Shriram Life Insurance Results: PAT rises to ₹158 crore in FY24, total premium income surges 38%
Shriram Life Insurance has reported a profit after tax of ₹158 crore for FY24 when compared with ₹156 crore in the year-ago quarter. The company’s total premium income surged 38 per cent to ₹3,508 crore in 2023-24 when compared with ₹2,546 crore in 2022-23.
Its new business premium – which includes both individual policies as well as group policies – reported an increase of 62 per cent at ₹1,871 crore in FY24 when compared with ₹1,152 crore in FY23.
Its group premium income rose 92 per cent to ₹932 crore in FY24 from ₹477 crore in FY23, while individual new business premium increased by 39 per cent at ₹938 crore against ₹675 crore.
Shriram Life’s individual new business premium growth was significantly higher than the private life insurance sector, which grew at only 7 per cent in FY24, according to a statement. “These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India. By closing the gap between the need for coverage and the availability of affordable plans, we will continue to increase reach,” said Casparus J H Kromhout, MD & CEO, Shriram Life Insurance.
Policies rise
The number of individual policies rose 55 per cent to 4,46,730 in FY24 from 2,88,222 in FY23. In FY24, the company supported 58,800 claims in both individual and group policies when compared with 48,528 claims settled in FY23. The company reported a claim settlement ratio of 98 per cent for individual policies while its solvency ratio stood at 2.06 per cent.
In the March 2024 quarter, the company posted a total new business income of ₹596 crore, up from ₹397 crore in the March 2023 quarter, an increase of 50 per cent. Total premium stood at ₹1,205 crore against ₹912 crore. The number of policies also increased 2x to 1,76,701 from 88,355. Its Assets Under Management (AUM) grew 25 per cent to ₹11,282 crore in FY24 from ₹9,012 crore in the year-ago period.