| "We are hopeful of getting the licence from the Insurance Regulatory and Development Authority in a month and commence business operations in the first week of September," said R Thyagarajan, chairman, Shriram group, at a press conference here. |
| There are 13 players in the life insurance segment and Shriram Life Insurance Co Ltd, with a capital base of Rs 125 crore, will be the fourteenth. |
| "The new company will be headquartered in Hyderabad as we have strong base in terms of agency force and offices there," said Thyagarajan. |
| He added that the group- primarily engaged in truck financing- will leverage its 10,500 employee base and 600 offices in selling life insurance and expects to clock Rs 150 crore of premium income at the end of the first year of operation. |
| Lize Lambrechts, CEO, Sanlam Life, said that the company saw huge potential in India as the insurance sector was a growing segment. |
| Sanlam Life is one of largest players in life as well as general insurance in South Africa. "We conducted a survey in South India and found that Shriram had strong brand name and not many people knew about Sanlam and therefore we decided to name the company as Shriram Life Insurance Co," Lambrechts, added. |
| Thyagarajan said that Shriram will also look at the possibility of entering into partnership to set up a general insurance company in partnership with Sanlam in the future. |
| Sriram group's holding company, Sriram Financial Holdings and Sriram City Union Finance have invested in the life insurance company. |
| According to the joint venture agreement Shriram group will hold 74 per cent of the stake while the remaining 26 per cent will be held by Sanlam Life Insurance. |
| Shriram group is a leading player in the chit and the truck financing segment in South India. The group has a portfolio size of over Rs 6,700 crore in truck financing business and has a presence in insurance broking and stock broking businesses. |
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