A three-fold increase in profit after tax to Rs 106 crore was declared by Shriram Life Insurance Company on Friday.

The company's profit after tax tripled to Rs 106 crore in FY20-21, driven by increased rural penetration and technological adoption, according to a press statement from Shriram Life Insurance Company (SLIC). In FY20, it made Rs 35 crore. Even in these unusual times, the company grew its gross premium by 23%, hitting the Rs 2,000 crore mark. "Total new business premium increased 25%, while retail renewals increased 24%."

"The company continues to give financial security to consumers residing even in the deepest rural places within the heartlands of India," it stated. Rural claims accounted for 54% of the company's claims. The private sector insurer claimed the effective and persistent focus on fundamentals resulted in a 30% increase in AUM to Rs 6,261 crore. Investment income rose to Rs 500 crore, it claimed.

"Shriram Life has concentrated on serving the rural and lower-income groups. "These categories are hardest hit by the crisis due to both health and financial issues," stated Casparus Kromhout, MD and CEO of Shriram Life Insurance. An 8% increase in policy sales demonstrates this commitment, he noted. SLIC is a joint venture between the Sanlam and Shriram Groups.