Shriram Life Insurance has reported a Profit After Tax (PAT) of Rs 158 crore for the financial year ending March 31, 2024. The company had registered a PAT of Rs 156 crore during the same period of previous financial year on YoY basis.
Total business premium income for the year ending March 31, 2024 grew by 62% to Rs 1,871 crore, as compared to Rs 1,152 crore registered last year. Individual new business premium grew by 39% to Rs 938 crore as against Rs 675 crore in same period of last year, a company statement said.
Its Assets Under Management in FY'24 rose to Rs 11,282 crore, witnessing a 25% rise from Rs 9,012 crore in the year-ago period.
The number of individual policies rose to 4,46,730 from 2,88,222 in same period of last year. The number of policies also increased 2 times in Q4FY24 to 1,76,701 from 88,355 in Q4FY23.
Casparus J H Kromhout, Managing Director and CEO, Shriram Life Insurance said."Shriram Life's commitment to driving life insurance for the rural and urban middle class is led by a combination of innovative strategies and technology. These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India."
During FY24, the company supported 58,800 claims in both individual and group policies compared with 48,528 claims settled last financial year. The company reported a claim settlement ratio of 98% for individual policies while its solvency ratio stood at 2.06%, the statement said.
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