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DailyMirrror.News,Hyderabad, August 19, 2024: Shriram Life Insurance Company sold 1.27 lakh individual policies in the April to June quarter of fiscal year 2025, registering a 131% rise from the same quarter in the year-ago period. It sold 56,493 policies in the same quarter last fiscal.
SLIC’s market share for regular pay retail polices—its segment focus—rose to 7.3% in Q1FY25. It was 5.1% in FY24 and 3.6% in FY23.
Its income from retail new business premiumrose 57%year-on-year to ₹212 crore inQ1FY25.
The company ended the quarter on a strong note with a 60% increase in retail annual premium equivalent (APE) to ₹198 crore in Q1FY25, up from ₹124 crore in the same quarter last fiscal.However, group new business premium was down to ₹199 crore in Q1FY25 from ₹354 crore inQ1FY24.
Jointly promoted by Shriram Group and Africa’s Sanlam Group, SLIC’s Assets Under Management as of Q1FY25 was ₹11,841 crore, up 22.22% from ₹9,688 crore year-on-year.The insurer registered a profit after tax (PAT) of ₹27 crore in Q1FY25. The solvency ratio is 1.99 as of June 30, 2024.
Casparus J.H. Kromhout, MD & CEO, Shriram Life Insurance, 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’ve aimed to address the needs of India’s underpenetrated 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.” “Additionally, we’re focused on creatingtechnologically innovative solutions for the rural market. This, we believe, will help in our purpose to insure even the underrepresented sections of society
