Stellar Start: Shriram Life Insurance’s Q1 PAT Soars to Rs 27 Cr, AUM Reaches Rs 11,841 Cr | Impressive Results
Shriram Life Insurance Company has achieved significant growth in the April-June 2024 quarter, reporting a profit after tax of Rs 27 crore. The firm’s total Assets Under Management (AUM) surged to Rs 11,841 crore, surpassing the Rs 10,000 crore milestone, up from Rs 9,688 crore in the same period last year. The company saw a notable 57% increase in income from retail new business premiums, reaching Rs 212 crore, and a 60% rise in retail annual premium equivalent (APE), which stood at Rs 198 crore compared to Rs 124 crore the previous year.
During this period, Shriram Life Insurance sold 127,000 individual policies, a remarkable 131% increase over the 55,339 policies sold in the comparable quarter of the previous year.
Commenting on the performance, Managing Director and CEO J H Kromhout attributed the success to the company’s focus on providing affordable premiums and innovative solutions, particularly targeting underpenetrated segments of India’s insurance market. He emphasized that the growth in individual policies and new business premiums indicates that their products and marketing strategies are effectively resonating with consumers.
This article was first published on August 13, 2024, at 2:32 PM IST.
Original Story https://www.business-standard.com/companies/results/shriram-life-insurances-q1-results-pat-at-rs-27-cr-aum-of-rs-11-841-cr-124081300771_1.html
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