Mumbai: Private insurer Shriram Life Insurance on Friday said it expects 25 percent growth in new business and plans to add around 75 new offices, most of them in western and northern India.
"We are confident of 20-25 percent growth (in New Business Premium) in the current financial year," Shriram Life Insurance CEO Manoj Jain said in a statement.
The company's new business premium increased by 28 percent to Rs 498 crore in FY15 from Rs 390 crore in the previous year.
With regard to branch expansion, the insurer in the statement said most of these offices in Uttar Pradesh, Bihar, Odisha, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Gujarat.
"Shriram Life Insurance has identified western and northern markets as most business potential regions. While the company will continue to consolidate in the southern market, it plans to add around 70-75 new offices," he said.
Incorporated in 2005, the Hyderabad-based company at present has 460 branches, 190 of them in South India.
About 40 percent of its business comes from North India, where it has reasonably good branch network.
The private insurer is also partnering with gold loan 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, it said.
Jain said, "We are a pan-India company with sales of 1.91 lakh policies during 2014-15 compared to 1.38 lakh in the previous year. Since the commencement of operations in 2006, we have made profits in nine 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," he said.
Jain further said the company's performance stands out in efficient use of capital and low cost of operations.
