Shriram Life Insurance Company net profit up to Rs 31 crore in Q3

Shriram Life Insurance Company (SLIC) on Thursday announced that it earned a net profit of Rs 31 crore for the third quarter of 2022-23, up sixteen fold from Rs 1.8 crore during the same time last financial year. This was mainly on account of a 10 per cent increase in writing new policies.

During the quarter, SLIC’s gross premium rose 12 per cent to Rs 665 crore up from Rs 592 crore last fiscal, while the number of individual policies written increased by 10 per cent. New business individual premium, a key barometer for performance, rose by 19 per cent year-on-year to Rs 167 crore, during the October-December 2022 period.

The company has received the approval for facial authentication for eKYC from UIDAI for new policies which will help onboard new customers with ease. Policyholders of Shriram Life can complete their KYC via OTP, facial recognition, biometric and iris identification. Shriram Life is currently the ninth-largest insurer in the country in terms of number of regular premium policies sold.

The results reflect the company’s clear strategy to expand deeper in the rural market, creating need-based customer solutions for the aam aadmi. Further, SLIC has a seamless claims management process with claims settlement as fast as within 12 hours even for customers in the remotest rural regions.

Casparus J H Kromhout, managing director and chief executive officer, Shriram Life Insurance said, “Shriram Life’s total new business for the nine months has grown 21 per cent vis-a-vis private industry growth at 18 per cent. By leveraging technology, we aim to expand in rural markets seamlessly. Our growth is testimony to the fact that a lot of the people in this segment have understood the need for cover in the face of crisis or as a safe investment option.”