From correspondents in Delhi, India, 12:52 AM IST
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.
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