Shriram Life Insurance posts Rs 86 cr profit for FY14

Shriram Life Insurance Company today posted 4.87% growth in profit to Rs 86 crore for 2013-14 financial year.

The Chennai-based company had reported a profit after tax at Rs 82 crore during the previous fiscal, Shriram Life Insurance Company said in a statement.

Total gross premium collected during the financial year ending March 31, 2014, stood at Rs 395 crore as against Rs 421 crore during the previous year.

Observing that the company had sold 1.38 lakh polices during the year ending March 31, 2014 as against 1.54 lakh policies in the previous year, Shriram Life Insurance Company Managing Director Akhila Srinivasan said, "we have, however, concentrated on quality rather than volume of business done. We strongly believe that the coverage of individual lives should be sustained ..."

"we were largely focussing on Southern territories. However, we have made significant efforts in expanding to other geographies and have entered markets in North and West", Shriram Life Insurance Company CEO Manoj Jain said.

"We are confident of a double digit growth on new business and policy count on the current financial year", he said.