Shriram Life Insurance has reported a profit after tax of ₹27 crore for the first quarter of this fiscal compared with ₹35 crore in the year-ago quarter.
The company’s total premium stood at ₹679 crore in this June quarter compared with ₹717 crore in the year-ago period, according to a statement.
The company emphasised that, at this stage, growth takes precedence, and it is focusing on building capacity. Although profits can’t be the primary focus for any insurance business, sustaining profitability remains essential, it added.
Its income from retail new business premium rose 57 per cent year-on-year to ₹212 crore in Q1 FY25.
The company ended the quarter on a strong note with a 60 per cent increase in retail annual premium equivalent (APE) to ₹198 crore in Q1 FY25, up from ₹124 crore in the same quarter last fiscal. However, group new business premium was down to ₹199 crore in Q1 FY25 from ₹354 crore in Q1 FY24.
The renewal premium – which includes both individual policies as well as group policies –was higher at ₹268 crore compared with ₹228 crore.
Rise in policies sold
Shriram Life sold 1.27 lakh individual policies in the June 2024 quarter, registering a 131 per cent rise from the same quarter in the year-ago period. It sold 55,339 policies in the same quarter last fiscal.
“Our focus has consistently been on serving the community, particularly the segments most in need of insurance. By offering affordable premiums and innovative solutions, we aim to address the needs of India’s underpenetrated insurance sector. The growth in individual policies and new business premiums demonstrates that our products and marketing strategies are resonating with consumers,” said Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance.
Its assets under management (AUM) in Q1 of this fiscal grew 22 per cent to ₹11,841 crore from ₹9,688 crore in the year-ago period.