Shriram Life Insurance Achieves 49% Retail Growth in FY24
Shriram Life Insurance reports 49% retail growth and 21% premium increase in April-December 2024.
During this period, Shriram Life's individual new business Annualized Premium Equivalent (APE) witnessed a 49% rise compared to the same period last year. This performance is 19% higher than the private sector industry average. The company's total premium for the April-December 2024 period stood at Rs 2,782 crore, marking a 21% year-on-year growth.
In Q3 FY25, Shriram Life's group business premium surged over twofold compared to Q2, rising from Rs 174 crore to Rs 336 crore. The insurer reported Rs 322 crore in individual new business premium income for the third quarter. Renewal premiums for individual and group policies combined reached Rs 494 crore, up from Rs 447 crore in the previous quarter.
Overall, Shriram Life's total premium in Q3 FY25 increased by 21%, from Rs 952 crore in Q2 to Rs 1,151 crore. The company's individual new business premium climbed 36% year-on-year in Q3 FY25, reaching Rs 322 crore from Rs 237 crore in Q3 FY24. The individual new business APE also recorded a 36% increase, rising from Rs 221 crore in Q3 FY24 to Rs 301 crore in Q3 FY25.
Manoj Kumar Jain, Managing Director of Shriram Life Insurance, remarked, "Our quarterly results highlight our dedication to reaching and securing more customers, particularly by offering affordable life insurance solutions to underserved communities. This achievement reflects the effectiveness of our approach in ensuring financial security for families, especially in rural regions."
He added, "At Shriram Life, we are committed to meeting the unique needs of our customers, ensuring no family in rural India is left unprotected. We consistently strive to provide seamless service, no matter where our policyholders reside."
Shriram Life Insurance reported a solvency ratio of 1.76, ensuring strong financial stability. The company's claim settlement ratio for FY24 stood at 98%, with non-investigated claims being settled within 12 hours of submitting complete documentation.
Ashish Singh, Business Head - North, emphasized Shriram Life's significant presence in Uttar Pradesh. "With over 115 sales units across the state, we focus on serving the common man. We have ambitious plans to expand to nearly 200 sales units in the next 2-3 years. Currently, we are witnessing 50% year-on-year growth in Uttar Pradesh," he stated.
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