Shriram Life Insurance declares bonus of Rs 149 cr

Chennai: Shriram Life Insurance Company, promoted by Shriram Group and South Africa-based financial services firm Sanlam Ltd, has declared its highest ever bonus of Rs 149 crore, the company said on Friday.

The bonus saw an increase of 25 per cent over the previous year and will benefit 3.29 lakh individuals.

"The increase in bonus reflects SLIC's commitment to serve customers and to help them achieve their financial goals and security. This further reflects our strong fundamentals and products," company MD and CEO Casparus J Kromhout said.

The bonus came in the backdrop of record profits and growth in its individual non-single premiums. In FY23, the company had sold 2.90 lakh policies.

"Considering the uniqueness of the rural customer segment that we predominantly operate in, this bonus declaration would have a positive impact on rural families," he said in a statement.

For the year ending March 31, 2023 the company's assets under management exceeded Rs 9,000 crore with an increase of 17 per cent compared to the previous year, the statement said.