BSLI wants to be among top ensurers

Font Size

Print

Feedback

Email

Discuss

Related Articles

Birla Sun Life MF AUM up 68 per centIRDA to stick to Nov 1 deadline on disclosure norm...LIC market share rises to 66 %

Mumbai: Birla Sun Life Insurance on Tuesday said it aims to be among the top three life insurers in India and plans to optimise its product mix through the launch of contemporary products.

“BSLI is well positioned to capitalise on these opportunities (that India offers) with a vision to be among top three life insurers,” Aditya Birla Nuvo said in its latest annual report.

There are a dozen companies under Aditya Birla Nuvo and BSLI is one of them.

BSLI ranked fifth with a market share of nine per cent amongst the private players in terms of weighted new received premium (WNRP) in 2008-09, up from 6.6 per cent in FY'08.

It had posted 44 per cent rise in WNRP in 2008-09, achieving the second highest growth rate amongst the top ten life insurers in the industry.

“BSLI will re-align its future branch opening to match the growth outlook and device newer channels to achieve sustainable growth in future,” the report said.

BSLI has 600 branches, up from 339 at the end of the previous fiscal year. BSLI also plans to strengthen its information technology platform to support growth.

“BSLI plans to achieve excellence in areas related to persistency, brand saliency, customer experience, risk management and compliance,” the report said.

The financial services business of the Aditya Birla Group has presence in life insurance, asset management, private equity, non-banking financial services, wealth management and insurance advisory services.

“In each of these businesses, our aim is to improve market share by building distribution reach, offering innovative products and services, creating a unique customer experience and strengthening management teams,” the report said.