Birla Sun Life

Source:-New Delhi, Delhi, IND, 2008-05-06 15:19:37 (IndiaPRwire.com) Birla Sun Life Insurance Company Ltd. (BSLI), the individual life business has a market share of 6.6 % amongst private life insurance players, while the group business has a market share of 7.8% amongst private life insurance players in India as on March 2008. The increase in market share is reflected in both its individual life & group businesses. Mr.Vikram Mehmi, President & CEO, Birla Sun Life Insurance remarked “ Birla Sun life Insurance has regained momentum during 2007-08. For the year ended March 2008, we have achieved APE (Annualized Premium Equivalent) of Rs. 2,204 crores, showing a growth rate of 131% resulting in the company being amongst the fastest growing life insurance companies in India”. This increase in market share & growth rate during fiscal 2008 has been realized on the back of an aggressive distribution expansion strategy & introduction of a range of innovative new plans & funds, which have provided the company unique opportunities to tap new market segments. The distribution expansion during the year recorded a phenomenal increase. This has happened across channels & on a national foot print. The branch network increased from 137 to 339; with a further 261 branches under implementation by May 2008. This expansion was national in nature across all the states & across various town classes. The bank assurance channel reflected high growth through in depth penetration of customer segments within its banking relationships. The corporate agency & broker channel witnessed phenomenal growth as a result of developing a large number of new relationships. During 2007-08, BSLI revamped its product portfolio – Launching 4 Products for Individual Segment, 3 products for Group and 7 Funds launched ( 4 Group + 3 Individual) New products have made a significant contribution to APE. The investment performance for BSLI has been strong & consistent, resulting in increased confidence of policyholders. The AUM for Birla Sun Life Insurance is about Rs.6,900 crores as on 31st March, 2008. Its Outstanding Claims Ratio is 0.41%. BSLI has a pan-India branch presence of 339 branches with over 1,00,000 advisors nationally, out of which over 500 advisors are members of the prestigious Million Dollar Round Table (MDRT). BSLI has insured over 2 million lives since inception, comprising over 1.5 million through its individual business and the rest through its Group business. About Birla Sun Life Insurance Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable protection for your future. Birla Sun Life Insurance (BSLI) has completed 7 successful years of operations & has contributed significantly to the growth and development of the life insurance industry in India. It pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. It was the first player in the industry to sell its policies through the Bancassurance route and through the Internet. It was the first private sector player to introduce a pure Term plan in the Indian market. This was supported by sales practices, which brought a degree of transparency that was entirely new to the market. The process of getting sales illustrations signed by customers, offering a free look period on all policies, which are now industry standards were introduced by BSLI. Being a customer centric company, BSLI has invested heavily in technology to build world class processing capabilities. BSLI has covered more than 2 million lives since inception and its customer base is spread across more than 1500 towns and cities in India. All this has assisted the company in cementing its place amongst the leaders in the industry in terms of new business premium income. Additional information is available at www.birlasunlife.com About Aditya Birla Group The Aditya Birla Group is a US $24 billion conglomerate with a market capitalization of US $31.5 billion (as on 31st December 2007) and is one of the largest business houses in India. It enjoys a leadership position in all the sectors in which it operates. It is anchored by a force of 100,000 employees, belonging to 25 nationalities. Its operations span 20 countries across six continents and is reckoned as India's first multinational corporation. Headquartered in Mumbai, India, over 50 per cent of the Group’s revenues flow from its overseas operations. The Group nurtures a work culture where success is built on learning and innovation. The Aditya Birla Group was recently been adjudged “The Best Employer in India and among the top 20 in Asia” by the Hewitt, Economic Times and Wall Street Journal Study 2007. Additional information is available at www.adityabirla.com About Sun Life Financial Inc. Sun Life Financial Inc. is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31st, 2007, the Sun Life Financial group of companies had total assets under management of US$386.82 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol "SLF". Additional information can be found at: www.sunlife.com