SHRIRAM LIFE SEES 131% RISE IN INDIVIDUAL POLICIES SOLD, RETAIL NEW BUSINESS PREMIUM UP 57%

SHRIRAM LIFE SEES 131% RISE IN INDIVIDUAL POLICIES SOLD, RETAIL NEW BUSINESS PREMIUM UP 57%

·       Number of individual policies sold up by 131% y-o-y in Q1FY25

·       Income from retail new business premium rose 57% y-o-y

·       Market share for regular pay retail polices rose to 7.3% in Q1FY25. It was 5.1% in FY24

National, August 12, 2024 (GNI) : Shriram Life Insurance Company sold 1.27 lakh individual policies in the April to June quarter of fiscal year 2025, registering a 131% rise from the same quarter in the year-ago period. It sold 55,339 policies in the same quarter last fiscal.

SLIC’s market share for regular pay retail polices—its segment focus—rose to 7.3% in Q1FY25. It was 5.1% in FY24 and 3.6% in FY23.

Its income from retail new business premium rose 57% year-on-year to ₹212 crore in Q1FY25.

The company ended the quarter on a strong note with a 60% increase in retail annual premium equivalent (APE) to ₹198 crore in Q1FY25, up from ₹124 crore in the same quarter last fiscal. However, group new business premium was down to ₹199 crore in Q1FY25 from ₹354 crore in Q1FY24.

Jointly promoted by Shriram Group and Africa’s Sanlam Group, SLIC’s Assets Under Management as of Q1FY25 was ₹11,841 crore, up 22.22% from ₹9,688 crore year-on-year. The insurer registered a profit after tax (PAT) of ₹27 crore in Q1FY25. The solvency ratio is 1.99 as of June 30, 2024.

Casparus J.H. Kromhout, MD & CEO, Shriram Life Insurance, said, “Our focus has consistently been on serving the community, especially the segments that need insurance the most. By offering affordable premiums and innovative solutions that ensure easy access, we’ve aimed to address the needs of India’s underpenetrated insurance sector. This growth in individual policies and new business premium clearly demonstrates that our products and marketing strategies are resonating well with consumers, validating our approach and commitment to expanding our reach in the market.”

“Additionally, we’re focused on creating technologically innovative solutions for the rural market. This, we believe, will help in our purpose to insure even the underrepresented sections of society.”

New Product

During the quarter, SLIC introduced a deferred annuity plan, offering flexible premium payments starting at ₹60,000 annually, for ages 40 to 75. The plan features a deferment period of 5 to 10 years and offers a death benefit of 125% of the purchase price for all four payout options, one of the best in the industry. It also includes Return of Purchase Price benefit options, protecting the initial investment in case of terminal illness or death.

All figcrorecrore                                                                                                                                  

Particulars	Q1FY25	Q1FY24	FY24	FY23
New Business Premium (Individual)	212	135	939	675
New Business APE (Individual)	198	124	887	641
Group Premium	199	354	932	477
Renewal Premium (Individual + group)	268	228	1,637	1,394
Total Premium	679	717	3,508	2,546
No. of Policies (Individual)	127,865	55,339	4,46,730	2,90,102
Profit After Tax	27	35	158	156
Solvency Ratio	1.99	1.98	2.06	2.1
Total AUM	11,841	9,688	11,282	9,012
Claims settlement (Individual + Group)	15,924	10,227	58,900	48,528

About Shriram Life Insurance Company:

Shriram Life Insurance Company offers term, endowment, ULIPs and annuities for the rural and urban middle-class at affordable premiums. The average ticket size of the company for individual policies stands at around ₹21,000. The company’s protection and long-term savings plans help it give families comprehensive life cover besides offering stable investment solutions for their key life goals. The company has an in-force policyholder base of over 12 lakh.ends GNI