Shriram Life Insurance new business premium up 88% in H1FY24 

Hyderabad, November 9, 2023: Shriram Life Insurance announced an 88% increase in new business premium for retail and group policies in H1FY24 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, pushing the insurer to the 7th position in number of policies sold among private insurers in the country. The company recorded a profit after tax (PAT) of Rs 70 crore for H1FY24. 
 
For Q2FY24 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% Y-o-Y.  
 
Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “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. Our appointment as lead life insurer in Telangana will help us achieve greater strides in voicing IRDAI’s mission of ‘Insurance for All’ by 2047.”