Shriram Life to expand in Gujarat, eyes 30% new business growth

Mumbai

Private insurer Shriram Life Insurance today said the company is planning to strengthen its presence in Gujarat and targeting an overall 30 per cent growth in its new business income in the current fiscal.

In Gujarat, Shriram Life has 28 branches and has insured more than 26,000 lives with the help of 5,500 salesmen in the region, the company stated in a release.

Shriram Life also intends to create a rural niche for itself by reaching out to at least three lakh villages.

The company, which has improved its penetration to 528 branches from over 200 branches across the country in the last three years, has set a target of 30 per cent growth in its new business income in the current fiscal.

“The company’s performance stands out in efficient use of capital and low cost of operations. Its New Business Premium Year to date increased to Rs 316 crore from Rs 228 crore last fiscal, up by 38 per cent.

“We are poised to make further growth and achieve bigger milestones in the years to come. We are confident of 30 per cent growth in the current financial year,” Shriram Life CEO and Whole Time Director Manoj Jain said.

PTI