'Will end FY24 with over 30% growth rate'

Shriram Life Insurance Company, a joint venture between Shriram Group and South Africa-based Sanlam Ltd, has set a target of increasing its rural penetration by 50 per cent in the next three years.

CASPARUS J H KROMHOUT, managing director and chief executive officer, tells Shine Jacob in a video interview about its performance in FY24, rural market goals, and strategy for increasing penetration in Telangana, where it is the lead insurer. Edited excerpts:

How are you seeing your performance in FY24, which is drawing to a close?

The year is going quite well. We are at a growth rate above 30 per cent. In terms of the number of policies, our growth is around 43 per cent so far. On individual APE (annual premium equivalent) or retail APE, our growth is around 38 per cent. We are quite confident that we will end the year with a growth rate of over 30 per cent. In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that.

The Insurance Regulatory and Development Authority of India (Irdai) has appointed you as the lead life insurer in Telangana. What are your plans for taking forward Irdai's mission of 'Insurance for All' by 2047?