Shriram Life Insurance Company Limited, released results for its first quarter ended June, 30 2013.
New Business Premium was 96 Crores for first quarter of 2013-14, compared to 87 Crores for the first quarter of 2012-13, a 10% QoQ growth, commendable in the period where industry has degrown by 1%.
“We are pleased to report that Shriram Life Insurance is now ranked 9th in the private industry on Policy Count. We sold 34,000 policies (a 36% growth QoQ). The strong growth in policy count is testimony to company’s focus on penetrating into lower and lower middle segment. The industry saw a drop of 10% for the same period”, said Akhila Srinivasan, Shriram Life’s Managing Director.
In line with group philosophy – we continue to focus on Inclusive growth by taking life insurance to the section where it is needed the most – the ‘AAM AADMI” (Common Man). In-fact, one out of every two policies sold by us is in Rural Sector, she said.
Manoj Jain, CEO at Shriram Life Insurance said, “Our business momentum gives us confidence to sell more than 2 Lakh policies and 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”.
“For the current year, we look to further develop our distribution network; our accumulativesurplusgives us enough head room to expand our footprint without any capital infusion. We will continue to consolidate in Southern Market, but our major focus is to expand in North& West. We plan to add around 30-40 new offices in the states of UP, Bihar, Jharkhand, MP, Maharashtra & Gujarat”, he said.
The company recently moved to a bigger office in Financial District Gachibowli, inaugurated by IRDA Chairman Shri T S Vijayan.
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