Shriram Life Insurance Company Ltd (SLIC) kicked off fiscal 2026 on a strong note, reporting a 21% year-on-year growth in individual new business premium (NBP) for the first quarter. The NBP rose to ₹257 crore in Q1 FY26, up from ₹212 crore in the corresponding quarter last year, supported by strategic branch expansion, a broader distribution network, and a significant increase in average ticket size.

The company’s push to enhance policy value per customer is clearly showing results. In Q1 FY26, the average ticket size, the average premium amount per policy sold stood at Rs 24,799, marking a sharp 63% jump from Rs15,192 in Q1 FY25. While this figure still lags the private industry average of Rs 87,373, it signals rising penetration of insurance among middle and lower-income household.

This uptick in ticket size also fed into the company’s annualized premium equivalent (APE), a key metric of new business growth. Individual new business APE rose 9% year-on-year to Rs 215 crore from Rs198 crore in the same period last fiscal. The growth in APE suggests improved quality of business, as the company attracts customers with higher premiums and better persistency potential.

Renewal premium across the individual business also witnessed healthy growth, rising 25% to Rs 323 crore in Q1 FY26 compared to Rs 259 crore a year ago. This reflects better policyholder retention and the long-term sustainability of the insurer’s customer base.

Overall, Shriram Life’s total premium income which includes new business, renewals, and group premium for the quarter stood at Rs 863 crore, up 27% from ₹679 crore in Q1 FY25.

Assets under management (AUM), a key indicator of financial strength and scale climbed 17% to Rs13,799 crore in Q1 FY26 from Rs11,841 crore in the year-ago period. The insurer sold a total of 86,750 individual policies in the quarter, reflecting growing demand for life protection products in Tier 2.

Operational performance also remained robust, with a total of 18,023 claims settled across individual and group policies during the quarter, up from 15,924 claims settled in Q1 FY25. For the full FY25, the company had a commendable individual claims settlement ratio of 98.31%. More impressively, 93% of non-investigated claims were settled within 12 hours of receiving the final document. The solvency ratio stood at 1.75, well above regulatory thresholds, reflecting a solid capital position.

Commenting on the performance, Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance, said the company remains committed to expanding insurance access in India’s rural and semi-urban belts. “Our strategy is focused on making life insurance simpler and more accessible for everybody we serve. We believe protection should not be a privilege but a basic financial right for every Indian household no matter where they live or what they earn,” he said. As the company continues to strengthen its distribution network and deepen strategic partnerships, it is positioning itself as a key driver of financial inclusion in India’s life insurance landscape.”