Targets INR
500cr premium in 5 years
Share India Securities Ltd (SISL) has set yet
another milestone securing direct (Life & Non Life) license from Insurance
Regulatory and Development Authority of India ( #IRDAI ) for its insurance arm
Share India Insurance Brokers (SIIB), which would operate its insurance
distribution business in the country. The Company aims for a premium
collection of INR 500 crore in five years period.
Share India Securities Ltd, a leading knowledge and
technology driven financial services group, recently migrated from the SME
platform to the main board of Bombay Stock Exchange. Post the completion of
merger of Mumbai based Total Securities in December 2019; this comes as an
important development in the direction to grow through the organic and
inorganic route. Acquisition of Total Securities makes SISL among the top players nationally, enhances company’s geographical presence in all segments of Capital Market and brings experienced talent to the core team.
Mr. Sachin Gupta, CEO, Share India
Securities Ltd said, “Our
focus on diversification and constantly expanding our product portfolio has
helped us emerge ahead of competition in industry landscape. We have
constantly endeavored to de-risk our income streams and establishment of
insurance business vertical is a step in
the same direction. We have over the years expanded our operations to de-risk
our income stream from market sentiments. Now as Insurance business takes
shape, we have for now completed our product expansion. Company’s immediate
focus will be now to increase its footprint and expand business started in the last
three years”
The company that offers a
diversified financial services portfolio such as retail broking, Wealth
management, Personal Finance, SME Finance, Proprietary Trading and Merchant
Banking, has now taken this big initiative to help its clients meet their
insurance requirements. Share India Insurance Brokers, a 100% subsidiary of the
company, is setting up Insurance distribution service network across the
country and a dedicated Insurance portal with focus to provide 360-degree risk
management solutions to individual, SME and large corporate on both Life and
Non-Life segment of business
The Company
aim to cover the length and breadth of the country for the distribution of
Insurance products and services. Mr. Ajay Patel, Principal Officer and CEO for
Share India Insurance Brokers Pvt Ltd stated, “As a long-term strategy, we aim
to focus on simple products with critical coverages, provided with bespoke
solutions rather than one size fits all approach”
“There is a huge potential for growth in this business as
Insurance market is still underpenetrated in India. Most people today recognize that Insurance is an attractive
option for investment as well due to the risk hedging and tax saving potential;
however, many are still not aware of the advantages as an investment option and
we are making significant efforts to reach them” Mr Patel added
#ShareIndia Securities Ltd, a leading knowledge and technology driven financial
services group, is engaged in the business of equity broking and trading
activities for the last 25 years. It has now expanded its operation into mutual
funds, NBFC, merchant banking and commodity markets. The Company became 200th
SME Company to get listed on BSE SME Platform in October 2017. The Company in December 2019
migrated from BSE SME Platform to the main board of BSE Limited.
The Company deliveredstrong growth in financial
performance for the fiscal year ended March 31, 2019. The company’s consolidated revenue grew 30% on a
year on year basis to Rs 182.53 crores compared to Rs 140.48 crores posted in
FY18. Similarly, consolidated net profit
for FY19 rose 27% to Rs 19.45 crores compared to Rs 15.35 crores posted in
FY18.
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