Shriram Life Insurance Company to pump in additional 50 Crores

Shriram Life Insurance Company has big plans for the future. The four year old company, which is a joint venture between Chennai’s Shriram Finance and South Africa’s Sanlam Group, are now focusing on making their presence Pan India. The company is looking to make a capital infusion of Rs.50 crores in the coming months.

The company has been in existence for 4 years now. Earlier they had a capital infusion of Rs.125 crores. Shriram Life Insurance had reported profits in the first 3 years of business.

Speaking to media personnel, Akhila Srinivasan, Managing Director of Shriram Life said “We have got ambitious plans of making a capital infusion of Rs. 50 crores in the next 2-3 months. We have got a premium of Rs.1650 crores last year with Annualized Premium Equivalent (APE) of Rs.850 crores”. Further commenting on the company’s growth and expansion plans, she added “We have a strong presence in the South, Central and Western regions. We want to tap unexplored areas in the North and Eastern regions, and have already opened 35 branches in these areas”.

At present Sanlam Group owns 26% stake in Shriram Life Insurance. The South African group is considering increasing its stake by another 20%.

Looks like most insurance companies are in a bid to make their mark this year.