Shriram Life Insurance, a joint venture between the Shriram group and South Africa-based Sanlam Life Insurance, is likely to invest Rs 40 crore in expansion.
The insurer will use the funds to expand in north, east and west regions. The south-based insurance company has so far concentrated only on the southern region. By using distribution channels and customer base of the parent, the insurer posted a profit of around Rs 60 crore in 2008-09.
“We are strengthening our network of branches in North, East and West (NEW) India by opening new branches, launching new distribution channels and partnering with corporate agents and brokers. We will open 31 offices by the next financial year. We have capital at the moment but promoters will infuse more if needed,” said Shriram Life Chief Executive Officer, new channel, Gerhard Joubert.
The company will hire 2,500 field sales officers by September 2010. During the first six months of the financial year, the company collected Rs 150 crore new business premium as against Rs 162.20 crore in the corresponding period of the previous year.
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