Technology pushes Shriram Life Insurance profit to grow 3x in FY 20-21

By Leandra Monteiro

Private Insurer, Shriram Life Insurance Company’s profit after tax has grown 3 times to INR 1.06 billion in FY 20-21. This growth is backed by the company’s extension technology adoption. Also, an increase in the rural penetration in India has pushed its growth up.

In addition, effective and consistent focus on fundamentals also yielded strong results with the AUM growing at 30% to INR 62.61 billion. Income from Investments has excelled more than double to cross 5 billion.

During these unprecedented pandemic times, Shriram Life Insurance has been able to grow its gross premium by 23% crossing the milestone of 20 billion. This growth was supported by a 25% growth on total new business premium and 24% growth on retail renewals. The company continues to extend financial protection to customers residing even in the remotest rural locations within the heartlands of India with approximately 47% of its new business from the rural segment. Also, 54% of the company’s claims came in from the rural segment.

Mr. Casparus Kromhout, MD & CEO, Shriram Life Insurance said, “Shriram Life has been focused on serving the protection needs of the rural segment and lower income segments. These segments are most affected by the crisis due to the dual impact of the health emergency and loss of income. We remain committed in reaching our customer segment during this difficult time to ensure that financial protection is extended to more customers and that life cover continues for existing customers. The growth of 8% in number of policies sold underlines this commitment. Our complete focus has been on unhindered customer service especially for claims settlement.”