HYDERABAD: Shriram Life Insurance announced an 88% increase in new business premium for retail and group policies in H1FY24 at Rs 860 crore compared to the year-ago period.
The company sold 1,42,914 individual policies in the H1 of the year, pushing the insurer to the seventh position in number of policies sold among private insurers in the country. It recorded a profit after tax (PAT) of Rs 70 crore for H1FY24.
For Q2FY24 alone, the insurer’s gross premium stood at Rs 745 crore. The company sold 87,575 policies in the July to September 2023 quarter.
The company’s Assets Under Management (AUM) up to September stood at Rs 10,146 crore, a rise of 25% Y-o-Y. Casparus J H Kromhout, MD-CEO, Shriram Life Insurance said, “With every quarter, we are intensifying our focus on rural families, reaching out to them with the right kind of solutions and easy-to-use technology.”