Shriram Life Insurance serves predominantly the rural areas, Casparus J Kromhout, MD and CEO, Shriram Life Insurance said
MUMBAI, June 23 (The CONNECT) - Shriram Life Insurance, India’s leading life insurer in the middle-income segment, has declared a bonus of Rs 149 crore for FY23, its highest-ever. This is an increase of 25% on the previous year’s bonus declared. The bonus, issued on participating plans, will benefit 3.29 lakh individuals and their families.
The bonus comes on the back of record profits and robust growth in its individual non-single premiums. The company sold 2,90,156 policies in FY23.
Casparus J Kromhout, MD and CEO, Shriram Life Insurance said, “The increase in bonus reflects SLIC’s commitment to serve customers and to help them achieve their financial goals and security. This further reflects our strong fundamentals and products.”
“The company follows a very solution-driven approach that solves specific customer’s needs, viz., protection and savings. Considering the uniqueness of the rural customer segment that we predominantly operate in, this bonus declaration would have a positive impact on rural families,” he added.
Including group business, Shriram Life provided life cover to over 53 lakh new lives last year. Shriram Life sources 45% of its retail business from the rural sector.
The company’s Assets Under Management (AUM) crossed Rs 9,000 crore for the year ended 31st March 2023 at an increase of 17% compared to the previous year. The company also grew its individual non-single premium business by 24% for the same period.
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