Achieved significant growth in all business parameters in FY16: MD
Private insurer Shriram Life clocked a gross premium collection of Rs. 1,020 crore in 2015-16, a 38 per cent increase over the Rs. 741 crore recorded in the previous year.
New business premium accounted for Rs. 706 crore, while the remaining Rs. 314 crore came from renewals.
Manoj Kumar Jain, Managing Director, Shriram Life, said, “ Rs. 1,000 crore is a big milestone for us. The company has achieved significant growth in all business parameters as against last financial year.”
Its APE (annual premium equivalent) growth was more than 50 per cent year-on-year. The company sold close to 2.67 lakh retail policies and ranked among the top seven private life insurers in the country.
The growth in the retail policy count and average ticket size of about 13,000 indicates the company’s strong reach in the mass segment, he said.
The company said achieving more than Rs. 300 crore in premium renewals was another milestone. Jain said Shriram Life is now a pan-India company. It was concentrated in south India in the past but its share of business from non-southern markets was upward of 50 per cent.
The expansion that we embarked on in the last three years has started to yield results.
The company more than doubled its branch network from 200-odd branches to over 530 and would continue to penetrate into Tier III/IV cities by adding more than 75 branches this year, he said.
In the current fiscal, the company is eyeing 25-30 per cent growth in all business parameters.