Shriram Life Insurance

Company uses various digital channels for agents and customers to access life insurance products and services

Shriram Life Insurance Company (SLIC) on Thursday posted a multi-fold jump in net profit at Rs 31 crore for the third quarter of FY'23. The company had earned a profit of Rs 1.8 crore in the same quarter a year ago, SLIC said in a statement. During the quarter, the company's gross premium rose 12 per cent to Rs 665 crore, while the number of individual policies written increased by 10 per cent. The company has received approval for facial authentication for eKYC from UIDAI for new policies, which will help onboard new customers with ease, it added. 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.

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

South-based Shriram Life Insurance Company (SLIC) on Wednesday reported a net profit of Rs 75 crore for the first half of the current financial year. It had posted a net loss of Rs 45.8 crore in the April-September period of the previous fiscal. Total new business of the insurer during April-September 2022-23 rose to Rs 457 crore as against Rs 372 crore in the same period of 2021-22, it said in a release. Gross premium in H1 FY23 increased to Rs 969 crore from Rs 850 crore earlier. The company's assets under management grew by 21 per cent to Rs 8,149 crore as of September 30, 2022. Casparus J H Kromhout, MD and CEO, Shriram Life Insurance, said the strategy to blend technology adoption with rural penetration has breathed new life into the company's 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 w

New Business Premium grew to 706 crore from Rs 512 crore