Renewal premium across individual and group business rose by 18.4 per cent year-on-year, reaching ₹1,939 crore in FY25 from ₹1,637 crore in FY24
Shriram Life Insurance Company reported a 46.3 per cent year-on-year growth in Individual New Business Premium, at ₹1,372 crore in FY 25 from ₹938 crore in FY24.
The Individual New Business APE (Annualised Premium Equivalent) rose to ₹1,289 crore in FY25, reflecting a y-o-y growth of 45.3 per cent over ₹887 crore in FY24. “This growth notably outpaced the private industry’s 15 per cent increase, positioning it among the fastest-growing life insurers in the country,” the company said in a release.
Renewal premium surges
Renewal premium across individual and group business rose by 18.4 per cent year-on-year, reaching ₹1,939 crore in FY25 from ₹1,637 crore in FY24.
For the full fiscal year ending March 2025, total premium rose by 20.2 per cent to ₹4,216 crore in FY25, up from ₹3,508 crore in the previous year. SLIC’s Assets Under Management (AUM) rose to ₹13,207 in FY25 from ₹11,282 crore in FY24, marking a 17 per cent y-o-y increase.
The number of individual policies sold grew by 21.1 per cent in FY25, rising from 4,46,730 in FY24 to 5,41,048.
For the fourth quarter of FY25, individual new business premium grew 42 per cent to ₹507 crore compared to ₹357 crore. Individual New Business APE rose 40.5 per cent y-o-y to ₹482 crore from ₹343 crore in Q4. Renewal premium for individual and group business grew 20 per cent to ₹730 crore from ₹608 crore in the quarter.
“Shriram Life Insurance has moved into a high-growth orbit, and we’re seeing continuous and sustainable momentum across all key areas. The visibility for long-term growth is strong, supported by our unwavering commitment to serving the needs of our customers,’‘ Casparus JH Kromhout, MD and CEO, said.
“We are not just expanding in numbers, but also in relevance—reaching families from the segments of the society that have traditionally been left out of the insurance fold. As we scale further, we remain committed to inclusive growth and long-term value creation,” he added.
During FY25, the company settled 61,600 claims in both individual and group policies compared with 58,800 claims last fiscal. The company’s individual claim settlement ratio for FY25 was 98.31 per cent with 93 per cent of all non-investigated claims settled within 12 hours of the last document received. The solvency ratio for FY25 stands at 1.79.
Published on May 19, 2025