Chennai, November 9, 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, 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 of 3.5% of the Sum Assured, payable throughout the policy term starting the 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.