Shriram Life Declares Rs 201 Crore Bonus, Up 35% Yoy
June 10th 2024: Shriram Life Insurance has declared a bonus of Rs 201 crore, up 35% from Rs 149 crore YoY on the back of robust growth in premium income which was driven by diversification of sales during FY24. This bonus payout will benefit 3,86,000 policyholders who hold various participating plans of Shriram Life Insurance.
Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Our surge in new business premium income in FY24 was led by a combination of factors which includes new partners, technology upgrades, and focused sales. We believe this growth must be shared with our customers, who are the fulcrum of our growth story.”
“On the drive towards our purpose to provide financial solutions to our customers this is an important milestone; we have been able to contribute towards the financial goals of our customers and deliver on the trust placed in us,” he added.
As of March 31st 2024, Shriram Life sold around 4,46,730 policies compared to 2,90,156 policies in the year-ago period. It settled 58,800 claims in FY24; its claim settlement ratio stood at 98%. The company sources 41% of its business from the rural segment.
The company’s Assets Under Management (AUM) stands at Rs 11,282 crore, up 25% from Rs 9,012 crore in the previous fiscal. It recorded a Profit After Tax (PAT) of 158 crore for FY24.
Jointly promoted by financial services conglomerates Shriram Group and Africa’s Sanlam, Shriram Life Insurance focusses on the rural and middle-income segment through its affordable life insurance plans.
|
Year
|
Bonus Declared (Rs Crores)
|
|
Mar-24
|
201
|
|
Mar-23
|
149
|
|
Mar-22
|
119
|
|
Mar-21
|
110
|
|
Mar-20
|
94
|