Financial Daily from THE HINDU group of publications
Friday, May 20, 2005
Financial Daily from THE HINDU group of publications Friday, May 20, 2005 |
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Money & Banking
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Life Insurance Shriram group picks S. African partner for life insurance foray Our Bureau
Chennai , May 19 SHRIRAM City Union Finance, (SCUF) a non-banking finance company and a joint venture of the Shriram group and City Union Bank, will pick up stake in Shriram Life Insurance Company Ltd, the recently-formed life insurance venture of the group. Shriram Life itself is a joint venture between the Shriram group and Sanlam Life Insurance Ltd of South Africa. Sanlam Life will have a 26 per cent in the Rs 125-crore capital of the company; the Indian holding is by Shriram Financial Holding Ltd, the holding company of the group and SCUF. Shriram Life expects to start operations within the next two months and expects to earn premium income of Rs 150 crore in the first year, the group's Chairman, Mr R. Thyagarajan, told a press conference here on Wednesday. Mr Thyagarajan said that other larger companies of the group, Shriram Investments Ltd and Shriram Transport Finance Ltd, were also likely to pick up stakes in the life insurance venture. He also said Sanlam was likely to be the partner for the non-life insurance company the Shriram group was thinking of promoting. The Sanlam group, established in 1918, is one of the leading financial services groups in South Africa. has today a market capitalisation of $ 5.4 billion (Rs 24,000 crore). It currently has 3.2 million individual policies under administration. Mr Thyagarajan said that the Sanlam group would raise its stake beyond 26 per cent as and when the regulations allowed it. The group's chit network would be made available for selling life insurance products, he added.
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