Shriram Life Insurance's net profit jumps 61% to Rs 50 cr in Dec quarter
Shriram Life Insurance Company Ltd announced a net profit of Rs 50 crore in the third quarter (Q3FY24), up 61 per cent compared to Rs 31 crore during Q3FY23.
The company’s premium from group business up to Q3FY24 more than doubled to Rs 693 crore from Rs 324 crore in the year-ago period. The insurer reported individual new business premium income of Rs 237 crore for its third quarter, raising its total premium income to Rs 842 crore in Q3FY24. Buoyed by diversification in sales and new corporate partnerships, Shriram Life Insurance has entered newer markets in northern, western, and north-eastern India.
Shriram Life Insurance’s renewal premiums for both individual and group policies stood at Rs 427 crore compared to Rs 374 crore last quarter. It sources 44 per cent of its business from the rural segment with an average ticket size of around Rs 20,000. The company is looking to grow aggressively through its extensive sales networks going forward. Additionally, Shriram Life Insurance has been appointed as lead life insurer for Telangana by IRDAI. The company has started several campaigns in Telangana with partner companies on spreading life insurance awareness and the importance of bringing families into the safety net of insurance.
