Shriram Life Insurance posts 23% decline in Q1 profit after tax.

Shriram Life Insurance Company reported a nearly 23% decrease in profit after tax (PAT) to Rs 27 crore in the quarter ended June 30, 2024, compared to Rs 35 crore in the same quarter last year. However, the new business premium in the individual segment increased by 57% to Rs 212 crore in Q1 FY25, up from Rs 135 crore in the previous year's quarter. The company also more than doubled its individual policies during the April-June quarter of FY25 to 1.3 lakh, compared to 55,339 policies in the same quarter last fiscal year.

In contrast, the group's new business premium declined by 43.8% to Rs 199 crore in the April-June quarter of FY25 from Rs 354 crore in Q1 FY24. As of Q1 FY25, its assets under management (AUM) stood at Rs 11,841 crore, representing a 22.2% increase from Rs 9,688 crore year over year.