Shriram Life Insurance Company (SLIC) on Friday posted a net profit of Rs 50 crore in the first half of the current financial year, compared to down from Rs 70 crore in the same period last year.
During the same period, the insurance company sold 2.83 lakh individual policies in the first half of the fiscal, nearly double the number sold in the same period last year.
Shriram Life MD & CEO, Casparus JH Kromhout attributed the dip in profit to increased spending on capacity expansion, which included branch network growth, talent acquisition, and technology investments aimed at driving future business growth.
Casparus credited the premium growth to SLIC’s ongoing expansion into smaller towns and its affordable premium pricing strategy. “Our ticket size for non-single individual premium policies is about Rs 18,000, as we remain committed to serving underserved segments,” he noted.
The insurer's Individual new business Annualized Premium Equivalent (APE) rose by 57% to Rs 506 crore in H1 FY25. Renewal premiums also grew to Rs 715 crore compared to Rs 603 crore in H1 FY24.
The total assets of the company as of H1 FY25 stood at Rs 12,310 crore, up from Rs 10,146 crore as of September 30, 2023, and Rs 11,282 crore as of March 31, 2024.
The solvency ratio is 1.72 times as of September 30, 2024.
Shriram Life Insurance jointly promoted by Shriram Group and South Africa’s Sanlam Group.
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