Shriram Life’s new biz premium up 62% at Rs 1,871 cr

CHENNAI: Driven by focussed selling and pan India partnerships, Shriram Life Insurance Company reported impressive earnings for the year ending March 31, 2024, with total new business premium growing by 62 per cent at Rs 1,871 crore compared to Rs 1,152 crore last fiscal.

Individual new business premium grew 39 per cent to close the year at Rs 938 crore from Rs 675 crore in FY23.

In the Q4 ending March 2024, the company’s total new business income was Rs 596 crore, up 50% from Rs 397 crore YoY. Total premium for Q4FY24 stood at Rs 1,205 crore as against Rs 912 crore in Q4FY23. The number of policies also increased 2x in Q4FY24 to 1,76,701 from 88,355 in Q4FY23.

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, making it one of the fastest-growing life insurers in the country.

In FY24, group premium income rose 95% to reach Rs 932 crore from the previous fiscal’s Rs 477 crore.

Renewal premium stood at Rs 1,637 crore as against Rs 1,394 crore YoY. The insurer posted a total premium income of Rs 3,508 crore, a 38% rise from Rs 2,546 crore in FY23. The number of individual policies rose to 4,46,730 from 2,88,222 during FY24 at 55%.

The company earned aProfit After Tax (PAT) of Rs 158 crore this fiscal compared to Rs 156 crore YoY. Its Assets Under Management (AUM) in FY24 rose to Rs 11,282 crore, 25 up from Rs 9,012 crore in the year-ago period.

Casparus JH Kromhout, MD-CEO, Shriram Life Insurance said, “Our commitment to driving life insurance for the rural and urban middle class is led by a combination of innovative strategies and technology.”

During FY24, the company supported 58,800 claims in both individual and group policies compared with 48,528 claims settled last fiscal. The company reported a claim settlement ratio of 98 per cent for individual policies while its solvency ratio stood at 2.06 per cent.