Shriram Life Insurance Records 23% Business Growth for H1fy23

Chennai, November 10, 2022: Shriram Life Insurance Company (SLIC) on Wednesday said it has earned a net profit of Rs75 crore for the first half of FY23.

The numbers reflect the insurer’s strategy to focus on technology adoption and rural penetration. Jointly promoted by Shriram Group and Sanlam, SLIC offers financial protection to the vulnerable sections of society through 423 branches across 23 states. It provides life coverage at an average ticket size of approx. Rs.19,000 – among the lowest in the private insurance segment.

Commenting on the company’s performance Casparus J H Kromhout, MD & CEO, of Shriram Life Insurance said, “Our strategy to blend technology adoption with rural penetration has breathed new life into our commitment to cover India’s economically vulnerable segments. We are now able to reach more customers across a bigger geography, provide value through relevant products and efficient customer service processes like claims settlement within 12 hours even for remotest locations.”

Premium numbers (in Rs. crore)
  H1 FY23 H1 FY22 FY22
Total Individual New Business 264 234 576
Total Group 193 138 494
TOTAL New Business 457 372 1070
Total NOP 131260 108312 272986
Renewal Premium 512 478 1280
Gross Premium 969 850 2350
AUM 8149 6762 7683
Number of claims settled (Ind + Group) 21903 26328 53832
 Net Profit 75 -45.8 2.5
Accumulated profit 524 454 505
 

During the first half, SLIC launched two new products:

Shriram Life Early Cash Plan – A non-linked, participating plan that combines life insurance protection with a cash bonus, which is assured at a minimum 3.5% of the Sum Assured, payable throughout the policy term starting first policy anniversary and other attractive features.

Shriram Life Premier Assured Benefit – A non-linked and non-participating insurance plan that aims at life-stage planning for individuals aged 30 days to 50 years. The plan can help policyholders meet their recurring needs and achieve their major financial goals in life with this plan.

By Mansi