 "Shriram Life Insurance")
Shriram Life Insurance on Thursday said it registered a profit after tax (PAT) of Rs 70.4 crore in the first half of financial year 2023-24 (H1FY24), down 6.3 per cent compared to Rs 75.1 crore during the same period in financial year 2022-23 (H1FY23).
Shriram Life Insurance announced an 88 per cent increase in new business premium for retail and group policies in H1FY24 at Rs 860 crore compared to the year-ago period. The company sold 142,914 individual policies in the first half of the year, pushing the insurer to the seventh position in the number of policies sold among private insurers in the country.
For the second quarter of financial year 2024 (Q2FY24) alone, the insurer’s gross premium stood at Rs 745 crore. The company sold 87,575 policies in the July to September 2023 quarter. The company’s Assets Under Management (AUM) up to September stood at Rs 10,146 crore, posting a rise of 25 per cent year-on-year (Y-o-Y).
“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. Our appointment as the lead life insurer in Telangana will help us achieve greater strides in voicing Insurance Regulatory and Development Authority of India’s (IRDAI) mission of ‘Insurance for All’ by 2047,” said Casparus J H Kromhout, Managing Director and Chief Executive Officer, Shriram Life Insurance.
Shriram Life has already kick-started a series of insurance awareness campaigns in the state. On October 20, the company convened its first State Level Insurance Committee meeting with members from IRDAI, State Administration, and Single Points of Contact (SPOCs) of other insurers in Hyderabad post its appointment as lead insurer for Telangana.
Shriram Life Insurance will be building a roadmap for insurance penetration in Telangana, focusing on underpenetrated regions, ensuring inclusion among all demographics, building insurance distribution channels, and even addressing grievance redressal gaps through training. The company will also join hands with other private insurers and set milestones to cover the lives of rural families.
Shriram Life Insurance, promoted jointly by Shriram Group and Africa’s Sanlam, embarked on a series of partnerships with regional financial institutions across the country to boost its business growth, particularly in rural segments. The company also boosted its distribution strength to increase its presence in deep rural areas, along with superior in-house built tech capabilities to ensure faster reporting of claims and improving persistency. The company sources 45 per cent of its business from the rural segment.
