Shriram Life Insurance Reports Rs. 156 Crore Net Profit In FY23

Shriram Life Insurance Company Ltd. declared a net profit of Rs. 156 crore for the fiscal year that ended on March 31, 2023, as a result of an increase in individual non-single premiums. The Shriram Group and the South African-based financial services company Sanlam Ltd. jointly market Shriram Life Insurance Company Ltd. (SLIC).

A press release stated that SLIC offered life insurance with more than 53 lakh individual policies during the year, while the company sold close to 3 lakh policies in FY23, including to group businesses.

"Our growth has advanced thanks to the adoption of technology and innovation, enabling more rural policyholders 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.

The company reported that total premium for the fiscal year 2022-2023 was Rs. 2,546 crore as opposed to Rs. 2,350 crore in the preceding fiscal year.

As of FY 2022-23, there were Rs 9,012 crore in total assets under administration, up from Rs 7,683 crore in FY 2021-22, according to the business.

"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.