Shriram Life Insurance, the joint venture between Shriram Group and South Africa-based insurance service provider Sanlam, has aimed to achieve a premium income of Rs 1,000 crore this year, a top official said today.
"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...", Shriram Life Insurance Managing Director Akhila Srinivasan said.
Chennai-headquartered company's in its annual results said the company has collected a total gross premium of Rs 644 crore on 1.3 lakh policies covering almost 1.2 lakh policies under individual and 9.5 lakh lives through group policies, in 2011-12.
The individual life policies sold in rural areas stood at 43 per cent during 2011-12 against 36 per cent last year, she said, adding the profit after tax for the period stood at Rs 56 crore.
The operating expenses during 2011-12 stood at Rs 130 crore, she said, adding despite a challenging business environment, the operational expenses were within limits.
Shriram Life now offers four products under the ULIP (Unit Linked Insurance Plan) platform and 10 traditional products, it added.