Shriram Life to invest Rs 50 cr in 2-3 months

CHENNAI: Aiming to be a pan-India operator, Shriram Life Insurance Company, a joint venture firm of South Africa-based Sanlam Group and city-based Shriram Group, planned to make a capital infusion of Rs 50 crore in the next 2-3 months, a top official said on Wednesday.

The company, which began its operations four years ago, has already made a capital infusion of Rs 125 crore. In the next 2-3 months, it would make additional capital infusion of Rs 50 crore, Shriram Life Insurance Managing Director Akhila Srinivasan said.

"We have got ambitious plans of making capital infusion of Rs 50 crore in the next 2-3 months... We have got a premium of Rs 1,650 crore last year with APE (Annualised Premium Equivalent) of Rs 850 crore," she told reporters here.

Besides the company has also planned to focus on North and Eastern markets through their joint venture firm Sanlam.

"We predominantly have strong operations in South, Western and in the Central regions.. We want to tap unexplored areas in the North and Eastern regions.. already we have opened 35 branches (in these areas)..", she said.

Asked whether Sanlam Group was increasing its stake in Shriram Life Insurance, she said "discussions are on" in the direction but declined to divulge more details.

Last week in an interaction with PTI, Sanlam Group had said it was betting big on the domestic market with India being one of their "core" areas. Sanlam Group holds 26 per cent stake in the Shriram Life Insurance Company. It is mulling to increase its stake by adding another 20 per cent.