Pramerica Life Insurance targeting 30% CAGR for next two years, says CEO

Pramerica Life Insurance, backed by the Piramal Group and Prudential International Insurance Holdings (PIIH), is targeting a compound annual growth rate (CAGR) of 30 percent for the next two years, Managing Director and Chief Executive Officer (MD and CEO) Pankaj Gupta said.

The insurer, which has been restructuring over the last few years, recorded a new business premium growth in fiscal year 2024. “Last year we reported strong growth of 58 percent on the premiums side, " Gupta said, and added that the insurer will look at growing cautiously and aggressively, expecting 30 percent overall growth in the next two years.”

The insurer also said that it is looking at launching new products in this fiscal. “Last year, we launched eight new products and we also did some changes, minor modifications in our other products. In this calendar, we have already got six new products. We would also look at growing digitally,” Gupta said.

For the bancassurance business, the insurer has a tie up with a payments bank and is looking at developing more partnerships with co-operative banks, small finance banks and some private banks. “Bancassurance partnerships typically take a bit longer to mature. They have a very defined process of assessment and a defined process of onboarding a new partner. We have, of course, been a bit late in this and are expecting that in the next 12 to 18 months we will have some bancassurance partnerships,” Gupta said.