Shriram Life insurance logs Rs. 35 crore net profit in Q1

Shriram Life Insurance has reported a 12 per cent dip in profit after tax at Rs. 35.4 crore for the quarter ended June 30, 2023, compared to Rs. 39.6 crore in the year-ago quarter.

The company’s total premium surged 82 per cent to Rs. 717 crore in Q1 of this fiscal, compared to Rs. 392 crore in Q1 of FY23, driven by group premium, which accounted for more than half of the total premium.

Its new business premium, which includes both individual policies as well as group policies, stood at Rs. 488 crore, up from Rs. 207 crore in the year-ago period. In group premiums, new business grew to Rs. 354 crore from Rs. 93 crore, according to a statement.

Growing individual new business would be a key focus area for the current fiscal with the company expecting to grow by 20-25 per cent in this segment.

“We are focused on reaching more customers and exploring newer markets to increase insurance penetration in the rural and middle-income segment,” said Casparus J Kromhout, MD & CEO, Shriram Life Insurance.