New Delhi, Feb 9 (PTI) Shriram Life Insurance Company (SLIC) on Thursday posted a multi-fold jump in net profit at Rs 31 crore for the third quarter of FY'23.

The company had earned a profit of Rs 1.8 crore in the same quarter a year ago, SLIC said in a statement.

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During the quarter, the company's gross premium rose 12 per cent to Rs 665 crore, while the number of individual policies written increased by 10 per cent.

The company has received approval for facial authentication for eKYC from UIDAI for new policies, which will help onboard new customers with ease, it added.

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Policyholders of Shriram Life can complete their KYC via OTP, facial recognition, biometric and iris identification.

Shriram Life is currently the ninth-largest insurer in the country in terms of number of regular premium policies sold.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)