Shriram Life Insurance posts profit after tax at Rs 31 cr in Sep quarter

Shriram Life Insurance Ltd has reported a profit after tax for the three months ended September 30, 2023, at Rs 31.1 crore, the company said on Friday.

The company, jointly promoted by Sriram Group and South Africa-based financial services group Sanlam Ltd had reported a profit after tax at Rs 35.6 crore during the corresponding quarter of last year.

For the six-month period ended September 30, 2023, the profit after tax stood at Rs 70.4 crore as against Rs 75.1 crore registered in the same period of last year, a press release said on Friday.

The company as of September 30, 2023, has assets under management of Rs 10,146 crore as compared to Rs 8,149 crore registered during the same period of last year.

Gross premium as of September 30, 2023, stood at Rs 1,462 crore, as compared to Rs 970 crore registered during the same period of last year.

Commenting on the financial performance, company MD and CEO Casparus J H Kromhout said, "With every quarter, we are intensifying our focus on rural families, reaching out to them with the right kind of solutions and easy-to-use technology."

"This is also a priority segment for our regulator and as a 17-year-old company serving this category ourselves, we are keenly looking at supporting and educating these first-time policyholders besides making their whole policy journey seamless," he added.