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Shriram Life Insurance on Thursday said it registered a profit after tax (PAT) of Rs 35.4 crore in Q1FY24. The company earned Rs 717 crore of total premium, a surge of 82% over the year ago period.   

Jointly promoted by Shriram Group and Africa’s Sanlam Group, the company reported Assets Under Management (AUM) for Q1FY24 at Rs 9,688 crore, growing 23% from Rs 7,866 crore in Q1FY23. The insurer sold 56,493 policies during its first quarter.  

Its new business premium – which includes both individual policies as well as group policies – stood at Rs 488 crore, rising from Rs 207 crore in the year-ago period. For group premiums, the new business stood at Rs 354 crore from Rs 93 crore last fiscal. For individual business the company grew at 18%, higher than the industry growth of 8%.  Growing individual new business would be a key focus area for the current fiscal with the company expecting to grow by 20-25% in this segment.  

Casparus J Kromhout, MD & CEO, Shriram Life Insurance said, “We are focused on reaching more customers and exploring newer markets to increase insurance penetration in the rural and middle-income segment. Our focus would be to ensure that the right solutions reach our customer so that their objectives are met. We are looking at being a solutions partner than having customers buy insurance policies on impulse.” 

The company has launched a Golden Jubilee Plan this financial year, commemorating Shriram Group’s 50^th year of operations. The plan allows policyholders to cover their whole life or a specified period enabling them to achieve their goals with flexibility. Last year, the company launched two plans – Early Cash Plan and Premier Assured Benefit. 

Shriram Life Insurance reported robust earnings of Rs 156 crore in the fiscal ended March and a retail annualised premium equivalent (APE) growth 24% YoY. The company focuses on providing life insurance to the common man; approximately 45% of its policies were sold in the rural segment.  

The company’s claims settlement ratio for last fiscal was 97.4%, with over 91% of its non-investigated claims (claims arising after three years of policy inception) settled through the Rapid Claims Settlement process, ensuring settlement within 12 hours from last document received. Approximately 46% of Shriram Life’s retail claims during the last fiscal were from the rural segment.  

Shriram Life extensively uses technology to source customers and deliver last mile service to families residing in rural areas. Its agents’ app Astra, chatbot ShriA, and Shriram Smart Suraksha Card provide premium renewal, policy bond access and policy purchase seamlessly. Shriram Life also deploys facial recognition for authentication for e-KYC, minimising paperwork during customer onboarding. Its Smart Suraksha Card, which can be carried in one’s pocket, provides instant access to the policy bond through a QR code.   

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