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Shriram Life Insurance Company (SLIC) is looking to expand its business in north India and plans to open 35 new branches in the region in 2016-17, a top official said.
Currently, the private sector life insurer has 108 branches in the North. “We want to open the 35 new branches in the first half of 2016-17,” Manoj Kumar Jain, Managing Director, SLIC, told BusinessLine here on Friday.
SLIC also wants to grow the share of its new business premium from the North to 25 per cent from the current level of about 15 per cent, Jain said.
Currently, the South accounts for 50 per cent of the annual new business premium of ₹700 crore.
In all, this life insurer — which has a network of 533 branches pan-India — plans to open 75 new branches next fiscal, including the 35 in North India. The remaining 40-odd branches will be set up in the eastern region, Jain said.
Asked whether SLIC will look at a listing in the near term, Jain replied in the negative. “We are not looking at listing for the next five years. The company is also adequately capitalised,” he said.
Meanwhile, South Africa-headquartered SANLAM, a financial services group, is awaiting regulatory approval for acquiring 23 per cent stake in SLIC. SANLAM already holds 26 per cent stake in Shriram Capital, the parent of SLIC.
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