Shriram Life`s Retail Business Grows 49% In Apr-dec`24; Total Premium Up 21%.
Steered by diversified sales, Shriram Life Insurance Company Ltd grew its Retail New Business to Rs 865 crore for the period April-December 2024, a 49% rise over the same period in the previous year.
For the period April-December 2024, the company’s key focus area Individual New Business APE grew by 49% compared to the same period previous year, growing faster than the private industry at 19%. Total premium for the April-December 2024 stood at Rs 2,782 crore at a y-o-y growth of 21%.
Sequentially, the company’s premium from group business in the third quarter more than doubled from Q2, from Rs 174 crore to Rs 336 crore. The insurer reported individual new business premium income of Rs 322 crore for its third quarter. Renewal premiums for both individual and group policies stood at Rs 494 crore compared to Rs 447 crore last quarter. Total premium increased by 21% to Rs 1,151 crore in Q3FY25 from Rs 952 crore in Q2.
Year-on-year, New Individual Business Premium increased by 36% to Rs 322 crore in Q3 FY25, up from Rs 237 crore in Q3 FY24. New Individual Business APE (Annual Premium Equivalent) rose by 36% to Rs 301 crore in Q3 FY25 from Rs 221 crore in Q3 FY24.
Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance, said, “Our quarterly results show our commitment to reaching and securing more customers, which also reflects the need for affordable life insurance solutions among various segments of the society. This success highlights effectiveness of our approach to providing accessible, comprehensive solutions, ensuring more families, especially in rural areas, have financial security.”
“At Shriram Life, we remain dedicated to meet the unique needs of the customers, ensuring that no family in the rural segment is left behind. We go above and beyond to ensure seamless service delivery, no matter where our policyholders live,” he added.
The company’s solvency ratio stands at 1.76. Its claim settlement ratio for FY24 was at 98%, with non-investigated claims being settled within 12 hours from the time of full document submission.
New Launch
Promoted by Shriram Group and Africa’s Sanlam Group, Shriram Life serves the rural and middle-income segment where its customers are mostly first-time insurance buyers. During the quarter, Shriram Life launched Sunishchit Laabh – a non-participating individual savings plan that guarantees high returns of up to 668% of the total premium paid. The plan offers flexible entry options with ages ranging from 30 days to 60 years, and a minimum ticket size starting at Rs 30,000 annually, Rs 15,500 half-yearly, Rs 8,000 quarterly, and Rs 3,000 monthly.
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