Shriram Life Insurance Company (SLIC), a private life insurer, on Friday said it recorded a 57 per cent increase in individual new business annualised premium equivalent (APE) for the first half ended September 30, 2024, at ₹506 crore (₹323 crore).
In the first half of this fiscal year, the life insurer sold 2.83 lakh individual policies, up 96 per cent from the 1.44 lakh policies sold in the same period last year.
The individual new business premium for the period under review grew 57 per cent to ₹542 crore (344 crore).
The total premium in the first half of this fiscal year stood at ₹1,631 crore (1,462 crore). In the September 2024 quarter, it stood at ₹952 crore (₹679 crore).
Casparus J.H. Kromhout, MD and CEO of Shriram Life Insurance said, “Our primary focus has been on expanding in focus states. The feet-on-the-street model has enabled us to reach more customers directly.
As we look ahead to H2, we are committed to continuing this expansion and reaching more customers across geographies. Our goal is to ensure that we provide accessible and relevant insurance options for everyone.”
SLIC’s ticket size for non-single individual premium policies is about ₹18,000, as the company is committed to catering to underserved segments. “By offering affordable premiums, we ensure that life insurance remains accessible to those who need it most. Despite this, we have maintained profitability by focusing on sustainable growth and efficient operations,” he added.
Jointly promoted by Shriram Group and Africa’s Sanlam Group, SLIC’s Assets Under Management as of H1FY25 stood at ₹12,310 crore, up 21 per cent from ₹ 10,146 crore as on September 30, 2023, and ₹11,282 crore as on March 31, 2024.
The private life insurer registered a profit after tax (PAT) of ₹50 crore in H1FY25. The PAT was ₹70 crore in H1FY24. The solvency ratio is 1.72 as of September 30, 2024.
Shriram Life Insurance Company offers term, endowment, ULIPs and annuities for the rural and urban middle-class. While the ticket size for non-single individual premium policies is about ₹18,000, the average ticket size for individual policies stands at around ₹21,000. The company has an in-force policyholder base of over 12 lakh.
