Shriram Life Insurance reported revenue after tax for the quarter ended June declined greater than 10% to ₹35.4 crore from ₹39.6 crore within the year-earlier interval at the same time as complete premium surged virtually 82% to ₹717 crore (₹394 crore).
New enterprise premium, which incorporates each particular person in addition to group insurance policies, stood at ₹488 crore (₹207 crore). Assets underneath administration (AUM) at ₹9,688 crore (₹7,866 crore) was a rise of 23%. During the quarter, the insurer bought 56,493 insurance policies as towards 58,436 within the corresponding interval of earlier fiscal.
For group premiums, the brand new enterprise totalled ₹354 crore (₹93 crore). Individual enterprise at ₹134 crore was a rise of 18% whereas the business progress was 8%. Growing particular person new enterprise can be a key focus in present fiscal with the corporate anticipating to develop by 20-25% on this phase, Shriram Life Insurance mentioned in a launch.
“We are focused on reaching more customers and exploring newer markets to increase insurance penetration in the rural and middle-income segment,” MD and CEO Casparus J. Kromhout mentioned.
