DHFL Pramerica Life to focus on pan-India expansion

MUMBAI: DHFL Pramerica Life Insurance Company (DPLI), which is eyeing 50 per cent revenue growth in the current financial year, plans to expand beyond the northern region to strengthen its presence across the country.

"We have a strong presence in the north. Now, we are looking to expand our presence in rest of the country. We are planning to open 9 branches in the west, south and east this year," DPLI's Managing Director and CEO Anoop Pabby told PTI here.

The company had already opened four branches in the north and east and 10 in the west and south zones.

He said looking at the growth chart, the company is expecting 50 per cent growth in revenue during this financial year.

"After the new JV agreement inked between DHFL and Prudential Financial Inc, US, in July 2013, the company got a new direction and last year we became the fastest growing insurer in the industry. Our rank jumped to 13 from 23 a year ago. This year we are expecting 50 per cent growth in revenue," Pabby added.

He said the company will leverage on DHFL distribution network.

In terms of profit, the company is looking at 30 per cent annual growth for the next five years, he added.

The company's net profit grew to Rs 40 crore during FY15 from net loss of Rs 76 crore in the prior period.

Talking about its products, he said DPLI has over 14 products now and four will be added before December this year.

"From four, now we have over 14 products. By December this year we are expecting to add four more products to our portfolio," he added.