Shriram Life Insurance's Strategic Expansion Amidst Profit Decline

Shriram Life Insurance Company (SLIC) reported a net profit of Rs 50 crore in H1 of the current fiscal. The insurer, co-owned by Shriram Group and Sanlam Group, nearly doubled its policy sales but saw profit decrease due to expansion efforts. Major growth initiatives include branch and recruitment expansions and technological investments.

The Shriram Life Insurance Company (SLIC) announced a net profit of Rs 50 crore for the first half of the current fiscal year, despite aggressive growth strategies.

Co-owned by Shriram Group and South Africa's Sanlam Group, SLIC sold 2.83 lakh individual policies, a significant increase compared to last year. Despite the expanded sales, profits decreased from Rs 70 crore in the same period a year ago, attributed to expansion efforts.

Company MD and CEO Casparus JH Kromhout detailed initiatives such as branch expansion, recruitment drives, and technology investments as part of their growth strategy. The company aims to widen its presence beyond southern states, with ambitions to extend its reach nationwide.

(With inputs from agencies.)