“The repo rate increase by 25bps to 6.5% is in sync with the broad market consensus view. However, what was probably considered slightly on unexpected line was RBI maintaining its withdrawal of accomodation stance to ensure inflation remains within target going forward, while also supporting growth. Therefore, this indicates that we cannot rule out at this stage any further rate hikes and there was a reference by the Governor to this effect.
Real GDP growth for FY 24 has been pegged at 6.4% assuming that India will have a normal and good monsoon season. Quarter wise the growth tapers down from 7.8% in Q1 FY 24 , 6.2% in Q2 , 6% in Q3 and 5.8% in Q4 perhaps keeping in mind the base effect and global headwinds blowing which can have some effect on India’s GDP growth as well.
CPI inflation for FY 23 has been revised down to 6.5% from previous forecast of 6.7% and for FY 24 CPI inflation is targeted at 5.3% . Food inflation outlook will likely benefit by bumper rabi output while commodity prices may remain firm with world getting back to normal and activities restoring as year progresses.
Overall, the policy rates were largely on expected lines barring the continuance of the stance part.”
About Shriram Life Insurance Shriram Life Insurance Company Limited (“SLIC” or “the Company” or “Shriram Life”) was established in the year 2005 and commenced its operation in 2006. Part of the overall Shriram Group, the company’s Indian promoter is Shriram Capital Limited. Sanlam Emerging Markets (Mauritius) Ltd. which is part of the Sanlam Group, a leading financial services group based in Cape Town, South Africa is the company’s Foreign promoter with 23% shareholding directly in the company. Synonymous for its efficient use of capital and low operational costs, SLIC has been true to the Shriram Group’s philosophy of financial inclusion.
Shriram Life Insurance is a leading insurer having built its operations over 16 years by catering to a wide demographic and providing the average Indian with a bouquet of life insurance products catering to their financial needs. The company works with the purpose of ensuring that all families in the community are provided with adequate financial protection especially in the vulnerable segment.
Shriram Life Insurance offers comprehensive protection and long-term savings life insurance solutions with a network of over 400 branch offices across India. Shriram Life Insurance underwrote gross premium of over ₹2300 crore (FY21), recording assets under management (AUM) at ₹7683 crore.
With a claims settlement ratio reaching 96% in FY22, the company has been true to its purpose of providing security to the community. Shriram Life has settled claims of over ₹400 crores in the current year up to December with approximately 46% claims from the rural segment.
The company has won an Award for the Best Digital Initiative – Life Insurance conferred by InsureNext Awards 2022, organized by Banking Frontiers in collaboration with knowledge partner Deloitte India. It also won Gold Award for Customer Service Handling – Claims during the 8th Excellence Competition, August 2020.