Shriram Life Insurance Co (SLIC) reported net profit for the first half of FY25 contracted to ₹50 crore from ₹70 crore a year ago.
SLIC sold 2.83 lakh individual policies, which was an increase of 96%, the private insurer said in a statement.
The individual new business annualised premium equivalent (APE) grew by 57% against industry growth of 24%, positioning Shriram Life as one of the fastest-growing insurers in the sector, the company said.
Renewal premiums increased by 19% reaching ₹715 crore, while retail new business premium income rose 57% to ₹542 crore.
Assets under management climbed to ₹12,310 crore from ₹10,146 crore and it reported solvency ratio of 1.72.
“As we look ahead to H2, we are committed to continuing the expansion and reaching more customers across geographies. Our goal is to ensure that we provide accessible and relevant insurance options for everyone,” said MD & CEO Casparus J.H. Kromhout.
Published – November 09, 2024 09:59 pm IST
