in the fast lane. Shriram General Insurance Company (SGI) delivered a robust third quarter, posting motor-driven growth that comfortably outpaced the broader industry. Gross Direct Premium (GDP) rose 19 per cent year on year to Rs 1,258 crore in Q3 FY26, compared with Rs 1,061 crore a year earlier, well ahead of the industry’s 11 per cent growth.
The momentum was even sharper on a cumulative basis. For the nine months ended Q3 FY26, SGI’s GDP climbed 24 per cent year on year to Rs 3,304 crore from Rs 2,654 crore in the corresponding period last year, nearly 2.8 times the industry growth rate of 9 per cent.
Profitability kept pace with scale. Net profit for the quarter increased 26 per cent year on year to Rs 165 crore, up from Rs 131 crore in Q3 FY25, reflecting disciplined underwriting and steady investment performance. The insurer also reported a healthy solvency ratio of 3.32 as of 31 December 2025, comfortably above the regulatory threshold of 1.5.
Motor insurance continued to anchor growth, with segment GDP rising 19 per cent year on year to Rs 1,171.12 crore. Engineering insurance saw the sharpest percentage jump at 38 per cent, albeit on a smaller base, while personal accident premiums grew 15 per cent and fire insurance posted a modest 3 per cent increase.
Distribution expansion remained a key growth lever. SGI added 14,262 new financial advisors up to Q3 FY26, taking its total advisor base to 1,01,474. Its branch network expanded to 285 locations, up from 278 a year ago, while active policies increased to 69 lakh as of 31 December 2025, compared with 64 lakh last year.
Commenting on the performance, Shriram General Insurance Company MD and CEO Anil Aggarwal said the quarter reflected strong execution across core segments, supported by deeper distribution reach, disciplined underwriting and stronger claims servicing. Investment income also rose 17 per cent year on year to Rs 255 crore from Rs 217 crore.
Looking ahead, SGI has outlined ambitious growth plans. The company aims to expand its advisor network to two lakh by FY 2029–30, close the current fiscal with gross written premium of Rs 4,600 crore, and scale up to Rs 8,000 crore by 2030. It is also exploring new avenues such as parametric insurance and surety bond insurance to diversify its product mix.
Brands
Estée Lauder to shed 10,000 jobs as new boss bets on digital shift
The cosmetics giant raises its profit outlook but stays silent on a possible merger with Spain’s Puig, as job cuts deepen and a three-year sales slump weighs on the turnaround
NEW YORK: Stéphane de La Faverie is not done cutting. Estée Lauder announced on Friday that it plans to eliminate as many as 3,000 additional jobs, taking its total redundancy programme to as many as 10,000 roles, up from a previous target of 7,000 announced a year ago. The company, which owns La Mer, The Ordinary, Tom Ford, and Aveda, employs roughly 57,000 people worldwide. The mathematics of what is now being contemplated is stark.
The fresh round of cuts is expected to generate a further $200 million in savings, bringing the total annual savings from the programme to as much as $1.2 billion before taxes. That money, De La Faverie has made clear, will be ploughed back into the turnaround.
A CEO in a hurry
De La Faverie, who took the helm in January 2025, inherited a company that had endured three consecutive years of annual sales declines. His response has been to move fast and cut deep. A significant portion of the latest redundancies reflects his push to reduce headcount at US department stores, long a cornerstone of Estée Lauder’s distribution model but now a channel in structural decline. In their place, he is accelerating the shift toward faster-growing online platforms, including Amazon.com and TikTok Shop, a pivot that is reshaping not just where Estée Lauder sells but how it thinks about its customers.
The numbers are moving in the right direction
Despite the pain, there are signs the medicine is working. Estée Lauder raised its profit outlook for the remainder of the fiscal year, guiding for adjusted earnings per share in the range of $2.35 to $2.45, above analyst estimates and a notable step up from the $2.05 to $2.25 range it had guided for in February. Organic net sales growth is expected to come in at 3 per cent, the company said, at the high end of the range it set out in February.
The share price tells a mixed story. After De La Faverie took charge, the stock surged nearly 60 per cent, buoyed by investor optimism that a longtime company insider could finally arrest the decline. But 2026 has been rougher: the shares have fallen 27 per cent this year, weighed down by disappointing February results and the overhang of unresolved merger talks with Spanish beauty giant Puig Brands SA. The company gave no additional details about those discussions on Friday, leaving the market to guess.
Silence on Puig
The proposed tie-up with Puig remains the most consequential unknown hanging over Estée Lauder. A deal with the Barcelona-based group, which owns brands including Carolina Herrera and Rabanne, would reshape the global luxury beauty landscape. But with nothing new to say and a turnaround still very much in progress, De La Faverie is asking investors to trust the process.
Three years of sales declines, 10,000 job cuts, and a merger that may or may not happen. At Estée Lauder, the overhaul has barely started.
