Shriram Life’s PAT declines to Rs 50 cr in H1FY25
The retail new business premium growth from Q1 to Q2 was approximately 55.66 per cent, increasing from Rs 212 crore to Rs 330 crore. The insurer registered a PAT of Rs 23 crore in Q2FY25.
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CHENNAI: Shriram Life Insurance (SLIC) registered a profit after tax (PAT) of Rs 50 crore in H1FY25 against Rs 70 cr in H1FY24.
The company’s individual new business annualised premium equivalent (APE) grew 55 per cent year-on-year increase in Q2 of FY25. Renewal premiums rose by 67 per cent, reaching Rs 447 crore in Q2 FY25, compared to Rs 268 crore in Q1 of FY24. The solvency ratio is 1.72 as of September 30, 2024.
The retail new business premium growth from Q1 to Q2 was approximately 55.66 per cent, increasing from Rs 212 crore to Rs 330 crore. The insurer registered a PAT of Rs 23 crore in Q2FY25.
Casparus JH Kromhout, MD-CEO, SLIC, said, “Our primary focus has been on expanding in focus states. The feet-on-the-street model has enabled us to reach more customers directly.”
“Our ticket size for non-single individual premium policies is about Rs 18,000, as we are committed to catering to underserved segments,” he added.
SLIC sold 2.83 lakh individual policies in the H1 of fiscal 2025, showing a 96 per cent year-on-year increase. In H1 of FY24, 1.44 lakh policies were sold. SLIC’s individual new business APE grew by 57 pc in the first half of this fiscal. In comparison, the private life insurance industry grew by 24 pc, positioning Shriram Life as one of the fastest-growing insurers in the sector. Renewal premiums rose by 19 per cent year-on-year in H1 of FY25, reaching Rs 715 cr, up from Rs 603 crore in H1 FY24. For the first half of the fiscal, retail new business premium income rose 57 per cent to Rs 542 cr (Rs 344 cr).
POINT BOX GROWTH SLICE
Number of individual policies sold up 96% year-on-year in H1 FY25
Renewal premiums increased by 19% YoY in the first half of the fiscal
Income from retail new business premium rose 57% YoY in H1
