SHRIRAM LIFE TARGETING SALES OF OVER 2 LAKH POLICIES IN FY’ 2013-14

Private sector insurer Shriram Life Insurance Company has planned to sell over two lakh policies in the current fiscal year and wishes to register a 30% growth on its new business premium. The company had sold 1.54 lakh policies with a total gross premium of Rs 618 crore and posted a huge growth of 46.4% in its net profit at Rs 82 crore in the last fiscal year.

For the financial year which ended on March 31, 2012 the company had sold 1.31 lakh policies.

Charged up with the result, Smt. Akhila Srinivasan, Managing Director, Shriram Life Insurance said, “During the year 2012-13, the new business premium grew by 7% over last year to Rs 421 crore. This growth is commendable in times when industry has degrown by 6%.”

The company's current paid up capital was Rs 175 crore, she added.

"We will continue to consolidate in southern market, but our major focus is to expand North and West. We plan to add around 50-70 new offices in Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh, Maharashtra, and Gujarat", Shriram Life Insurance, CEO, Manoj Jain said.

Chennai based Shriram Life Insurance Company is a part of the diversified Rs 60,000 crore financial services conglomerate Shriram Group. 

(Source: www.insuringindia.com)