Shriram Life reports 131% rise in individual policy sale in Q1
SLIC’s market share for regular pay retail policies—its segment focus—rose to 7.3 per cent in Q1FY25. It was 5.1 per cent in FY24 and 3.6 per cent in FY23.
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CHENNAI: Shriram Life Insurance Company sold 1.27 lakh individual policies in the April to June quarter of fiscal year 2025, recording a 131 per cent rise from the same quarter in the year-ago period. It sold 55,339 policies in the same quarter last fiscal.
SLIC’s market share for regular pay retail policies—its segment focus—rose to 7.3 per cent in Q1FY25. It was 5.1 per cent in FY24 and 3.6 per cent in FY23.
Its income from retail new business premium rose 57 per cent year-on-year to Rs 212 crore in Q1FY25. The company ended the quarter on a strong note with a 60 per cent increase in retail annual premium equivalent (APE) to Rs 198 crore in Q1FY25, up from Rs 124 crore in the same quarter last fiscal. However, the group new business premium was down to Rs 199 crore in Q1FY25 from Rs 354 crore in Q1FY24.
Jointly promoted by Shriram Group and Africa’s Sanlam Group, SLIC’s Assets Under Management as of Q1FY25 was Rs 11,841 crore, up 22.22 per cent from Rs 9,688 crore year-on-year. The insurer registered a profit after tax (PAT) of Rs 27 crore in Q1FY25. The solvency ratio is 1.99 as of June 30, 2024.
Casparus JH Kromhout, MD-CEO, Shriram Life Insurance, said, “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.”
SALIENT POINTS
Number of individual policies sold up by 131% y-o-y in Q1FY25
Income from retail new business premium rose 57% y-o-y
Market share for regular pay retail policies rose to 7.3% in Q1FY25 from 5.1% in FY24
During the quarter, SLIC introduced deferred annuity plan, offering flexible premium payments starting at Rs 60,000 annually, for ages 40 to 75
