Shriram Life Insurance Company (SLIC) has sold 2.83 lakh individual policies in the first half of the fiscal year 2025. According to this, its sales growth has been 96 percent on a year-on-year basis. The company sold 1.44 lakh policies in the first half of FY 2024. SLIC’s individual new business APE grew by 57 percent in the first half of this financial year. In comparison, the personal life insurance industry has grown by 24 percent. Shriram Life has become the fastest growing insurance company in this sector.
In the first half of FY 2025, policy renewal premium grew 19 percent year-on-year to Rs 715 crore. Renewal premium was Rs 603 crore in the first half of FY 2024. In the first half of the financial year, premium income from new business from the retail sector grew by 57 percent to Rs 542 crore. It was Rs 344 crore in the same period of the previous fiscal.
SLIC, a joint venture of Shriram Group and Africa’s Sanlam Group, had assets under management of Rs 12,310 crore in the first half of FY25. This is an increase of 21 per cent. Assets under management were Rs 10,146 crore as on September 30, 2023 and Rs 11,282 crore as on March 31, 2024. The company reported a profit after tax (PAT) of Rs 50 crore in the first half of FY25. It was Rs 70 crore in the first half of FY24. The solvency ratio as on September 30, 2024 is 1.72.
SLIC sold 1.55 lakh individual policies in Q2 FY25, a 22 per cent growth in sales compared to Q1. The company had sold 1.27 lakh policies in Q1.
The company’s individual new business Annual Premium Equivalent (APE) grew 55 per cent year-on-year in Q2 FY25. Renewal premium grew 67 per cent to Rs 447 crore in Q2 FY25 from Rs 268 crore in Q1 FY24. Retail new business premium growth was around 55.66 per cent between Q1 and Q2. The new business premium amount grew from Rs 212 crore to Rs 330 crore. The insurer reported a profit after tax (PAT) of Rs 23 crore in Q2 FY25.
Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Our main focus is on expansion across states. The feet-on-the-street model has enabled us to reach more customers directly. Looking at the second half, we are committed to continue this expansion as well as reach more customers across all geographies. Our goal is to ensure that we provide accessible and relevant insurance options for all.”
“Our insurance plan size for non-single individual premium policies is around Rs 18,000. We are committed to providing more services to the underprivileged sections. By offering affordable premiums to customers, we ensure that life insurance is easily available to those who need it the most. Despite implementing this strategy, we have maintained profitability by focusing on sustainable growth and efficient operations.”
