Shriram Life Insurance profit after tax jumps 43% in Q3FY24

Hyderabad, February 9, 2024: Steered by robust sales and new partnerships, Shriram Life Insurance Company Ltd. on Friday announced that it earned a profit after tax (PAT) of Rs 50 crore in its October to December 2023 quarter, a 43% rise over its second quarter this fiscal. 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. Shriram Life reported a PAT of Rs 31 crore for Q3FY23.
 

The insurer reported individual new business premium income of Rs 237 crore for its third quarter, elevating 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.

 
Casparus J Kromhout, MD & CEO, Shriram Life Insurance said, “Our quarterly results reiterate our commitment to rural families by enabling them with comprehensive life cover that also doubles up as an investment solution. At Shriram Life, we focus on delivering our financial products as per the needs of the customer so that no family in the rural segment is left behind. We also walk the extra mile to make service delivery a seamless exercise, no matter where our policyholders reside. Our efforts towards claim settlement also echo the same commitment. We are dedicated to bolstering customer care services in vernacular languages and across platforms so that we are at the top of industry best practises.”