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Insurance
03-Aug-23
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Sriram Life Insurance post 10.6% down in first quarter profit after tax
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Sriram Life Insurance on Thursday reported 10.6% decline in Profit after tax for the quarter ended June 30, 2023 to Rs. 35.4 crore, which was at Rs 39.6 crore in the same period last year.
However, the company earned Rs 717 crore in gross premiums, up 82% from Rs 394 crore in the previous year.
The company, jointly promoted by Sriram Group and Africa's Sanlam Group, had assets under management (AUM) of Rs 9,688 crore for Q1 FY24. The insurer sold 56,493 policies in its first quarter, down 3% from 58,436 in the year-ago quarter.
Its new business premium - comprising both individual policies and group policies - stood at Rs 488 crore, up from Rs 207 crore in the year-ago period, it said in a statement. For group premiums, new business stood at Rs 354 crore as against Rs 93 crore last fiscal. In terms of individual business, the company grew by 18%, which was higher than the industry growth of 8%.
Growing individual new business will be a key focus with the segment expecting 20%-25% growth in the current fiscal.
Casparus J Kromhout, MD & CEO, Shriram Life Insurance said, "We are focused on reaching more customers and exploring new markets to increase insurance penetration in the rural and middle income segment. Our focus will be on ensuring that the right solutions reach our customers. Rather than customers buying insurance policies on impulse, We look at being a solutions partner.
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