Surge in Shriram Life Insurance's New Business Reflects Robust Growth Strategy

Shriram Life Insurance Company Ltd experienced a 49% increase in retail new business from April-December 2024, reaching Rs 865 crore. The company's group business premium doubled, and total premium income saw a 21% increase. CEO Casparus J H Kromhout emphasized their commitment to providing affordable life insurance in rural areas.

Shriram Life Insurance Company Ltd reported a significant 49% increase in retail new business for the April-December 2024 period, totaling Rs 865 crore, as announced on Thursday.

The company, backed by Shriram Group and South Africa's Sanlam Group, also saw its group business premium double, achieving Rs 336 crore in the last quarter. The renewal premiums for individual and group policies reached Rs 494 crore, up from Rs 447 crore in the previous year's same quarter.

With a total premium income increase of 21% to Rs 1,151 crore this quarter, compared to Rs 841 crore in the last year, profit after tax for the quarter stood at Rs 43 crore, slightly reduced from Rs 50 crore year-on-year.