Mumbai: 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, a press release said.
This will help CGCL further diversify its product offerings and strengthen its fee income, it added.
CGCL aims to leverage its branch network in 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, the company said.
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.
CGCLs consolidated AUM stood at Rs123.6bn (59% YoY) as of Sep 2023.
The non-interest income for the half-year ended Sep23 was Rs1,607mn (58% YoY).
Speaking on the occasion, CGCL MD CEO Rajesh Sharma stated, CGCLs active client base increased 5x YoY to 270K as of Sep 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 200mn from insurance cross-sell in FY25.
