Financial Highlights - In Rs Crores
|1||Number of Policies Sold (Lakhs)||1.54||1.31|
|2||New Business Premium||421||391|
|4||Profit Before Tax||100||67|
|5||Profit After Tax||82||56|
Commenting on results¬†Akhila Srinivasan, Managing Director, Shriram Life Insurance¬†said, ‚ÄúDuring the year 2012-13, we collected a gross premium of 618 Crores on 1.54 Lakh policies. The new business premium at 421 Crores saw a growth of 7% over last year. The growth is commendable in times when industry has de-grown by 6%.¬†Our Pre-tax surplus has grown by 50% over last year to 100 Crores.¬†Retained earnings have climbed to 163 Crores at the end of last fiscal‚ÄĚ.
She added, ‚Äú2012-13 was the biggest year for us in terms of policy count. The company sold 1.54 lakh policies, a growth of 20% over last year.¬†We are among the top ten private life insurers on policy count. The strong growth in policy count is testimony to company‚Äôs focus on financial inclusion. The individual life policies sold in rural areas stood at 50% (Up from 43% last year), accelerating our numero uno position in the industry and surpassing regulatory requirements of business through the social and rural sector‚ÄĚ.
In line with our group philosophy ‚Äď we will continue to focus on Inclusive growth by taking life insurance to the section which needs the most ‚Äď the ‚ÄėAAM AADMI‚ÄĚ (Common Man). We aim to sell more than 2 Lakh policies and wish to achieve a 30% growth in new business premium in the current financial year.
Shriram life insurance like other companies in Shriram Group, is always sensitive about being cost effective in handling business. Our healthy bottom line assures no further need of capital infusion to our current paid up capital of Rs 175 Crores.
Manoj Jain, who joined the company as CEO last year, moving from one of the group company¬†said, ‚ÄúFor the current year, we seek to further develop our distribution network, our cumulative profit gives us enough elbow room to expand our footprint without any capital infusion. We will continue to consolidate in southern market, but our major focus is to expand North & West. We plan to add around 50-70 new offices in the states of UP, Bihar, Jharkhand, MP, Maharashtra & Gujarat.
The company, the only life insurer based out of Hyderabad has just moved to a bigger office appropriately located at Financial District Gachibowli.
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