Shriram Life expects Rs 60 crore premium from Gujarat by FY '12

On an expansion drive in the state of Gujarat, Shriram Life Insurance Co. Ltd., a joint venture between the Shriram Group and Sanlam, a leading insurance company of South Africa, is expecting to earn around Rs 60 crore worth premium by September end 2012. As part of the expansion drive, the company plans to hire 640 field sales officers (FSOs) and 64 business managers in next two years.

"We are already operational with three branches in Ahmedabad and Gandhinagar. However, we are adding more numbers in terms of branches as well as FSOs in Gujarat. In the next three years, we expect to earn Rs 60 crore in terms of premium from the state. By the end of September 2010 itself, we are aiming at premium worth Rs 12 crore," said Laxman Balani, vice president - West, NEW Channel, Shriram Life.

The company plans to extend its presence to majorly all cities of Gujarat over the next 3-4 years.

Nationally, Shriram Life is expecting premium worth Rs 50 crore within next three years and around Rs 1,200 crore in medium term. "As part of expansion plans, we are planning to set up branches in selected tier I, II and III cities. We are aiming at 15 per cent of the premium from tier I cities, 55 per cent from tier II cities and 30 per cent from tier III cities across the country," said Gerhard Joubert, chief executive officer, NEW Channel, Shriram Life Insurance Co. Ltd.

In India, the company currently has around Rs 30,000 crore worth assets under management (AUM).