Rs 500 crores Insurance business from East and NE by 2024

ST Bureau , Kolkata, 31 January : Share India Securities Limited (SISL),a leading knowledge and technology driven financial services group,aims for a premium collection of Rs 500 crore during the next five years, besides setting
another milestone securing direct license from Insurance Regulatory and Development Authority of India for its insurance arm for both Life and non Life insurances.

Annuoncing this SISL Chief Executive Officer (CEO) Sachin Gupta told here last night that the Insurance arm ‘Share India Insurance Brokers’ would now operate its insurance distribution business in the country with strong focus on West Bengal and other Eastern and North- Eastern states. ‘Accordingly,we aim to collect a premium of at least Rs 500 crore by 2024-25’, he said.

He said SISL which had recently migrated from the SME platform to the main board of Bombay Stock Exchange had now decided to grow through both the organic and inorganic routes.’We are now among the top players nationally and aim to enhance the company’s geographical presence in all segments of Capital Market and bring experienced talent to the core team’, Sen said about his plans.

Asked about his prime areas of focus, Sen said ‘Our focus on diversification and constantly expanding our product portfolio has helped us emerge ahead of competition in industry landscape.

We have constantly expanded our operations over the last few years 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”

About the diversified financial services portfolios of SISL, Sen said it included retail broking,wealth management, personal finance, SME finance, proprietary trading and merchant banking.