Shriram Life Insurance Company (SLIC) posted a net profit of Rs 50 crore for the first half of the current fiscal, down from Rs 70 crore in the same period last year.
The company’s MD & CEO Casparus JH Kromhout attributed the dip in profit to increased spending on capacity expansion, which included branch network growth, talent acquisition, and technology investments aimed at driving future business growth.
SLIC, jointly promoted by Shriram Group and South Africa’s Sanlam Group, sold 2.83 lakh individual policies in the first half of the fiscal, nearly double the number sold in the same period last year.
Individual new business Annualized Premium Equivalent (APE), a key metric for assessing new policy growth, rose by 57% to Rs 506 crore in H1 FY25. Renewal premiums also grew to Rs 715 crore compared to Rs 603 crore in H1 FY24.
Casparus credited the premium growth to SLIC’s ongoing expansion into smaller towns and its affordable premium pricing strategy. “Our ticket size for non-single individual premium policies is about Rs 18,000, as we remain committed to serving underserved segments,” he noted.
SLIC’s total assets as of H1 FY25 stood at Rs 12,310 crore, up from Rs 10,146 crore as of September 30, 2023.