Shriram Life Insurance Company’s net profit more than doubled to Rs 28 crore in the first quarter ended June 2013 compared with Rs 8 crore in the year-ago period. New business premium of the Hyderabad-based insurer grew 10 per cent to Rs 96 crore (Rs 87 crore).
“We sold 34,000 policies, a 36 per cent growth on a quarter-on-quarter basis. The growth in policy count is testimony to the company’s focus on penetrating into lower and lower middle segment. The industry saw a drop of 10 per cent for the same period,’’ its Managing Director Akhila Srinivasan said in a release.
Shriram Life would expand its distribution network by adding 30-40 new offices in Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh, Maharashtra and Gujarat.