Shriram Life posts FY'24 PAT at Rs 158 cr; new business premium jumps 62%

Chennai: Shriram Life Insurance has reported a profit after tax of Rs 158 crore for the financial year ending March 31, 2024.

The company had registered a PAT of Rs 156 crore during the same period of last financial year.

Total business premium for the year ending March 31, 2024 grew by 62 per cent to Rs 1,871 crore, as compared to Rs 1,152 crore registered last year. Individual new business premium grew by 39 per cent to Rs 938 crore as against Rs 675 crore in same period of last year, a company statement said here.

The Assets Under Management in FY'24 rose to Rs 11,282 crore, witnessing a 25 per cent rise from Rs 9,012 crore in the year-ago period. The number of individual policies rose to 4,46,730 up by 55 per cent from 2,88,222 in same period of last year.

"Shriram Life's commitment to driving life insurance for the rural and urban middle class is led by a combination of innovative strategies and technology. These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India" said company Managing Director and CEO Casparus J H Kromhout.

During FY24, the company supported 58,800 claims in both individual and group policies compared with 48,528 claims settled last financial year.

The company reported a claim settlement ratio of 98 per cent for individual policies while its solvency ratio stood at 2.06 per cent, the statement said.