Private insurer Shriram Life Insurance reported a three fold increase in its net profit to ₹106 crore in 2020-21.
Gross premium increased by 23 per cent to ₹2,019 crore last fiscal while the number of policies increased by eight per cent to 2,95,838.
“This growth was supported by a 25 per cent growth on total new business premium and 24 per cent growth on retail renewals,” it said in a statement on Friday, adding that approximately 47 per cent of its new business came from the rural segment.
As much as 54 per cent of the insurer’s claims came in from the rural segment. Income from investments more than doubled to ₹541 crore in 2020-21.
Casparus Kromhout, MD and CEO, Shriram Life Insurance said, “Shriram Life has been focused on serving the protection needs of the rural segment and lower income segments. These segments are most affected by the crisis due to the dual impact of the health emergency and loss of income. We remain committed in reaching our customer segment during this difficult time to ensure that financial protection is extended to more customers and that life cover continues for existing customers.”