Shriram Life Insurance contributed Rs126.8m in dividends to Piramal Finance for the financial year ending 31 March 2025. Credit: IgorGolovniov/Shutterstock.com.

Piramal Finance has signed an agreement to offload its 14.72% equity interest in Shriram Life Insurance to Sanlam Emerging Markets (Mauritius), a part of South Africa-based Sanlam Group, for about Rs6bn ($66.5m).  

The stake sale is subject to regulatory approvals, including India’s Insurance Regulatory and Development Authority. It is anticipated to conclude by the quarter ending 31 March 2026.  

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“This transaction is aligned with our focus on monetising non-core assets and we will continue doing the same for our other residual non-core assets. The proceeds from the transaction will further strengthen our balance sheet,” Piramal said in a statement to the National Stock Exchange (NSE). 

Shriram Life Insurance is operated as a joint venture between Shriram Capital and Sanlam Group. 

Shriram Life recorded a 17% increase in individual new business premium for the first half of financial year 2026, reaching RS6.35bn. This compares to an 8% growth rate for the overall sector, reported local newspaper Mint. 

Once Piramal Finance’s divestment is completed, Sanlam’s stake in Shriram Life Insurance will reach nearly 38%, according to the publication. 

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Shriram Life Insurance contributed Rs126.8m in dividends to Piramal Finance for the financial year ending 31 March 2025, which represented approximately 0.12% of Piramal Finance’s total revenue.  

Sanlam Emerging Markets (Mauritius) is fully owned by Sanlam Emerging Markets and forms part of the larger Sanlam Group. 

The ownership is not connected to the company’s promoters, promoter group, or any affiliated entities. 

Sanlam Group provides financial services across more than 30 countries, with its main offices in South Africa and operations in several developing economies including India.