Chennai-based Shriram Group’s Assets Under Management (AUM) for the September quarter crossed the ₹2.55-lakh crore mark against ₹2.5 lakh crore in the previous quarter.
Shriram Finance’s AUM accounted for a whopping ₹2.03 lakh crore, a top executive of the financial conglomerate said. “The AUM soared by over 19.65%. Total income rose 15%, net profit by 13% and net interest income by 17%,” the executive added.
Shriram General Insurance recorded a 32% growth in Gross Written Premium (GWP) and manages assets worth ₹11,610 crore with more than 60 lakh live policies. “The solvency stood at 4.66, the highest in the industry and well above the statutory requirement of 1.5. For FY24, the company is focused on achieving 40% growth in GWP,” said its MD & CEO Anil Aggarwal.
Shriram Life Insurance division achieved 88% growth in writing new business premium and an AUM of ₹10,146 crore, a growth of 25%. MD & CEO Casparus JH Kromhout attributed the growth to purpose-driven approach, intensifying focus on rural families with tailored solutions, and user-friendly technology.
During the period, the group’s customer base increased to 29 million from 27 million, while marketing force rose to 1.6 lakh (1.5 lakh).
Published - December 12, 2023 08:54 pm IST
