In Short:
Pramerica Life Insurance is aiming for a 30% growth in new business premium income over the next five years, targeting ₹1,100 crore NBP by 2024. The company, with Prudential as a shareholder, is well-capitalized and plans to focus on long-term growth. A retirement product is in the pipeline, along with plans to expand bancassurance partnerships and agent network. The company is currently in a rebuilding phase for sustained profitability.
Pramerica Life Insurance Targets 30% Growth in New Business Premium Income
Exciting news from Pramerica Life Insurance as they set their sights on a hefty 30% growth in new business premium income over the next five years. The MD and CEO, Pankaj Gupta, shared this ambitious goal, highlighting the company’s plans for significant expansion.
Aiming High
Despite facing challenges in recent years, Pramerica Life Insurance is on a mission to revitalize and grow its operations. Gupta revealed that they are projecting to reach over ₹1,100 crore in new business premium by the end of March 2024, a substantial increase from the previous annual figures.
Steady Partnerships
Established in 2008, Pramerica Life has had Prudential as a steadfast shareholder, holding a 49% stake in the company. With the Piramal Group joining as a 50% stakeholder a couple of years ago, the company now has a solid foundation for future growth.
Strategic Approach
Gupta emphasized that Pramerica Life is well-capitalized and does not anticipate requiring additional funding this fiscal year to support their expansion plans. He also stressed the importance of long-term sustainability, focusing on building organizational capabilities and strong partnerships.
Future Plans and Initiatives
Looking ahead, the company is gearing up to introduce new products, including a retirement and annuity offering in the coming months. Furthermore, discussions are underway to expand their bancassurance distribution through partnerships with various banks.
With a dedicated focus on enhancing their agency force and agent network, Pramerica Life aims to add 1000 to 2000 active agents in the current fiscal year, further solidifying their presence in the market.
Exciting times lie ahead for Pramerica Life Insurance as they navigate their rebuilding phase and set their sights on sustainable growth and profitability.
