The Business Bytes
TBB BUREAU
MUMBAI, DEC 12, 2023
Capri Global Capital Limited (CGCL) has received a composite Corporate Agency license from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute life, general, and health insurance products. This will help CGCL further diversify its product offerings and strengthen its fee income, the company said in a statement.
CGCL aims to leverage its robust branch network in the North and West India to cross-sell insurance products. CGCL shall offer tailored insurance solutions to its borrower clients giving them an option to cover themselves comprehensively against life and non-life risks.
CGCL offers retail loans in MSME, Affordable Housing, and Gold Loan segments. The Company mainly lends to borrowers in the self-employed non-professional category. CGCL’s consolidated AUM stood at Rs123.6 billion (59% YoY) as of September 2023. The non-interest income for half-year ended September 2023 was Rs1,607 million (58% YoY).
Speaking on the occasion, CGCL MD & CEO Rajesh Sharma said, “CGCL’s active client base increased 5x YoY to 270K as of September 2023. The rapidly increasing client relationships offer CGCL a captive base to improve insurance penetration and contribute to the ‘Insuring India by 2047’ mission. This will also help CGCL strengthen its fee income and deliver better returns to its stakeholders. The Company expects to generate a net fee income of Rs 200 million from insurance cross-sell in FY25.”
