Shriram Life Insurance Co. Ltd. said it sold 1.27 lakh individual policies in the June quarter, registering a 131% increase from the same quarter in the year-earlier period.  The market share for regular pay retail polices more than doubled to 7.3%, even as net profit contracted 23% to ₹27 crore, the private life insurer said in a statement.

Income from new business premium (individual) grew 57% to ₹212 crore, while income from new business annual premium equivalent (individual) rose 60% to ₹198 crore. However, group new business premium declined to ₹199 crore from ₹354 crore. Income from renewal premium rose 18% to ₹268 crore.

The company’s assets under management increased to ₹11,841 crore from ₹9,688 crore.

Jointly promoted by Shriram Group and Africa’s Sanlam Group, Shriram Life’s solvency ratio improved by 1 basis point to 1.99. The company settled 15,924 claims against 10,227.

“This growth in individual policies and new business premium clearly demonstrates that our products and marketing strategies are resonating well with consumers, validating our approach and commitment to expanding our reach in the market,” said MD & CEO Casparus J.H. Kromhout.