Shriram Life Insurance plans to maximize rural penetration; hopes to grow AUM to Rs 13,000 cr by FY25
Shriram Life Insurance, which already nets 44 per cent of its premium from rural markets, is planning to maximize rural penetration and hopes to grow its assets under management by 45 per cent to Rs 13,000 crore by FY25.
As of December 2022, the Chennai-based company’s assets under management (AUM) stood at Rs 8,573 crore, down from Rs 8,900 crore a year ago and hopes to close the current fiscal with Rs 9,000 crore AUM, up from Rs 7,683 in March 2022.
“We’re maximizing our rural penetration on the heels of our digital processes and platforms. Already we get almost 44 per cent of our business from the rural markets, and with the new push, we hope to take this to 50 per cent by FY25,” Casparus Kromhout, the managing director and chief executive of Shriram Life, told PTI from Chennai on Thursday.
In terms of policies sold, the company stood at the sixth position among the private players with 9.2 lakh live customers, while in terms of assets under management (AUM), it is at a distant 16th place.
