South Africa based insurer Sanlam, which has a 26 percent stake in Shriram Life Insurance Co. Ltd. is evaluating the markets of South East Asia and Nigeria for seeking insurance licenses after posting an impressive performance in India. The company currently has around Rs 30,000 crore worth assets under management (AUM) in three years of its operation in India.

Shriram Life, NEW Channel, chief executive officer Gerhard Joubert told ET that the company is focusing on high potential markets like Indonesia and Vietnam in South-east Asia for an entry into life insurance business.

"Nothing has been fructified yet. But we have an interest in these countries besides a few African countries like Nigeria. Apart from that, we are also keen to up our stake in Indian operation from 26 percent to 49 percent as soon as IRDA regulations change," he said, on the sidelines of a press conference announcing the company's entry in Rajasthan. Sanlam has operations in the UK, South Africa and a number of African countries.

In India, the South-based life insurance company is on an expansion drive in the North, East and West parts of the country through its NEW channel.

"We have set aside Rs 40 crore for our expansion plans. We will open 5 branches per month in the next 3 years to expand our footprints across the country. Our major focus would be on tier II and tier III cities, which are likely to contribute 85 percent of our new premium business. We will also hire 5000 Field Sales Officers and 500 Business Managers across the North, East and West regions in the next 3 years to man 150 offices spread across 100 locations," says Mr. Joubert.

The company aims to clock a business of Rs 86 crore through NEW channel, out of the total business of Rs 450 crore.