Its new enterprise premium – which incorporates each particular person insurance policies in addition to group insurance policies – reported a rise of 62 per cent at ₹1,871 crore in FY24 compared with ₹1,152 crore in FY23.
Its group premium earnings rose 92 per cent to ₹932 crore in FY24 from ₹477 crore in FY23, whereas particular person new enterprise premium elevated by 39 per cent at ₹938 crore towards ₹675 crore.
Shriram Life’s particular person new enterprise premium progress was considerably larger than the non-public life insurance coverage sector, which grew at solely 7 per cent in FY24, in accordance with an announcement. “These outcomes aptly replicate the work we began a yr in the past by bolstering gross sales and aggressively increasing throughout rural India. By closing the hole between the necessity for protection and the supply of inexpensive plans, we’ll proceed to extend attain,” mentioned Casparus J H Kromhout, MD & CEO, Shriram Life Insurance coverage.
Insurance policies rise
The variety of particular person insurance policies rose 55 per cent to 4,46,730 in FY24 from 2,88,222 in FY23. In FY24, the corporate supported 58,800 claims in each particular person and group insurance policies compared with 48,528 claims settled in FY23. The corporate reported a declare settlement ratio of 98 per cent for particular person insurance policies whereas its solvency ratio stood at 2.06 per cent.
Within the March 2024 quarter, the corporate posted a complete new enterprise earnings of ₹596 crore, up from ₹397 crore within the March 2023 quarter, a rise of fifty per cent. Whole premium stood at ₹1,205 crore towards ₹912 crore. The variety of insurance policies additionally elevated 2x to 1,76,701 from 88,355. Its Belongings Beneath Administration (AUM) grew 25 per cent to ₹11,282 crore in FY24 from ₹9,012 crore within the year-ago interval.
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