Shriram Life Clocks 1020 Crores Gross Premium, Eyes Bigger Milestones
* First 1000 Crores Gross Premium for the Company
* More than 1 Crore Lives Covered (Inc. Group)
* Healthy Growth on all business parameters
* Sold 2.67 Lakh Policies in the FY’15-16
* Among top 7 Life Insurers on Policy Count
* To add 75+ branches in the current financial year
* Declares Terminal Bonus for Policies Maturing in 2016-17
Mumbai, April 25, 2016: Shriram Life Insurance Company Ltd, Private Life Insurer has clocked 1000 Crores of Gross Premium for the FY’15-16. Of 1020 Crores, NBP accounts for 706 Crores and remaining 314 crores is Renewals.
1000 Crores is a big milestone for us, it gives us a sense of achievement and enough confidence for achieving bigger and better milestones in years to come.
Parameters
|
2014-15
|
2015-16
|
Growth
|
NBP (Rs Crs)
|
512
|
706
|
38%
|
Policy Count (In Thousands)
|
1.91
|
2.67
|
40%
|
APE (Rs Crs)
|
299
|
454
|
52%
|
Renewals (Rs Crs)
|
230
|
314
|
37%
|
Gross Premium (Rs Crs)
|
741
|
1020
|
38%
|
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. Our growth on APE is infact more than 50% YoY. We sold close to 2.67 Lakh Retail policies which ranks us among top 7 Private life insurers in the country. We are committed to spread the message of life insurance and especially to non/under-penetrated parts of the country. The growth in the retail policy count and average ticket size of around 13000/- speaks volumes of our endeavor towards insuring the mass segment.,
We take pride in serving the ‘aam aadmi’ and I am delighted that for the financial year ending March’16, Shriram Life has covered more than 1.4 Crore Lives including 60 Lakhs lives of Telenor subscribers, Manoj said.
Another very important milestone for us is achieving 300+ Crore of Renewal premium. Persistency has been a challenge because we typically target ‘mass market’ segment. Majority of the policy holders don’t have regular income cash flows. We put concerted efforts on this aspect of business and seen northward movement on 13thMonth Persistency towards 50% mark. We are optimizing quality and would certainly take the persistency level to 60%+ in coming years.
Manoj further added; I am proud that Shriram Life is now a Pan India Company. We were majorly concentrated towards south India in the past but now our share of business from non-southern markets is upward of 50%. The expansion that we embarked in last 3 years has started to result dividends. We have more than doubled our branch network from 200 odd branches to 530+ branches and we will continue to penetrate further into Tier III/IV cities of North, East and West India by adding more than 75 Branches in the current financial year.
The company has completed 10 years of operations and we are delighted to announce Rs. 20 Per 1000 SA for policy term less than 10 Years and Rs. 30 Per 1000 SA for policy term greater than 10 Years, Manoj Said. He further added, terminal bonus is declared as a reward for customers who continued their policy throughout the policy term. We are committed to reward persistent policy holders and I would appeal to all policy holders to continue paying their premiums to enjoy comprehensive benefits of Life Insurance.
For the current financial year 2016-17, Manoj is confident of repeating glories of the current year and achieve growth of 25-30% on all business parameters.
The unwavering effort of the company towards the development of Life Insurance was also acknowledged by Indian Insurance Award for Best Insurance Company (Non-Urban Coverage - Life Insurance.) The company also bagged awards at ABP NEWS - Banking; Financial Services & Insurance Awards for ‘Best Life Insurance Company’ in the Insurance Sector and won prestigious MMA award for Management Excellence in Services Sector.