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India's Shriram injects 624M pesos into Philippine insurance company

Indian insurance company Shriram General Insurance Co. Ltd. injected 624 million Philippine pesos into SGI Philippines General lnsurance Co. lnc. to meet a capital requirement early.

Under Philippine law, existing insurance companies are required to have a net worth of at least 550 million pesos by December 2016, 900 million pesos by December 2019 and at least 1.3 billion pesos by December 2022.

As a result of the capital infusion, SGI Philippines' net worth increased to 1.35 billion pesos from 710 million pesos.

The company is a joint venture of Shriram Group along with Piramal Group and Sanlam Group.

As of Feb. 17, US$1 was equivalent to 50.57 Philippine pesos.