Shriram Life Insurance net profit jumps three-fold to Rs 106 crore in FY21

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New Delhi: Shriram Life Insurance Company on Friday reported a three-fold jump in profit after tax to Rs 106 crore for the fiscal year ended March 2021.

The company’s profit after tax has grown three times to Rs 106 crore in FY20-21, backed by technology adoption and an increase in rural penetration as the company continues to serve the community at large, Shriram Life Insurance Company (SLIC) said in a release. Its profit stood at Rs 35 crore in FY20.

Even during these unprecedented times, the company was able to grow its gross premium by 23%, crossing the milestone of Rs 2,000 crore, it added.

“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 deepest rural locations within the heartlands of India with approximately 47% of its new business from the rural segment,” it said. It further said 54% of the company’s claims came from the rural segment.

The effective and consistent focus on fundamentals also yielded strong results with the assets under management (AUM) growing at 30% to Rs 6,261 crore, said the private sector insurer. Income from investments more than doubled to cross Rs 500 crore, it 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,” said Casparus Kromhout, MD and CEO, Shriram Life Insurance.

Growth of 8% in the number of policies sold underlines this commitment, he added. SLIC is a joint-venture between South Africa’s Sanlam Group and India’s Shriram Group.