Shriram Life Insurance to Expand in Western and Northern regions, Eyes 25% New Business Growth

Shriram Life Insurance Company Ltd, the insurance arm of diversified Shriram Group, has identified western and northern markets as most business potential regions. While the company will continue to consolidate in the southern market, they plan to add around 70-75 new offices in Uttar Pradesh, Bihar, Odisha, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Gujarat.

Incorporated in 2005, the Hyderabad-based company now has 460 branches out of which 190 are in south India. About 40 per cent of its business comes from north India where it has reasonably good branch network. It has opened more than 160 branches in northern, eastern and western states and continues to develop its distribution network in the coming year too.

Mr. Manoj Jain, Chief Executive Officer (CEO), Shriram Life Insurance Company said, “Shriram Life Insurance is a pan-India company with sales of 1.91 lakh policies during 2014-15 as compared to 1.38 lakh in the previous year. Since the commencement of its operations in 2006, the company has made profits in 9 out of the 10 years. The company also made profits in the first three consecutive years- becoming the only private life insurer to have achieved the distinction. Compared to the industry, Shriram Life insurance is one of the most profitable life insurance companies in the country”.

Mr Jain who was awarded as the “CEO of the Year” in BFSI category in 2014-15, further said, “The Company’s performance stands out in efficient use of capital and low cost of operations. The company's New Business Premium increased to Rs 498 crore from Rs 390 crore in the previous year. The company is poised to make further growth and achieve bigger milestones in the years to come. We are confident of 20-25% growth in the current financial year.  Our unwavering efforts in bringing constant development of Life Insurance, particularly in Rural and Social Sector, have been acknowledged as well as applauded”.

Shriram Life Insurance Company Ltd. bagged two awards at ABP NEWS - Banking; Financial Services & Insurance Awards which was organized in February 2015 at Mumbai. Shriram Insurance also won the ‘Best Life Insurance Company’ in the Insurance Sector.

Gearing up for its growth phase, Shriram Life Insurance Company also intends to create a rural niche for itself by reaching out to at least three lakh villages. It is looking to two fold its branch base; mostly in tier III or IV towns in the next 3 to 5 years. It is also partnering with gold loan companies and micro-finance firms to reach out to the rural population. Of the 1.9 lakh policies sold by the company last year, at least 85,000-90,000 came from rural markets.

About Shriram Life Insurance

Shriram Life Insurance Co. Ltd. (SLIC) commenced its operations in 2006, and the Company has already insured nearly 22 lakh lives through of 8 lakh individual policies and group policies. The cumulative new business premium crossed Rs.2500 crores.  We have been able to achieve these landmarks at modest operating expenses & in the process, as we are one of the few profit making private life insurance companies. In fact, Shriram Life Insurance is the only private life insurer to have made profits in the very first year of operations and for the first three consecutive years of operations.  SLIC has also declared bonus for policy holders in line with IRDA guidelines without additional infusion of capital. Shriram Life Insurance offers a bouquet of products in both the individual and group lines which include traditional plans, ULIPs, Single and regular premium products, group term plan, Group Gratuity, EDLI and micro insurance plans. Shriram’s forte has been lending / supporting to SME segment and has played a catalystic role in the overall   development of society. SLIC hopes to take this forward through group plans aimed at SME segment.