Page 17 - Insurance Times June 2023

earned premiums of Rs 42,319.22
Shriram Life Insurance posts Rs. 156 crore net in FY23
crore.
Shriram Life Insurance posted a profit after tax (PAT) at Rs 156 crore in FY-
In January, the industry reported a 20
23 on the back of growth in individual non-single premiums.
per cent jump in premiums, assisted by
A year ago, the company reported Rs 3 crore PAT in the financial year 2021-
private sector companies' performance
22 due to the impact of pandemic.
(23 per cent YoY growth), while LIC
saw its premium go up 18 per cent YoY. A statement here said, it posted a retail Annualized Premium Equivalent
(APE) growth 24% YoY. APE is the sum of annualized first year regular
February saw the NBP of insurers
premiums and 10% weighted single premiums and single premium top-ups.
dropping 17 per cent over the same
period last year due to a fall in LIC The company, promoted by Shriram Group and South Africa's Sanlam Group,
premiums, while the private sector sold 2,90,156 policies in FY23, which saw a 9% increase in renewal premium
saw its premium go up 10 per cent. to Rs 1,394 crore alongside a 17 per cent rise in asset under management
(AUM) at Rs 9,012 crore. In FY-22, the AUM stood at Rs 7,683 crore.
Canara HSBC Life Insurance Claims settlement for individual policies was at 97.4%, with over 91% of its
non-investigated claims (claims arising after three years of policy inception)
unveils new "Smart
settled through the rapid claims settlement process that includes claim
Guaranteed Pension" settlement within 12 hours, the statement added. Approximately 48% of
Canara HSBC Life Insurance has Shriram Life's retail claims were from the rural segment.
announced the launch of Smart
Guaranteed Pension, a guaranteed
their retirement well in advance." of 14 percent compared to Rs 17,434
annuity product that provides
Retirement must be secured with a crore clocked in the corresponding
premium paying flexibility and ensures
consistent flow of income or payouts in period of the preceding financial year.
a regular guaranteed income stream
one's golden years, and a product has
that will allow the customer to have a The gross written premium (GWP),
been developed to allow individuals to
comfortable retirement. Customers another key metric to assess the
live a peaceful life after retirement
can choose from a variety of benefits insurance company's fiscal health,
while also having the assurance of a
and options, giving them flexibility, jumped by 15 percent in the entire
guaranteed lifelong income."
security, and a guaranteed lifetime FY23 to Rs 67,320 crore.
income. This product is an excellent retirement
The annualised premium equivalent
option for customers seeking a secure
Smart Guaranteed Pension is intended (APE) in the fourth quarter came in at
and consistent income stream in their
to provide customers with a hassle- Rs 4,550 crore, which is 10 percent
golden years. One of the most
free, secure, and stable retirement. higher against Rs 4,130 crore in
appealing aspects of this plan is that it
The product provides premium Q4FY22.
provides guaranteed lifelong income by
payment flexibility at the time of
locking in an annuity rate.
purchase; customers can select one
HDFC Life Q4 net flat at
based on their financial objectives. It
SBI Life registers Rs. 777-
offers a variety of annuity options, as Rs. 358.6 crore
well as the ability for customers to crore profit in Q4 HDFC Life has reported a consolidated
customize the frequency of their SBI Life Insurance Company has net profit of Rs 359 crore for the
annuity payouts. declared a net profit of Rs 777 crore quarter ended March 2023, almost
for the fourth quarter of the fiscal year unchanged from Rs 357 crore clocked
Mr. Akshay Dhand, Appointed Actuary,
2022-23, which is 15 percent higher in the corresponding period of the
Canara HSBC Life Insurance,
against Rs 672 crore clocked in the previous year. The company's board
comments on the product's launch,
year-ago period. has proposed a final dividend of Rs 1.9
"The Smart Guaranteed Pension is a
per share, each with a face value of Rs
well-designed product that aims to The company's net premium income
10.
provide financial security to an during the quarter under review came
individual who would like to assure in at Rs 19,897 crore, marking a surge First-year premium income for the
16 June 2023 The Insurance Times