Shriram Life Insurance Company saw a significant boost in new business premium, reporting a 62% increase to Rs. 1,871 crore for the fiscal year ending March 31, 2024, compared to Rs. 1,152 crore in the previous year. Individual new business premium also surged by 39% to Rs. 938 crore from Rs. 675 crore in FY23.
In the fourth quarter of FY24, the company recorded a total new business income of Rs. 596 crore, marking a 50% increase from Rs. 397 crore in the previous year. Total premium for Q4FY24 reached Rs. 1,205 crore, up from Rs. 912 crore in Q4FY23, with the number of policies doubling to 1,76,701 from 88,355.
Shriram Life’s individual new business premium growth surpassed the private life insurance sector, which saw only a 7% increase in FY24, positioning Shriram Life as one of the fastest-growing insurers in the country.
The company also witnessed substantial growth in group premium income, which rose by 95% to Rs. 932 crore, and renewal premium increased to Rs. 1,637 crore. Overall, the insurer posted a total premium income of Rs. 3,508 crore, reflecting a 38% rise from FY23.
Shriram Life’s Profit After Tax (PAT) for the fiscal year stood at Rs. 158 crore, slightly up from Rs. 156 crore YoY, while its Assets Under Management (AUM) grew by 25% to Rs. 11,282 crore.
Casparus J H Kromhout, MD & CEO of Shriram Life Insurance, attributed the company’s success to its focus on driving life insurance accessibility for the rural and urban middle class. He highlighted the company’s commitment to innovative strategies, technology adoption, and expanding sales across rural India to bridge the gap between insurance coverage and affordability.
During FY24, Shriram Life settled 58,800 claims across individual and group policies, boasting a 98% claim settlement ratio for individual policies and a solvency ratio of 2.06%. The company’s tech initiatives, such as the ShriMithra app and Aadhaar eKYC, have facilitated approximately 90% paperless proposals.
Shriram Life aims to continue expanding its reach across geographies, focusing on underserved customer segments and providing cost-effective and innovative financial solutions.
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