NEW DELHI: Private sector insurer Shriram Life Insurance
today said it expects 29 per cent jump in new business premium income
and plans to launch four new products by the end of June this year.
"We expect our new business premium income to be around Rs 545 crore by the end of March 2014, an increase of 29 per cent over the last fiscal," Shriram Life Insurance Managing Director Akhila Srinivasan told PTI.
The company ended the 2012-13 fiscal with a 8 per cent growth in new business premium income at Rs 421 crore.
It plans to file with IRDA for 14 new products in the current fiscal. "We plan to come out with four new products in the April-June quarter for which we will be filing with regulator IRDA," she said.
Srinivasan further said the total premium income of Shriram Life Insurance is expected to go up by 28.6 per cent to Rs 795 crore by March 2014, from Rs 618 crore in the previous year.
The company sold 1.54 lakh policies at the end of March 2013.
Shriram Life Insurance, which is a joint venture between Shriram Group and South Africa--based insurance service provider Sanlam, has a strong presence in South India, especially Tamil Nadu and Andhra Pradesh.
"We are expanding our presence across India. We are going to Delhi, Madhya Pradesh, Kolkata, Punjab, Uttar Pradesh, Jharkhand. We hope these areas to give us increase in our premium collection as we aim to achieve financial inclusion across the country," she said.
The paid-up capital of the company stood at Rs 175 crore. In 2011-12 fiscal, the life insurer clocked a pre-tax profit of Rs 67 crore.
"We expect our new business premium income to be around Rs 545 crore by the end of March 2014, an increase of 29 per cent over the last fiscal," Shriram Life Insurance Managing Director Akhila Srinivasan told PTI.
The company ended the 2012-13 fiscal with a 8 per cent growth in new business premium income at Rs 421 crore.
It plans to file with IRDA for 14 new products in the current fiscal. "We plan to come out with four new products in the April-June quarter for which we will be filing with regulator IRDA," she said.
Srinivasan further said the total premium income of Shriram Life Insurance is expected to go up by 28.6 per cent to Rs 795 crore by March 2014, from Rs 618 crore in the previous year.
The company sold 1.54 lakh policies at the end of March 2013.
Shriram Life Insurance, which is a joint venture between Shriram Group and South Africa--based insurance service provider Sanlam, has a strong presence in South India, especially Tamil Nadu and Andhra Pradesh.
"We are expanding our presence across India. We are going to Delhi, Madhya Pradesh, Kolkata, Punjab, Uttar Pradesh, Jharkhand. We hope these areas to give us increase in our premium collection as we aim to achieve financial inclusion across the country," she said.
The paid-up capital of the company stood at Rs 175 crore. In 2011-12 fiscal, the life insurer clocked a pre-tax profit of Rs 67 crore.
ABDUL WAHEED
PGDM 2nd SEM.
IIMT COLLEGE OF MANAGEMENT
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