Shriram Life Posts 49% Rise in Retail New Business

Chennai, Feb 6 (PTI) Shriram Life Insurance Company Ltd recorded a 49 per cent rise in its retail new business for the April-December 2024 period, reaching Rs 865 crore, the company said on Thursday.

Shriram Life Insurance is promoted by the diversified Shriram Group and the South Africa-based Sanlam Group. The company's premium from group business doubled during the quarter under review, reaching Rs 336 crore, according to a press release.

Renewal premiums for both individual and group policies stood at Rs 494 crore for the October-December 2024 quarter, compared to Rs 447 crore in the same period of the previous financial year.

Total premium income increased by 21 per cent to Rs 1,151 crore during the quarter under review, compared to Rs 841 crore in the corresponding period last year.

Profit after tax for the October-December 2024 quarter stood at Rs 43 crore, compared to Rs 50 crore in the year-ago period.

The new individual business premium increased by 36 per cent to Rs 322 crore during the October-December 2024 quarter, compared to Rs 237 crore in the corresponding quarter of the last financial year, Shriram Life Insurance said, in a statement.

"Our quarterly results demonstrate our commitment to reaching and securing more customers, reflecting the need for affordable life insurance solutions across various segments of society. This success highlights the effectiveness of our approach in providing accessible, comprehensive solutions, ensuring that more families, especially in rural areas, have financial security," said Shriram Life Insurance MD and CEO Casparus J H Kromhout.

"At Shriram Life, we remain dedicated to meeting the unique needs of our customers, ensuring that no family in the rural segment is left behind. We go above and beyond to ensure seamless service delivery, regardless of where our policyholders live," he added.

Shriram Life Insurance's total assets under management amount to Rs 12,791 crore, and the company has a branch network of 403 across the country.