 "Shriram Life Insurances Q1 results: PAT at Rs 27 cr, AUM of Rs 11,841 cr")
Shriram Life Insurance Company Ltd has reported a profit after tax of Rs 27 crore for the April-June 2024 quarter, the company said.
Shriram Life Insurance Company jointly promoted by the diversified conglomerate the Shriram Group and South Africa-based Sanlam Group has breached the Rs 10,000 crore mark in the total Assets Under Management (AUM) to register Rs 11,841 crore during the quarter under review.
The company had registered Assets Under Management of Rs 9,688 crore during the corresponding quarter of last year.
In a statement on Tuesday, the company said the income from retail new business premium grew by 57 per cent year-on-year to Rs 212 crore while retail annual premium equivalent (APE) for the quarter grew to Rs 198 crore as compared to Rs 124 crore recorded during the corresponding quarter of last year.
Shriram Life Insurance Company sold 127,000 individual policies in the April-June 2024 quarter, up by 131 per cent over the corresponding quarter of last year by selling 55,339 policies.
Commenting on the performance, company Managing Director and CEO J H Kromhout said, "Our focus has consistently been on serving the community, especially the segments that need insurance the most. By offering affordable premiums and innovative solutions that ensure easy access, we have aimed to address the needs of India's under penetrated insurance sector."
"This growth in individual policies and new business premium clearly demonstrates that our products and marketing strategies are resonating well with consumers, validating our approach and commitment to expanding our reach in the market," he said.