Shriram Life Insurance, a part of the Shriram Group, today reported a 42 per cent jump in profit at Rs 17 crore for the quarter ended June 30, mainly driven by strong retail distribution network.
The insurer had posted Rs 12 crore profit during the corresponding quarter last year, Shriram Life Insurance said in a release.
New business premium grew 52 per cent to Rs 115 crore for the quarter as against Rs 76 crore year ago.
Growth of individual business revenue went up by 38 per cent. However, overall industry witnessed a de-growth of 8 per cent in the segment.
An annual premium equivalent (APE) of Rs 69 crore compared with Rs 28 crore last year where as the industry has de-growth of 2 per cent year-on-year. The recurring premium was a major contributor to this increase, it added.
"This exponential increment in policy count is attributable to expansion made in last couple of years, where we added more than 200 branches in tier III and IV cities of the country," said Shriram Life Insurance CEO and whole-time Director Manoj Jain.
