Shriram Life Insurance posts Rs 156 cr net profit in FY22-23

Shriram Life Insurance Company Ltd has reported Rs 156 crore net profit for the year ending March 31, 2023 on the back of growth in individual non-single premiums, the company said on Sunday.

Shriram Life Insurance Company Ltd (SLIC) is promoted by the Shriram Group and South Africa-based financial services firm Sanlam Ltd.

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The company sold nearly 3 lakh policies in FY23, including to group businesses, while SLIC provided life cover with over 53 lakh individual policies during the year, a press release here said.

“Our growth has advanced thanks to the adoption of technology and innovation, enabling more rural policy holders to complete their paperless statements,” company Managing Director Casparus J H Kromhout said.

“We have strengthened our digital capabilities with a focused approach to solve customer needs and at the same time maintain engagement with our customers,” he said.

Shriram Life Insurance had registered Rs 3 crore as profit after tax in financial year 2021-22 while it was Rs 106 crore in FY 2020-21.

The company said total premium for the financial year 2022-23 stood at Rs 2,546 cr as compared to Rs 2,350 crore recorded in FY 2021-22.

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Total assets under management as of FY 2022-23 was at Rs 9,012 crore, as against Rs 7,683 crore registered in FY 2021-22, the company added.

“The industry is at a stage with high potential to grow due to diverse market demographics, increasing awareness and technological advancements. Shriram Life looks forward to continuing the growth momentum in the coming years…” Kromhout added.