Shriram Life Insurance Company, an life insurance arm of multi-billion dollar Shriram Group, has clocked little over `1,000 crore to touch `1,020 crore in gross premium for FY16, a growth of 38% over the previous fiscal’s `741 crore.
Of the `1,020 crore netted premium, NBP (new business) accounts for `706 crore, a growth of 38% from `512 crore in last fiscal. The remaining `314 crore is through renewals, a growth of 37% over the previous year’s figure of `230 crore, said a press statement here. The total number of policies increased from 1.91 lakh in FY15 to 2.67 lakh in FY16, a growth of 40%.
“The company has achieved significant growth on all business parameters as against last financial year,” said Manoj Kumar Jain, managing director, Shriram Life.