Shriram Life Q3 profit grows multi-fold to Rs 31 crore

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.

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.