Shriram Life Achieves Record Growth: Individual Policies Up 96%, Retail Premiums Up 57% in H1

National, November 14, 2024: Shriram Life Insurance Company (SLIC) sold 2.83 lakh individual policies in the first half of fiscal 2025, showing a 96% year-on-year increase. In H1 of FY24, 1.44 lakh policies were sold.

SLIC’s individual new business APE grew by 57% in the first half of this fiscal. In comparison, the private life insurance industry grew by 24%, positioning Shriram Life as one of the fastest-growing insurers in the sector.

Renewal premiums increased by 19% year-on-year in H1 of FY25, reaching ₹715 crore, up from ₹603 crore in H1 FY24.

For the first half of the fiscal, retail new business premium income rose 57% to ₹542 crore. It was ₹344 in the same period of last fiscal.

Jointly promoted by Shriram Group and Africa’s Sanlam Group, SLIC’s Assets Under Management as of H1FY25 was ₹12,310 crore, up 21% from Rs 10,146 crore as on September 30, 2023, and Rs 11,282 crore as on March 31, 2024. The insurer registered a profit after tax (PAT) of ₹50 crore in H1FY25. It was Rs 70 crore in H1FY24. The solvency ratio is 1.72 as of September 30, 2024.

Sequentially, SLIC sold 1.55 lakh individual policies in the second quarter of fiscal year 2025, a 22% increase from Q1, when 1.27 lakh policies were sold.

The company’s individual new business annualized premium equivalent (APE) grew 55% year-on-year increase in Q2 of FY25. Renewal premiums rose by 67%, reaching ₹447 crore in Q2 FY25, compared to ₹268 crore in Q1 of FY24. The retail new business premium growth from Q1 to Q2 was approximately 55.66%, increasing from ₹212 crore to ₹330 crore. The insurer registered a PAT of ₹23 crore in Q2FY25.

Casparus J.H. Kromhout, MD and CEO, 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.”

 “Our ticket size for non-single individual premium policies is about ₹18,000, as we are 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.