Shriram Life declares Rs 201 cr bonus in FY24 on higher premium income

Shriram Life Insurance has declared a bonus of Rs 201 crore for the financial year ending March 31, 2024 following the robust growth in premium income.

The bonus payout would benefit 3.86 lakh policy holders of Shriram Life Insurance.

Shriram Life Insurance declared Rs 201 crore bonus, up by 35 per cent from Rs 149 crore in the corresponding period of last year on the back of "robust growth in premium income which was driven by diversification of sales during FY'24," a company statement said here on Tuesday.

"Our surge in new business premium in FY'24 was led by a combination of factors which includes new partners, technology upgrades and focused sales," said company Managing Director and CEO Casparus J H Kromhout said.

"We believe this growth must be shared with our customers, who are the fulcrum of our growth story," he said.

As of March 31, 2024, Shriram Life sold around 4,46,730 policies compared to 2,90,156 policies in the year ago period. The company's Asset Under Management (AUM) stood at Rs 11,282 crore, up by 25 per cent from Rs 9,012 crore recorded last financial year.

"On the drive towards our purpose to provide financial solutions to our customers, this is an important milestone; we have been able to contribute towards the financial goals of our customers and deliver on the trust placed in us," Kromhout added.