Shriram Life Insurance has reported a 9% growth in the net profit for the half-year ended September 30 to Rs 50 crore compared with Rs 46 crore in the same period last fiscal. The new business premium grew 7% to Rs 189 crore compared with Rs 176 crore in the same period last year.
The company collected a gross premium (total) of Rs 276 crore on 65,000 policies, reporting a growth of 5% over the same period last fiscal.
Shriram Life Insurance managing director Akhila Srinivasan said, “The individual life policy sold in rural areas stood at 50%.”
“We are confident of selling 2 lakh policies and posting a 30% growth in new business premium in the current financial year. Our bottomline assures there is no need of capital infusion to our current paid up capital of Rs 175 crore,” she added.
CEO Manoj Jain said: “Our cumulative profit of Rs 249 crore gives us enough elbow room to expand our footprint without any capital infusion.
We will continue to consolidate in southern market, but our major focus is to expand in north & west.”