Shriram Life Insurance New Business Premium Up 88% In H1 FY24

Shriram Life Insurance declared an 88 per cent increase in new business premiums for retail and group policies in H1 FY24 at Rs 860 crore compared to the year-ago period.

The company sold 1,42,914 individual policies in the first half of the year.The company recorded a profit after tax (PAT) of Rs 70 crore for H1 FY24.

For Q2 FY24 alone, the insurer’s gross premium stood at Rs 745 crore. The company sold 87,575 policies in the July to September 2023 quarter. The company’s Assets Under Management (AUM) up to September stood at Rs 10,146 crore, a rise of 25% year on year(YoY). 

“With every quarter, we are intensifying our focus on rural families, reaching out to them with the right kind of solutions and easy-to-use technology. This is also a priority segment for our regulator and as a 17-year-old company serving this category ourselves, we are keenly looking at supporting and educating these first-time policyholders besides making their whole policy journey seamless,” said Casparus J H Kromhout, MD & CEO, Shriram Life Insurance.