Shriram Life Insurance focused on exploring newer markets, customers: MD&CEO

Shriram Life Insurance sold 56,493 policies during the quarter ended June 30, 2023.

Shriram Life Insurance is focused on exploring newer markets and reaching out to more customers, a top official said on Friday.

The company, jointly promoted by diversified conglomerate Shriram Group and Sanlam Group, South Africa reported a profit after tax of Rs 35.4 crore for the quarter ending June 30, 2023. The company reported assets under management (AUM) of Rs 9,688 crore during the quarter under review, up from Rs 7,866 crore in the corresponding period of last year.

"We are focused on reaching more customers and exploring newer markets to increase insurance penetration in the rural and middle-income segment,” company MD and CEO Casparus J Kromhout said. Shriram Life Insurance sold 56,493 policies during the quarter ended June 30, 2023.

"Our focus would be to ensure that the right solutions reach our customers so that their objectives are met. We are looking at being a solutions partner than having customers buy insurance policies on impulse,” he said. Growing individual new business would be a key focus area for the current financial year with the company expecting to grow at 20-25 per cent in this segment, the company said.

The new business premium — includes both individual and group policies which stood at Rs 488 crore during the quarter under review and is up from Rs 207 crore recorded a year ago. For group premiums, the new business stood at Rs 354 crore during the quarter ended June 30, 2023, from Rs 93 crore registered same period of last fiscal. Commemorating the Shriram Group’s 50th year of operations, the company unveiled a Golden Jubilee plan this financial year. The plan allows policyholders to cover their life or a specified period enabling them to achieve their goals with flexibility, the company said.