Shriram Life Insurance posts Rs. 156 crore net in FY23

Shriram Life Insurance posted a profit after tax (PAT) at Rs 156 crore in FY-23 on the back of growth in individual non-single premiums.

A year ago, the company reported Rs 3 crore PAT in the financial year 2021-22 due to the impact of pandemic.

A statement here said, it posted a retail Annualized Premium Equivalent (APE) growth 24% YoY. APE is the sum of annualized first year regular premiums and 10% weighted single premiums and single premium top-ups.

The company, promoted by Shriram Group and South Africa’s Sanlam Group, sold 2,90,156 policies in FY23, which saw a 9% increase in renewal premium to Rs 1,394 crore alongside a 17 per cent rise in asset under management (AUM) at Rs 9,012 crore. In FY-22, the AUM stood at Rs 7,683 crore.

Claims settlement for individual policies was at 97.4%, with over 91% of its non-investigated claims (claims arising after three years of policy inception) settled through the rapid claims settlement process that includes claim settlement within 12 hours, the statement added. Approximately 48% of Shriram Life’s retail claims were from the rural segment.