Shriram Life Insurance aims to sell 2 lakh policies in 2013-14

CHENNAI: Shriram Life Insurance Company, part of the diversified Rs 60,000 crore business conglomerate Shriram Group, has reported 46.4 per cent increase in its net profit at Rs 82 crore for the year ending March 31, 2013.

The Chennai-based company has reported net profit at Rs 56 crore during the corresponding period of previous year, Shriram Life Insurance said in a statement.

The company had sold 1.54 lakh policies for the period ending March 31, 2013 with a total gross premium of Rs 618 crore, it said

For the financial year ending March 31, 2012 the company had sold 1.31 lakh policies.

"During the year 2012-13, the new business premium grew by 7 per cent over last year to Rs 421 crore. This growth is commendable in times when industry has degrown by 6 per cent", Shriram Life Insurance, Managing Director, Akhila Srinivasan said.

"We have planned to sell about two lakh policies in the current financial year and aim to register a 30 per cent growth on its new business premium.", Srinivasan said.

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

"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.