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×

shriram life insurance company Limited

251.00
+ 0.40 %
Scrip Name
Shriram Life
ISIN No.
INE227H01016
PAN No.
AACCK8280B
Face Value
10
No. of Outstanding Shares
179,375,000
Market Capitalization
4,502.31 Crore

ABOUT SHRIRAM LIFE INSURANCE COMPANY LIMITED UNLISTED SHARES

SHRIRAM LIFE INSURANCE COMPANY LIMITED is a subsidiary company of Shriram Group. Shriram Group was established in 1974. It is one of the leading corporate houses in India and is major player in Indian financial services sector. Shriram group focuses more on common people rather than on institutional clients. Shriram group consist a diversified portfolio of financial services including Commercial Vehicle Financing, Retail Financing, Enterprise Financing to small business, Housing Finance, Equipment Financing, Life Insurance, General Insurance, Retail Stock Broking, Distribution of Financial Products and Wealth Advisory Services. In 2005, Shriram Life Insurance Company Limited was established. It offers wide range of insurances distributed in 3 main segments, Online Plans, Individual Plans and Group Plans.

Shriram Life Insurance Company Limited has entered into partnership with “Sanlam”, a leading financial services group and one of the largest insurers in South Africa, in life and non-life insurance ventures.

Shriram Life Insurance Company Limited has shown strong growth pattern and track records, which have attracted a large number of private equity funds and partners.

Shriram Life Insurance Limited has a network of 529 branches and advisor force of 4436 people.

 INCORPORATION DETAILS

CIN

U66010TG2005PLC045616

Registration Date

15 March 2005

Category / Sub-Category of the Company

Company Limited by Shares

Address of the Registered office and contact details

Plot No 31 & 32, 5th Floor, Ramky Selenium,

Beside Andhra Bank Training Centre, Financial

District, Gachibowli, Hyderabad-500032.

Phone: +91 40 23009400

Name, Address and Contact details of Registrar and Transfer Agent, if any

Integrated Enterprises (India) Limited

5A ,5th floor,Kences Towers,1 Ramakrishna

Street, North Usman Road,T.Nagar,

Chennai-600017

 

BOARD OF DIRECTORS

Mr. T S Krishnamurthy (Chairman)

Mr. Casparus Jacobus Hendrik Kromhout (Managing Director & CEO)

Mrs. Akhila Srinivasan (Managing Director)

Mr. Manoj Kumar Jain (Managing Director)

Mr. S Lakshminarayanan (Director)

Mr. Stephanus Philipus Mostert (Director)

Mr. Gaurav Trehan (Director)

Mr. R S Krishnan (Director)

Mr. Duruvasan Ramachandra (Director)

Mr. Daniel Hermanus Gryffenberg (Director)

Mr. Umesh Govind Revanker (Director)

 

 PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services

NIC Code of the product/service

% to the total turnover of the Company

Insurance (Life)

6511

100%

 

SHAREHOLDING PATTERN As on 31-03-2020

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

1

R. Thyagarajan

1

0.00

2

Shriram Capital Limited

13,37,43,744

74.56

3

Sanlam EmergingMarkets (Mauritius)Limited

4,12,56,250

23

4

Public Shareholding

43,75,005

2.44

 

Total

17,93,75,000

100.00

 INDUSTRY OUTLOOK

After liberalization, Indian Insurance industry has recorded a significant growth. Gross premium collected by life insurance companies in India reached Rs. 7.31 trillion in FY 2020. And premium from new business of life insurance companies in India increased to Rs. 2.13 trillion in FY 2020.

In India, there are 24 life insurance, 33 non-life insurance and 2 reinsurance companies. Private companies hold a major market share of 56% in non-life insurance market as on 31st March 2020. However, in Life insurance segment private players had a market share of 31.3% in new business in FY2020.

On July 09, 2020, Union Cabinet approved capital infusion of Rs. 12,450 crores, including Rs. 2,500 crores infused in FY20, in three public sector general insurance companies - Oriental Insurance Company Limited, National Insurance Company Limited (NICL) and United India Insurance Company Limited.

Life insurance companiesregistered growth of 14% on year-on-year basis in individual annualised premium equivalent (APE) in October 2020, compared with 4% growth in September 2020.

In October 2020, health insurance witnessed an increase in premiums at Rs. 4,074.8 crore, registering 6% growth on year-on-year basis. Retail health also witnessed a 30% increase in premiums to Rs. 1,982.6 crore.

Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re).

Before Covid 19 Pandemic, India’s individual health insurance penetration was only around 3%. But COVID 19 helped health insurance to become a priority of the individual. The demand of these policies began uprising in the end of April 2020. Due to the urgency of COVID 19, health insurance policies were able to satisfy the immediate need of consumers. In July 2020, health insurance premiums accounted for 32.7% of the General Insurance market.

Finance Minister Nirmala Sitharaman in the Union Budget for 2021-22, proposed to liberalize foreign direct investment (FDI) in Indian insurance companies to 74% from the existing 49%.

The scope of IoT in Indian insurance market continues to go beyond telematics and customer risk assessment. Currently, there are 110+ Insur-Tech start-ups operating in India. 

 

PROFIT & LOSS STATEMENT OF SHRIRAM LIFE INSURANCE COMPANY LIMITED (In Rs. Crores)

Particulars

2021

2020

2019

2018

Premium Income: (Rs. in Crores)

       

New Business Premium

880

700

813

810

Renewal Premium

1,138

1,029

886

687

TOTAL PREMIUM INCOME

2,018

1,729

1,699

1,497

Sum Assured in force (Rs. in Crores)

1,22,866

1,05,770

1,06,456

96,070

Funds under Management (including Share holders’ Funds) (Rs. in Crores)

6,261

4,801

4,196

3,544

Expense ratio %

30%

36%

31%

34%

Profit Before Tax (Rs. in Crores)

111

26

55

93

Profit After Tax (Rs. in Crores)

106

35

63

88

 

BALANCE SHEET OF SHRIRAM LIFE INSURANCE COMPANY LIMITED (In Rs. Crores)

Particulars

2021

2020

2019

SOURCES OF FUNDS

     

SHAREHOLDERS’ FUNDS:

     

Share Capital

176.39

175.73

175.31

Reserves and Surplus

548.63

471.46

446.82

Credit/(Debit)/ Fair Value Change Account

29.04

(33.47)

15.37

SUBTOTAL

754.05

613.72

637.49

Borrowings

-

-

-

Deferred Tax Liability

-

-

-

POLICYHOLDERS’ FUNDS:

     

Credit/(Debit)/ Fair Value Change Account

44.50

(45.88)

14.19

Policy Liabilities

5,298.24

4,119.66

3,269.54

Insurance Reserves

-

   

Provision for Linked Liabilities

480.08

413.91

515.54

Funds for discontinued policies

     

(i) Discontinued on account of non-payment of premium

20.16

19.45

13.86

(ii) Others

-

-

-

Sub Total

5,842.98

4,507.15

3,813.13

FUNDS FOR FUTURE APPROPRIATIONS

34.71

31.27

8.16

TOTAL

6,631.74

5,152.14

4,458.78

APPLICATION OF FUNDS

     

INVESTMENTS

     

Shareholders’

634.77

536.00

563.46

Policyholders’

51.27

3,831.61

3,096.59

Assets Held to Cover Linked Liabilities

500.24

433.37

529.40

Loans

63.03

43.15

22.34

Fixed Assets

65.18

68.54

64.09

Current Assets

-

   

Cash and Bank balances

196.01

115.25

146.47

Advances and Other Assets

369.10

358.16

292.22

TOTAL CURRENT ASSETS

565.11

473.41

438.69

Current Liabilities

264.43

210.36

238.25

Provisions

58.46

23.57

17.54

TOTAL CURRENT LIABILITIES

322.89

233.93

255.78

NET CURRENT ASSET (C) = (A-B)

242.22

239.48

182.91

Miscellaneous Expenditure

-

-

-

Debit Balance In Profit & Loss Account (Shareholder's Account)

-

-

-

Deficit in the Revenue Account (Policyholders’ A/c)

-

-

-

TOTAL

6,631.74

5,152.14

4,458.78

DIVIDEND HISTORY

PARTICULARS

2021

2020

2019

2018

Dividend (In Rs.)

1.67

0.52

1

0.93

PERFORMANCE OF THE COMPANY

Number of new policies (including Group) added in FY 2021 was 2,95,985, 7.73% increased, as compared to 2,74,750 number of new policies added in FY 2020.

The total premium income of the company for FY 2021 was Rs. 2,018 Crores.  It increased by 16.71% from Rs. 1,729 Crores in FY 2020.

The results in the Non Linked business for FY 2021was a surplus of Rs. 84.47Crores after tax, FY 2020surplus was of Rs. 104.94 Crores. Decreased by 19.5%

The result in the linked business for FY 2021 was a surplus of Rs.10.78 Crores. In FY 2020 there was a surplus of Rs. 6.56 Crores. Increased by 64.33%.

The Profit & Loss Account (Shareholder’s account) for FY 2021 showed a profit of Rs. 106.19 Crores after tax which includes a transfer from the Policyholder’s Account of Rs. 79.60 Crores. For FY 2020 the profit was Rs. 35.30 Crores after a transfer of Rs. 88.57 Crores from the Policyholder’s Account. Profit increased by 200.82%.

On Individual APE (Annualized Premium Equivalent), the Company grew from Rs. 453 Crores in FY 2020 to Rs. 513 Crores in FY 2021, a growth of 13%, as compared to 8% growth for Private Industry & 3% de-growth for LIC.

The company has given dividends each year from FY 2018 to FY 2021. However, the dividend per share for FY 2021 was Rs.1.67, less than the dividend per share of Rs. 0.52 for FY 202c

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