Shriram Life Insurance Company, a JV between Shriram group and Sanlam of South Africa, is expected to cross the current financial year with Rs 2,000 crore premium and has reported a premium of Rs 1,700 crore and an APE (annualised premium equivalent) of Rs 880 crore as of now. The company will add 10,000 agents in the next one year and will spread its wings deep into north and eastern states, said Akhila Srinivasan, managing director, Shriram Life.
The company will infuse Rs 50 crore more to take the total capital base of Rs 175 crore to meet the business growth further and will further infuse while going forward. The company has set up special centre under the leadership of its JV partner Sanlam to tap the huge HNI, mutual fund potential in India apart from penetrating deep into the eastern and northern markets through new branches and offices going forward, she said.
Responding to queries, she said: ?Since we have been the late entrant into this sector, we have decided to tap the huge potential in the rural and semi-urban areas rather than focusing on metros and major cities which have been already tapped by number of players.?