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Shriram Life Insurance Company has posted a 7 per cent decline in net profit for 2014-15 at ₹80 crore.
CEO Manoj Jain attributed the decline to the expenses associated with opening 160 new branches in the northern, eastern and western States last year. In FY15, the company sold 1.91 lakh policies (1.38 lakh in FY14) and garnered new business premium of ₹498 crore (₹390 crore).
The company said in a press release that it aims to sell 2.5 lakh policies and achieve 30 per cent growth in premium in the current financial year.
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