Shriram Life Insurance Company sold 127,000 individual policies in the April-June quarter of 2024, up 131 percent | Photo: Twitter
Shriram Life Insurance Company Ltd reported a profit after tax of Rs 27 crore for the April-June quarter of 2024, the company said.
Shriram Life Insurance Company, jointly promoted by diversified conglomerate Shriram Group and South Africa-based Sanlam Group, has crossed the Rs 10,000 crore mark in total assets under management (AUM) to clock Rs 11,841 crore during the quarter under review.
The company had recorded assets under management of Rs 9,688 crore during the corresponding quarter last year.
In a statement on Tuesday, the company said revenue from new retail business grew 57 per cent year-on-year to Rs 212 crore, while retail annual premium equivalent (APE) for the quarter grew to Rs 198 crore compared to Rs 124 crore recorded during the corresponding quarter last year.
Shriram Life Insurance Company sold 127,000 individual policies in the April-June quarter of 2024, up 131 per cent over the same quarter last year, by selling 55,339 policies.
Commenting on the performance, the company’s MD & CEO JH Kromhout said, “Our focus has always been on serving the community, especially the segments that need insurance the most. By offering affordable premiums and innovative solutions that ensure easy access, we have aimed to address the needs of India’s underpenetrated insurance sector.”
“This growth in individual policies and new commercial premiums clearly demonstrates that our products and marketing strategies are being well received by consumers, which validates our focus and commitment to expanding our market reach,” he said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 13, 2024 | 14:32 IS
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