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Shriram Life Insurance Annual Reports, Balance Sheet and Financials

Shriram Life Insurance Company Limited (Shriram Life) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
Shriram Life Insurance Company Limited

Shriram Life Insurance Company Limited Balance Sheet (Rs in Thousands)

Particulars

31-03-2024

31-03-2023

SOURCES OF FUNDS

 

 

SHAREHOLDERS ' FUNDS:

 

 

Share Capital

17,91,713

17,78,479

Reserves and Surplus

70,20,211

61,10,890

Credit/(Debit)/ Fair Value Change Account

2,28,122

77,779

POLICYHOLDERS ' FUNDS:

 

 

Credit/(Debit)/ Fair Value Change Account

16,96,000

2,86,596

Policy Liabilities

10,09,15,281

8,17,25,806

Provision for Linked Liabilities

49,09,992

40,68,002

Discontinued on account of non-payment of premium

2,95,103

2,20,263

FUNDS FOR FUTURE APPROPRIATIONS

16,60,340

6,27,265

TOTAL

11,85,16,762

9,48,95,080

APPLICATION OF FUNDS

 

 

Shareholders '

81,78,444

72,98,454

Policyholders '

9,94,37,033

7,85,31,170

Assets Held to Cover Linked Liabilities

52,05,096

42,88,265

Loans

20,20,066

14,61,689

Fixed Assets

5,08,749

4,92,479

Current Assets

 

 

Cash and Bank balances

30,46,380

22,41,216

Advances and Other Assets

49,37,062

42,44,565

Current Liabilities

38,86,977

30,75,997

Provisions

9,29,091

5,86,761

NET CURRENT ASSET

31,67,374

28,23,023

TOTAL

11,85,16,762

9,48,95,080

Shriram Life Insurance Company Limited Profit & Loss Statement (Rs in Thousands)

Particulars

31-03-2024

31-03-2023

Amounts transferred from the Policyholders Account (Technical Account)

11,04,581

11,50,802

Income From Investments

 

 

Interest, Dividends & Rent - Gross

4,75,461

4,24,465

Profit on sale / redemption of investments

73,393

82,355

(Loss on sale / redemption of investments)

-203

-25,664

Amortisation of (premium)/discount on investments

18,452

17,259

Other Income

16,618

25,119

TOTAL INCOME

16,88,302

16,74,336

Expenses other than those directly related to the insurance business

2,457

7,770

Contribution from Shareholders ' a/c towards excess over allowed expenses under Expenses of Management Regulations

1,139

-

CSR Expenses

18,560

9,950

Written Off Transfer to Policyholders ' fund

5,497

23,024

TOTAL EXPENSES

27,653

40,744

Profit / (Loss) before Tax Provision for Taxation

16,60,649

16,33,592

Current Tax

81,055

73,647

Profit / (Loss) after Tax

15,79,594

15,59,945

Appropriations

 

 

Balance at the beginning of the Year

60,71,019

50,49,199

Interim dividend paid during the year

1,50,675

5,38,125

Final dividend for FY 2022-23

5,38,125

-

PROFIT/(LOSS) CARRIED FORWARD TO BALANCE SHEET

69,61,813

60,71,019

Shriram Life Insurance Company Limited Consolidated Cash Flow Statement (Rs in Thousands)

Particulars

31-03-2024

31-03-2023

Cash Flow from operating activities

 

 

Premium received from policyholders, including advance receipts

3,50,69,810

2540 37 87

Other receipts

 

 

Proposal Deposits

401

-5626

Policy Deposits

1,40,974

-454217

Linked Income

1,00,469

95875

Misc. Income

7,94,264

425431

Payments to the re-insurers, net of commissions and claims/ Benefits

-56,861

-85163

Payments of claims/benefits

-94,97,343

-7564808

Payments of commission and brokerage  

-37,07,729

-1407037

Payments of other operating expenses

-69,89,023

-5600647

Deposits, advances and staff loans

4,39,122

-959240

Income taxes paid (Net)

-4,88,004

-259377

GST paid

-84,650

-46494

Loans against policies

-5,58,377

-387382

Net cash flow from operating activities

1,51,63,053

9155102

Cash flows from investing activities

 

 

Purchase of fixed assets (including CWIP)

-1,93,187

-1,42,317

Sale of fixed assets & Transfer to fixed assets

42,729

29,613

Purchases of investments

-2,59,10,088

-1,66,68,401

Investment Income

60,81,290

50,10,775

Sales of investments

62,78,404

32,19,590

Net cash flow from investing activities

-1,37,00,852

-85,50,740

Cash flows from financing activities:

 

 

Proceeds from issuance of share capital

31,762

4,664

Interest/dividends paid

-6,88,800

-5,38,125

Net cash flow from financing activities

-6,57,038

-5,33,461

Net increase in cash and cash equivalents

8,05,163

70,902

Cash and cash equivalents at the beginning of the year

2241216

2170314

Cash and cash equivalents at the end of the year

30,46,379

22,41,216

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities

Premium Received from Policyholders:

2024: ₹3,50,69,810 thousand

2023: ₹2,540,37,870 thousand

This represents the cash inflows from policyholders, including advance receipts. The substantial increase indicates a significant growth in the business and new policies written.

Other Receipts:

Proposal Deposits:

2024: ₹401 thousand

2023: ₹-5,626 thousand

Proposal deposits reflect initial deposits made by policyholders. A positive figure in 2024 indicates an inflow, compared to an outflow in 2023.

Policy Deposits:

2024: ₹1,40,974 thousand

2023: ₹-4,54,217 thousand

Policy deposits are additional funds deposited by policyholders. There is a significant inflow in 2024 compared to an outflow in 2023.

Linked Income:

2024: ₹1,00,469 thousand

2023: ₹95,875 thousand

Linked income relates to income from linked insurance products, showing a slight increase.

Miscellaneous Income:

2024: ₹7,94,264 thousand

2023: ₹4,25,431 thousand

This includes various other income sources and has seen a notable increase.

Payments:

To Re-insurers:

2024: ₹-56,861 thousand

2023: ₹-85,163 thousand

Payments to re-insurers, net of commissions and claims/benefits, decreased, indicating lower re-insurance costs.

Claims/Benefits:

2024: ₹-94,97,343 thousand

2023: ₹-75,64,808 thousand

Payments for claims and benefits increased, reflecting higher policy payouts.

Commission and Brokerage:

2024: ₹-37,07,729 thousand

2023: ₹-14,07,037 thousand

Payments for commissions and brokerage saw a substantial increase, possibly due to higher sales volume.

Operating Expenses:

2024: ₹-69,89,023 thousand

2023: ₹-56,00,647 thousand

Other operating expenses increased, indicating higher operational costs.

Deposits, Advances, and Staff Loans:

2024: ₹4,39,122 thousand

2023: ₹-9,59,240 thousand

There was an inflow in 2024, contrasting with an outflow in 2023, indicating a reduction in such advances.

Income Taxes Paid:

2024: ₹-4,88,004 thousand

2023: ₹-2,59,377 thousand

Increase in income taxes paid, reflecting higher taxable income.

GST Paid:

2024: ₹-84,650 thousand

2023: ₹-46,494 thousand

GST payments increased, indicating higher taxable transactions.

Loans Against Policies:

2024: ₹-5,58,377 thousand

2023: ₹-3,87,382 thousand

Increase in loans against policies, indicating higher borrowing against policies.

Net Cash Flow from Operating Activities:

2024: ₹1,51,63,053 thousand

2023: ₹91,55,102 thousand

Significant increase in net cash inflows, reflecting overall growth and improved operational efficiency.

Cash Flows from Investing Activities

Purchase of Fixed Assets:

2024: ₹-1,93,187 thousand

2023: ₹-1,42,317 thousand

Increased investment in fixed assets, indicating expansion.

Sale of Fixed Assets:

2024: ₹42,729 thousand

2023: ₹29,613 thousand

Increased proceeds from the sale of fixed assets.

Purchases of Investments:

2024: ₹-2,59,10,088 thousand

2023: ₹-1,66,68,401 thousand

Significant increase in investment purchases, indicating a higher allocation of funds into investments.

Investment Income:

2024: ₹60,81,290 thousand

2023: ₹50,10,775 thousand

Increase in income from investments, reflecting higher returns.

Sales of Investments:

2024: ₹62,78,404 thousand

2023: ₹32,19,590 thousand

Increase in proceeds from the sale of investments.

Net Cash Flow from Investing Activities:

2024: ₹-1,37,00,852 thousand

2023: ₹-85,50,740 thousand

Higher net outflow, indicating increased investment activities.

Cash Flows from Financing Activities

Proceeds from Issuance of Share Capital:

2024: ₹31,762 thousand

2023: ₹4,664 thousand

Increase in proceeds from issuing share capital.

Interest/Dividends Paid:

2024: ₹-6,88,800 thousand

2023: ₹-5,38,125 thousand

Increase in interest and dividends paid, reflecting higher financing costs.

Net Cash Flow from Financing Activities:

2024: ₹-6,57,038 thousand

2023: ₹-5,33,461 thousand

Increased net outflow, indicating higher financing expenses.

Net Increase in Cash and Cash Equivalents

2024: ₹8,05,163 thousand

2023: ₹70,902 thousand

Significant increase in net cash inflow, indicating improved cash management.

Cash and Cash Equivalents at Year-End:

2024: ₹30,46,379 thousand

2023: ₹22,41,216 thousand

Higher ending balance, reflecting overall positive cash flow.

Components of Cash and Cash Equivalents

Cash on Hand: Minimal change, indicating stable cash reserves.

Balances with Banks:

In Current Accounts: Increased, indicating more readily accessible funds.

In Deposit Accounts Free of Lien: Increased, reflecting higher secured deposits.

Financial Ratios of Shriram Life Insurance Company Limited

Particulars

2024

2023

Net Retention Ratio

99.80%

99.70%

Expense of Management to Gross Direct Premium Ratio

31.60%

28.60%

Commission Ratio (Gross commission paid to Gross Premium)

11.00%

5.90%

Ratio of policy holder 's liabilities to shareholder 's funds

1211.00%

1091.10%

Growth rate of shareholders ' fund

13.50%

13.70%

Ratio of surplus to policyholders ' liability

2.00%

1.80%

Profit after tax/Total Income

3.60%

5.00%

(Total real estate + loans)/ (Cash & invested assets)

1.50%

1.40%

Total investments/ (Capital + Surplus)

1280.30%

1142.30%

Total affiliated investments/ (Capital+ Surplus)

36.20%

41.30%

Here is a summary of the financial and operational metrics for Shriram Life Insurance Company Limited for the year 2024 & 2023:

Net Retention Ratio

2024: 99.80%

2023: 99.70%

Insight: A high net retention ratio indicates that the company retains a significant portion of its premiums, reflecting stability in its risk retention strategy.

Expense of Management to Gross Direct Premium Ratio

2024: 31.60%

2023: 28.60%

Insight: The increase in this ratio suggests higher management expenses relative to gross direct premiums, which might impact profitability if not managed effectively.

Commission Ratio (Gross Commission Paid to Gross Premium)

2024: 11.00%

2023: 5.90%

Insight: The significant rise in the commission ratio indicates higher commission expenses relative to gross premiums, potentially reflecting changes in distribution strategy or increased reliance on intermediaries.

Ratio of Policyholder 's Liabilities to Shareholder 's Funds

2024: 1211.00%

2023: 1091.10%

Insight: An increase in this ratio suggests a higher level of policyholder liabilities compared to shareholder funds, indicating increased obligations towards policyholders.

Growth Rate of Shareholders ' Fund

2024: 13.50%

2023: 13.70%

Insight: The slight decline in the growth rate of shareholders ' funds suggests a marginally slower pace of equity growth, which could impact the company’s ability to raise capital.

Ratio of Surplus to Policyholders ' Liability

2024: 2.00%

2023: 1.80%

Insight: The increase in this ratio indicates a higher surplus relative to policyholders ' liabilities, reflecting improved financial strength and ability to cover policyholder claims.

Profit After Tax/Total Income

2024: 3.60%

2023: 5.00%

Insight: The decrease in this ratio indicates lower profitability relative to total income, suggesting increased expenses or reduced income.

(Total Real Estate + Loans) / (Cash & Invested Assets)

2024: 1.50%

2023: 1.40%

Insight: A slight increase indicates a marginally higher allocation of assets to real estate and loans relative to cash and invested assets, potentially affecting liquidity.

Total Investments / (Capital + Surplus)

2024: 1280.30%

2023: 1142.30%

Insight: The increase suggests a higher investment base relative to capital and surplus, indicating an aggressive investment strategy which could enhance returns but also risk.

Total Affiliated Investments / (Capital + Surplus)

2024: 36.20%

2023: 41.30%

Insight: The decrease indicates a lower proportion of affiliated investments, which could reduce exposure to related party risks.

Dividend History

Particulars

2024

2023

2022

Dividend Per Share (in Rs.)

5.29

6.00

2.47

 

Shriram Life Annual Report

Shriram Life Insurance Annual Report 2023-24

Download

Shriram Life Insurance Annual Report 2022-23

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Shriram Life Insurance Annual Report 2021-22

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Shriram Life Insurance Annual Report 2020-21

Download

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