Shriram Life records 23% biz growth for H1FY23

CHENNAI: Shriram Life Insurance Company (SLIC) on Wednesday said it has earned a net profit of Rs 75 crore for the first half of FY23.

Its total individual new business for H1 FY23 was Rs 264 cr compared to Rs 234 cr in H1 FY22.

The numbers reflect the insurer’s strategy to focus on technology adoption and rural penetration. Jointly promoted by Shriram Group and Sanlam, SLIC offers financial protection to the vulnerable sections of society through 423 branches across 23 states. It provides life coverage at an average ticket size of approx. Rs 19,000 – among the lowest in the private insurance segment.

Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Our strategy to blend technology adoption with rural penetration has breathed new life into our commitment to cover India’s economically vulnerable segments.

We are now able to reach more customers across a bigger geography, provide value through relevant products and efficient customer service processes like claims settlement within 12 hours even for remotest locations.”