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  • Shriram Life Insurance Records 23% Business Growth For H1fy23

    Published on November 9, 2022

    ·         Earns net profit of Rs.75 crore

    ·         Assets Under Management (AUM) grows by 21% to reach Rs.8149 cr

    ·         New business individual policies sold increases by 21%

    Chennai : Shriram Life Insurance Company (SLIC) on Wednesday said it has earned a net profit of Rs75 crore for the first half of FY23.

    The numbers reflect the insurer’s strategy to focus on technology adoption and rural penetration. Jointly promoted by Shriram Group and Sanlam, SLIC offers financial protection to the vulnerable sections of society through 423 branches across 23 states. It provides life coverage at an average ticket size of approx. Rs.19,000 – among the lowest in the private insurance segment.

    Commenting on the company’s performance Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Our strategy to blend technology adoption with rural penetration has breathed new life into our commitment to cover India’s economically vulnerable segments. We are now able to reach more customers across a bigger geography, provide value through relevant products and efficient customer service processes like claims settlement within 12 hours even for remotest locations.”

    Premium numbers (in Rs. crore)

    H1 FY23H1 FY22FY22
    Total Individual New Business264234576
    Total Group193138494
    TOTAL New Business4573721070
    Total NOP131260108312272986
    Renewal Premium5124781280
    Gross Premium9698502350
    AUM814967627683
    Number of claims settled (Ind + Group)219032632853832
     Net Profit75-45.82.5
    Accumulated profit524454505

    During the first half, SLIC launched two new products:

    Shriram Life Early Cash Plan – A non-linked, participating plan that combines life insurance protection with cash bonus, which is assured at minimum 3.5% of Sum Assured, payable throughout the policy term starting first policy anniversary and other attractive features.

    Shriram Life Premier Assured Benefit – A non-linked and non-participating insurance plan that aims at life-stage planning for individuals aged 30 days to 50 years. The plan can help policyholders meet their recurring needs and achieve their major financial goals in life with this plan.

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