LIFE INSURANCE EARNS Rs 31 Cr PROFIT IN Q3FY23
- Net profit rises 17-fold at Rs 31 crore for the quarter, from Rs 1.8 crore for Q3FY22
- Number of individual new business policies sold for the quarter were at 70,291, up 10%
- Gross premium up 12% at Rs 665 crore
- Individual new business for the quarter increased by 19%
Chennai, February 9, 2023: Shriram Life Insurance Company (SLIC) on Thursday announced that it earned a net profit of Rs 31 crore for the third quarter of FY23, on the back of a 10% increase in writing new policies.
During the quarter, SLIC’s gross premium rose 12% to Rs 665 crore, while the number of individual policies written increased by 10%. New business individual premium, a key barometer for performance, rose by 19% YoY, during the October-December 2022 period.
|Q3 FY23||Q3 FY22||Growth|
|Ind New Business Premium||167||140||19%|
|Group NB Premium||131||109||20%|
|Total New Business Premium||298||249||20%|
|Total No. of Ind Policies||70291||64158||10%|
|*All figures in Rupees crores|
The company has received the approval for facial authentication for eKYC from UIDAI for new policies which will help onboard new customers with ease. Policyholders of Shriram Life can complete their KYC via OTP, facial recognition, biometric and iris identification. Shriram Life is currently the ninth-largest insurer in the country in terms of number of regular premium policies sold.
The results reflect the company’s clear strategy to expand deeper in the rural market, creating need-based customer solutions for the aam aadmi. Further, SLIC has a seamless claims management process with claims settlement as fast as within 12 hours even for customers in the remotest rural regions.
Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Shriram Life’s total new business for the 9 months has grown 21% vis-a-vis private industry growth at 18%. By leveraging technology, we aim to expand in rural markets seamlessly. Our growth is testimony to the fact that a lot of the people in this segment have understood the need for cover in the face of crisis or as a safe investment option.”
About Shriram Life Insurance Company
Shriram Life Insurance Company Ltd is promoted by Shriram Group and South Africa-based financial services group Sanlam Ltd. It offers comprehensive protection and long-term savings life insurance solutions, with close to 44% of their clients being from rural areas and have a network of 423 offices across India. Shriram Life Insurance’s Assets Under Management (AUM) as of December 2023 stands at Rs 8,573 crore.