Shriram Life Insurance Q2 gross premium increases 29%, net profit declines marginally
The Hindu
Shriram Life Insurance reported a more than 29% increase in gross premium to ₹745 crore (from ₹576 crore in the year earlier period) for the September quarter.
Shriram Life Insurance reported a more than 29% increase in gross premium to ₹745 crore (from ₹576 crore in the year earlier period) for the September quarter.
The number of individual policies sold by the private insurer stood at 87,575 as against 72,499 in the year earlier period. Assets Under Management (AUM) up to September stood at ₹10,146 crore, a rise of 25% YoY.
Profit after tax, however, declined to ₹31.1 crore (₹35.6 crore).
“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,” MD and CEO Casparus J H Kromhout said. The company sources 45% of its business from the rural segment.
For the first six months of current fiscal, total premium of Shriram Life was ₹1,462 (₹970 crore) on the back of a surge in group new business premium to ₹515 crore (₹193 crore). The number of individual policies the company sold was 1,42,914 (1,29,841). PAT for the first half of the year declined to ₹70 crore (₹75.1 crore).
Lead insurer
With the Insurance Regulatory and Development Authority of India (IRDAI) appointing Shriram Life as lead life insurer in Telangana, the company has kickstarted a series of insurance awareness campaigns in the State. Last month, it had convened the first State Level Insurance Committee meeting in Hyderabad, in which officials of IRDAI, the State government and SPOCs of other insurers participated. A multi-pronged strategy is being evolved for enhancing insurance penetration in Telangana, the company said.
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