Shriram Life Insurance Company Ltd clocked over Rs.1000 crore of gross premium during the year 2015-16.
Of the total Rs.1020 crore garnered, new business premium (NBP) accounted for Rs.706 crore while renewals fetched Rs.314 crore.
“Rs.1000 crore is a big milestone for us. What’s more is that the company has achieved significant growth on all business parameters as against last financial year,” according to Shriram Life’s MD, Manoj Kumar Jain.
He further said: “our growth on annual premium equivalent (APE) is, in fact, more than 50 per cent year-on-year. We sold close to 2.67 lakh retail policies, which ranks us among top 7 Private life insurers in the country. Achieving more than Rs.300 crore in a renewal of premium was a significant milestone.
Meanwhile, Shriram Life has graduated to a Pan India company from being a South India-centric player. As a result, the share of business from non-southern markets is upwards of 50 per cent.