Shriram Life Insurance Company (SLIC) on Friday said it has reported a net profit of Rs 50 crore during the first half of the current fiscal.
Branch expansion, fresh recruitment and investment in technology are being undertaken to expand business, he said.
Shriram Life Insurance Company (SLIC) on Friday said it has reported a net profit of Rs 50 crore during the first half of the current fiscal.
During the period, the insurance company, jointly promoted by Shriram Group and South Africa’s Sanlam Group, sold 2.83 lakh individual policies in the first half, nearly double what it sold during the same period a year ago.
The net profit of the company came down to Rs 50 crore from Rs 70 crore in the first half of the previous fiscal due to capacity expansion undertaken, Shriram Life Insurance Company MD and CEO Casparus JH Kromhout said.
Branch expansion, fresh recruitment and investment in technology are being undertaken to expand business, he said.
Presently, 50 per cent of the business comes from southern states, while remaining from other states.
The company has plans to expand its footprint in other states, he said.
Sharing other financial details, Kromhout said assets under management as of H1 FY25 was Rs 12,310 crore, up 21 per cent from Rs 10,146 crore as of September 30, 2023, and Rs 11,282 crore as of March 31, 2024.
The insurer's individual new business annualised premium equivalent grew by 57 per cent to Rs 506 crore against Rs 323 crore in the first half of the previous fiscal.
Renewal premiums increased by 19 per cent to Rs 715 crore from Rs 603 crore in H1 FY24.
The solvency ratio is 1.72 times as of September 30, 2024.
The insurer registered a profit after tax of Rs 23 crore in Q2FY25.
"As we look ahead to H2, we are committed to continuing this expansion and reaching more customers across geographies. Our goal is to ensure that we provide accessible and relevant insurance options for everyone.
"Our ticket size for non-single individual premium policies is about Rs 18,000, as we are committed to catering to underserved segments. By offering affordable premiums, we ensure that life insurance remains accessible to those who need it most," Kromhout said.
Despite this, the company has maintained profitability by focusing on sustainable growth and efficient operations, he added.