Shriram Life Insurance Company, the joint venture between Shriram group and Sanlam of South Africa, has reported a 10% growth in new business premium to R96 crore for the first quarter ended June 30 compared with R87 crore in the same quarter last fiscal amidst industry’s 1% degrowth in the period.
The company has sold 34,000 policies, a growth of 36% over the same quarter last fiscal. The strong growth in policy count is testimony to company’s focus on penetrating into lower and lower-middle segment. On other hand, the industry witnessed a drop of 10% in the the same period, said Akhila Srinivasan, Shriram Life’s managing director.
CEO Manoj Jain said, “Our healthy bottomline assures no need of capital infusion to current paid up capital of R175 crore.”