Hyderabad, Aug 13 (UNI) Shriram Life Insurance Company sold 1.27 lakh individual policies in the April to June quarter of fiscal year 2025, registering a 131 percent rise from the same quarter in the year-ago period.

It sold 55,339 policies in the same quarter last fiscal, the insurance company said in a release here on Tuesday.

SLIC’s market share for regular pay retail polices—its segment focus—rose to 7.3

percent in Q1FY25 against 5.1 percent in FY24 and 3.6 percent in FY23.

Its income from retail new business premiums rose 57 percent year-on-year to Rs212 crore in Q1FY25.

The company ended the quarter on a strong note with a 60 percent increase in retail annual premium equivalent (APE) to Rs198 crore in Q1FY25, up from Rs124 crore in the same quarter last fiscal.

However, group's new business premium was down to Rs199 crore in Q1FY25 from Rs354 crore in Q1FY24.

The insurer registered a profit after tax (PAT) of Rs27 crore in Q1FY25. The solvency ratio is 1.99 as of June 30, 2024.

Casparus J.H. Kromhout, MD & CEO, Shriram Life Insurance, said, “By offering affordable premiums and innovative solutions that ensure easy access, we've aimed to address the needs of India's underpenetrated insurance sector. This growth in individual policies and new business premium demonstrates that our products and marketing strategies are resonating well with consumers, validating our approach and commitment to expanding our reach in the market.”

“Additionally, we’re focused on creating technologically innovative solutions for the rural market. This, we believe, will help in our purpose to insure even the under represented sections of society,” Kromhout added.

UNI KNR BD