Shriram Life Insurance Company posts net profit of Rs 75 crore in H1FY23

South-based Shriram Life Insurance Company (SLIC) on Wednesday reported a net profit of Rs 75 crore for the first half of the current financial year.

It had posted a net loss of Rs 45.8 crore in the April-September period of the previous fiscal.

Total new business of the insurer during April-September 2022-23 rose to Rs 457 crore as against Rs 372 crore in the same period of 2021-22, it said in a release.

Gross premium in H1 FY23 increased to Rs 969 crore from Rs 850 crore earlier.

The company's assets under management grew by 21 per cent to Rs 8,149 crore as of September 30, 2022.

Casparus J H Kromhout, MD and CEO, Shriram Life Insurance, said the strategy to blend technology adoption with rural penetration has breathed new life into the company's commitment to cover India's economically vulnerable segments.

"We are now able to reach more customers across a bigger geography, provide value through relevant products and efficient customer service processes like claims settlement within 12 hours even for remotest locations," Kromhout said.