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Shriram Life Insurance Q1 FY’16 PAT up by 42 % at INR 17 Crores | ||||||||||||||||||||||||||||||||||||||||||||||
Mumbai, Maharashtra, India Shriram Life Insurance, the life insurance arm of Shriram Group announced its results for the first quarter ended June 30, 2015.
Highlights for FY16-Q1 ended 30th June, 2015:
Growth driven by strong retail distribution network, witnessed a steady 129% growth in Number of policies at 55,000 sold as on June 30, 2015, compared to 24,000 as on June 30, 2014. On Policy Count for Q1, Shriram Life is among the top 6 Private Life Insurers in the country.
Mr. Manoj Jain, CEO and Whole time director at SLIC, said, “This exponential increment in Policy count is attributable to expansion made in last couple of years; where we added more than 200 branches in Tier III and Tier IV cities of the country.” These expansion efforts are in line with Shriram group philosophy of Inclusive growth. SLIC shall continue taking life insurance to the section where it is needed the most – the ‘AAM AADMI”. SLIC reported a healthy profit after tax (PAT) which grew by 42% y-o-y % at INR 17 Cr as on June 30, 2015 as compared to INR 12 Cr as on June 30, 2014.
A sturdy growth in financial parameters was observed. Though, the average ticket size was recorded at INR 13,000 in contrast to industry at Rs 35,000. This reflects company’s focus on penetrating into rural and semi-urban segment of society. Performance Details for the first quarter ended June 30, 2015:
Commenting on results, Mrs. Akhila Srinivasan, Managing Director at SLIC said, “An exponential growth in recurring premium at INR 77 crores for the quarter ended June 30, 2015 against INR 26 Cr in the corresponding quarter of the previous year, showcases SLIC’s customer centricity to promote plans with flexible payment options.” Last quarter, SLIC won the prestigious MMA award for Management Excellence in Services Sector. SLIC also bagged Indian Insurance Award for Best Insurance Company for Non-Urban Coverage - Life Insurance. These awards are a testimony to Shriram Life’s quality and commitment towards customer centricity and professional excellence. About Shriram Life Insurance: Shriram Life Insurance Co. Ltd. (SLIC) commenced its operations in 2006, and the Company has already insured more than 1 Crore lives. The cumulative new business premium crossed INR 3600 Crores. We have been able to achieve these landmarks at modest operating expenses & in the process, as we are one of the few profit making private life insurance companies. In fact, Shriram Life Insurance is the only private life insurer to have made profits in the very first year of operations and for the first three consecutive years of operations. SLIC has also declared bonus for policy holders in line with IRDA guidelines without additional infusion of capital. Shriram Life Insurance offers a bouquet of products in both the individual and group lines which include Traditional Plans, ULIPs, Single and Regular Premium Products, Group Term Plan, Group Gratuity, EDLI and Micro Insurance plans. Shriram’s forte has been lending / supporting to SME segment and has played a catalytic role in the overall development of society. SLIC hopes to take this forward through group plans aimed at SME segment. |
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Media Contact Details
Abhishek Chawande
Adfactors PR 09664516774 / 09833552171/ 09820531932 |
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