Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India. 41 per cent of the total policies sold by Shriram Life Insurance are from the rural segment in FY24.”
Chennai:
Aided by a robust investment income, Shriram Life Insurance, a joint venture between Shriram Group and South African financial major Sanlam, reported a net profit of Rs 158 crore in FY 24 compared to Rs 156 crore in the previous year.
The insurer’s investment income has surged by 50 per cent year- on- year (y-o-y) to Rs 868.89cr in FY 24 from Rs 572.24 crore in FY 23.
The company’s assets under management (AUM) in FY24 rose to Rs 11,282 crore, a 25 per cent increase from Rs 9,012 crore in the year-ago period.
With total new business premium growing by 62 per cent (y-o-y) at Rs 1,871 crore compared to Rs 1,152 crore last fiscal. The life insurer’s individual new business premium grew 39 per cent to Rs 938 crore in FY24.
During FY24, the company settled 58,800 claims for Rs 471cr in both individual and group policies compared with 48,528 claims settled for Rs 379 crore last fiscal.
The life insurer’s reported a claim settlement ratio of 98 per cent for individual policies while its solvency ratio stood at 2.06 per cent.
Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India. 41 per cent of the total policies sold by Shriram Life Insurance are from the rural segment in FY24.”
On the products side Shriram Life would be working towards developing customer solutions that solve for specific needs of its core customer segment and more similar niche markets, he said.
Shriram Life is planning to expand its business across geographies with an initial focus on 15 states. The insurer has embarked on sales diversification by developing in-house sales capacity as well as partnerships with banks and other institutions.
On the IRDAI’s new plan Bima Vistaar,Kromhout said it is set to be an affordable and comprehensive product that provides a combined solution for life, health and property.
“The product is targeted towards the rural and mass-market segment. This aligns well with the focus of Shriram Life as the company has been focused on serving this segment over the years in through innovative customer solutions and processes.’’