Private life insurer Shriram Life Insurance Company Ltd closed last fiscal with marginal growth in its net profit, even though there was a dip in the fresh premium income, the company said.
In a statement issued here Monday, the company said it had earned a net profit of Rs.86 crore last year as against Rs.82 crore posted during 2012-13.
The life insurer collected new business premium of Rs.395 crore selling 138,000 policies as against a premium income of Rs.421 crore from 154,000 policies.
"We have, however, concentrated on quality rather than volume of business done. Persistency (continuity) of policies is far from encouraging, and we are making consistent efforts to improve them," managing director Akhila Srinivasan was quoted as saying in the statement.
According to CEO Manoj Jain, the company is targeting double digit growth this fiscal in terms of number of policies sold and the premium income.