HYDERABAD: Steered by robust sales and new partnerships, Shriram Life Insurance Company Ltd on Friday announced that it earneda profit after tax (PAT) ofRs 50 crore in its October to December 2023 quarter, a 43 per cent rise over its second quarter this fiscal.

The company’s premium from group business up to Q3FY24 more than doubled to Rs 693 crore from Rs 324 crore in the year-ago period. Shriram Life reported a PAT of Rs 31 crore for Q3FY23.

The insurer reported individual new business premium income of Rs 237 crore for its third quarter, elevating its total premium income toRs 842 crore in Q3FY24. Buoyed by diversification in sales and new corporate partnerships, Shriram Life Insurance has entered newer markets in northern, western, and north-eastern India.

Casparus J Kromhout, MD-CEO, Shriram Life Insurance said, “Our quarterly results reiterate our commitment to rural families by enabling them with comprehensive life cover that also doubles up as an investment solution. We are dedicated to bolstering customer care services in vernacular languages and across platforms so that we are at the top of industry best practises.”