Shriram Life insurance Company Reports 62% Growth in Total New Business Premiums

Shriram Life insurance Company has reported a significant increase in total new business premiums for the fiscal year ending in March 2024. The company’s total new business premiums grew by an impressive 62% to ₹1,871 crore, up from ₹1,152 crore in the previous fiscal year. This growth is a testament to the company’s strong performance and growing presence in the insurance sector.

Individual new business premiums also saw a substantial increase, growing by 39% to ₹938 crore from ₹675 crore in FY23. In the fourth quarter alone, the company posted a total new business income of ₹596 crore, marking a 50% increase from the previous year. The total premium for the fourth quarter of FY24 stood at ₹1,205 crore, up from ₹912 crore in the same period of FY23.

The number of policies issued by Shriram Life insurance Company also saw a significant increase, doubling in the fourth quarter of FY24 to 1,76,701 from 88,355 in the fourth quarter of FY23. This growth in policy issuance reflects the company’s efforts to expand its customer base and provide insurance solutions to a larger number of individuals.

Shriram Life’s individual new business premium growth outpaced the private Life insurance sector, which only grew by 7% in FY24. The company’s group premium income also saw a substantial increase, rising by 95% to reach ₹932 crore from ₹477 crore in the previous fiscal year. Renewal premium for FY24 stood at ₹1,637 crore, up from ₹1,394 crore year-on-year.

In terms of financial performance, Shriram Life insurance Company reported a profit after tax of ₹158 crore for the fiscal year, compared to ₹156 crore in the previous year. The company’s Assets Under Management (AUM) also saw a significant increase, rising to ₹11,282 crore in FY24, a 25% increase from ₹9,012 crore in the year-ago period.

During FY24, the company settled a total of 58,800 claims for both individual and group policies, compared to 48,528 claims settled in the previous fiscal year. Shriram Life insurance Company reported a claim settlement ratio of 98% for individual policies, demonstrating its commitment to providing timely and efficient claims processing for its customers.

Overall, Shriram Life insurance Company’s strong financial performance, robust growth in new business premiums, and focus on customer service and claims settlement reaffirm its position as a leading player in the insurance industry. With a solid track record of growth and profitability, the company is well-positioned to continue its success in the years to come.