Shriram Life Insurance has declared ₹201 crore bonus, a payout that will benefit 3.86 lakh policyholders who hold various participating plans of the insurer.
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Compared with the ₹149 crore for 2022-23, the bonus is 35% more and came on the back of robust growth in premium income that in turn was driven by diversification of sales during FY24, the company said on Monday.
A combination of factors, including new partners, technology upgrades and focused sales were behind a surge in the new business premium income in FY24. “We believe this growth must be shared with our customers, who are the fulcrum of our growth story,” said Casparus J.H. Kromhout, MD and CEO, Shriram.
The new business premium of the life insurer in FY24 increased 62% to ₹1,871 crore (₹1,152 crore). It sold 4,46,730 policies compared to 2,90,156 policies in the year-earlier period. The company reported profit after tax of ₹.158 crore.
A joint venture of Shriram Group and Africa’s Sanlam, Shriram Life Insurance focusses on rural and middle-income customer segment through its affordable life insurance plans. It sources 41% of its business from the rural segment.