Shriram Life Insurance Company today reported 6.97 per cent decline in profit after tax at Rs 80 crore for the financial year ended March 31, 2015.
The private insurer's profit after tax stood at Rs 86 crore at the end of 2013-14 fiscal, Shriram Life Insurance said in a statement.
"Our net profit has come down by close (to) 7 per cent from last year as we opened more than 160 branches in northern, eastern and western states and continue to develop our distribution network in the coming year too," Shriram Life Insurance CEO Manoj Jain said.
He added that the company is building capacity for future growth and it may impact the profitability in short-term.
"It's part of our endeavor to penetrate and reach the common man of the country," Jain said.
He added that the company will continue to consolidate in southern market, but the major focus is to expand in the northern and western markets.
"We plan to add around 70-75 new offices in Uttar Pradesh, Bihar, Odisha, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Gujarat," he said.
The company's New Business Premium increased to Rs 498 crore from Rs 390 crore in the previous year.
Shriram Life Insurance sold 1.91 lakh policies during 2014-15 as compared to 1.38 lakh in the previous year.
