Shriram Life Insurance Company, a joint venture of Shriram group and Sanlam of South Africa, has announced a pre-tax profit of Rs.67 crore and a net profit of Rs.56 crore for the year ended March 31, 2012.
During this period, Shriram Life wrote a gross premium of Rs. 644 crore on 1.3 lakh policies, covering 1.2 lakh lives under individual policies and another 9.5 lakh under group policies.
Commenting on the results, Akhila Srinivasan, Managing Director, said the company's focus was on the lower and middle affluent segment, in alignment with the Shriram Group's philosophy; and to take life insurance to those sections where it was needed most.
In line with this philosophy, the individual life policies sold in rural areas stood at 43 per cent (up from 38 per cent during the previous year).
The operating expenses in the year 2011-12 stood at 130 crore.
“During the current year, the company aims to achieve a premium income of Rs.1,000 crore despite market volatility, tough business conditions and competitive pressures the company is confident of achieving this,” Mrs. Akhila Srinivasan added.
Shriram Life has four products on ULIP (unit-linked insurance plan) platform and 10 traditional ones.
The latest from the company, Shriram Money Back Term Plan, aims to address the insurance needs of the middle class community.
The company also offers five group products that are customised to meet different needs of the customers.