Business Daily from THE HINDU group of publications
Friday, Aug 04, 2006
Business Daily from THE HINDU group of publications Friday, Aug 04, 2006 |
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Money & Banking
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Life Insurance Birla Sun Life hikes capital base Our Bureau
Mumbai , Aug. 3 Birla Sun Life Insurance (BSLI) has hiked its capital base by Rs 30 crore to Rs 520 crore. According to the company, the infusion has been made to expand the company's distribution network and to invest in technology infrastructure. The additional infusion as per the IRDA regulation is in the ratio of 74:26 between the Aditya Birla Group and Sun Life Financial respectively. "The additional capital will be used to expand our branch strength from 85 to 110 by September. Our 20,000 strong agency force will be doubled by the end of this fiscal," said Ms Anjana Grewal, Senior Vice President and Marketing, BSLI. In terms of technology infrastructure, the company is investing in `document imaging' and web-site enhancement. The company has seen a growth of 80 per cent in its Q1 new business premium to touch Rs 145 crore. BSLI which has a predominantly Unit Linked Insurance Plan (ULIP) portfolio has modified eight of its products to conform with the new ULIP guidelines. Ms Grewal said that the company would launch three to four new ULIPs shortly. BSLI is also in talks with non-life insurance companies for creating a composite micro-insurance product. She said that the company has targeted a growth of 150 per cent in its new business premium by the fiscal end.
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