Shriram Life Insurance earns Rs 31 crore profit in Q3FY23

CHENNAI: Shriram Life Insurance Company (SLIC) on Thursday announced that it earned a net profit of Rs 31 crore for the third quarter of FY23, on the back of a 10% increase in writing new policies.

During the quarter, SLIC’s gross premium rose 12% to Rs 665 crore, while the number of individual policies written increased by 10%. New business individual premium surged by 19% YoY to Rs 298 crore, during the October-December 2022 period, from Rs 249 crore in Q3 FY22. Number of individual new business policies sold for the quarter were at 70,291 against 64,158 in Q3FY22.

The company has received the approval for facial authentication for eKYC from UIDAI for new policies which will help onboard new customers with ease. Policyholders of Shriram Life can complete their KYC via OTP, facial recognition, biometric and iris identification. Shriram Life is currently the ninth-largest insurer in the country in terms of number of regular premium policies sold.

The results reflect the company’s clear strategy to expand deeper in the rural market, creating need-based customer solutions.

Casparus J H Kromhout, MD-CEO, SLIC said, “Shriram Life’s total new business for the nine months has grown 21% vis-a-vis private industry growth at 18%. By leveraging technology, we aim to expand in rural markets seamlessly.”

PERFORMANCE METRICS

• Net profit up 17-fold at Rs 31 crore for the quarter, from Rs 1.8 crore for Q3FY22

• Number of individual new business policies sold for the quarter were at 70,291, up 10%

• Gross premium up 12% at Rs 665 crore

• Individual new business for the quarter increased by 19%

• SLIC’s Assets Under Management as of December 2022 stands at Rs 8,573 crore