Shriram Life Insurance net dips 28 percent to Rs 50 crore in first half of current fiscal
Shriram Life Insurance (SLIC), jointly owned by Shriram Group and Sanlam Group of Africa, on Friday reported over 28 percent dip in net profit at Rs 50 crore during first half of current financial year as against Rs 70 crore in the first six months of last financial year.
New Delhi: Shriram Life Insurance (SLIC), jointly owned by Shriram Group and Sanlam Group of Africa, on Friday reported over 28 percent dip in net profit at Rs 50 crore during first half of current financial year as against Rs 70 crore in the first six months of last financial year.
The company said it sold 2.83 lakh individual policies in the first half of fiscal 2024-25, showing a 96 percent year-on-year increase as against 1.44 lakh policies sold in the first six months of last fiscal 2023-24.
Renewal premiums increased by 19 percent year-on-year in H1 of FY25, reaching Rs 715 crore, up from Rs 603 crore in H1 FY24, the company said in a release adding for the first half of the fiscal, retail new business premium income rose 57 percent to Rs 542 crore. It was Rs 344 crore in the same period of last fiscal.
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SLIC’s Assets Under Management (AUM) as of H1FY25 was Rs 12,310 crore, up 21 percent from Rs 10,146 crore as on September 30, 2023, and Rs 11,282 crore as on March 31, 2024. The solvency ratio is 1.72 as of September 30, 2024.
Sequentially, SLIC sold 1.55 lakh individual policies in the second quarter of fiscal year 2025, a 22 percent increase from Q1, when 1.27 lakh policies were sold.
The company’s individual new business annualized premium equivalent (APE) grew 55 percent year-on-year increase in Q2 of FY25.
Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance, said, “Our primary focus has been on expanding in focus states. The feet-on-the-street model has enabled us to reach more customers directly. As we look ahead to H2, we are committed to continuing this expansion and reaching more customers across geographies. Our goal is to ensure that we provide accessible and relevant insurance options for everyone,” he added.
