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Birla Sun Life Insurance gains market share and New Business Premium
achieves a high growth rate of more than 200% as of May 2008 |
Mumbai, July 9, 2008 – Birla Sun Life Insurance Company Ltd. (BSLI), the pioneer of Unit Linked Life Insurance plans amongst the private life insurers in India, has registered strong growth amongst the private life insurers, as per reports for the first two months of the fiscal 2008-09.
As per the YTD May 2008 figures, BSLI has a market share of 7.4%, and has achieved a growth rate of 218% for its total new Annualized Premium Equivalent (APE), which is Rs. 254.6 crores.
"Birla Sun Life Insurance continues its momentum into the new fiscal year. The first quarter has seen a ramp up on account of our expansion in our distribution network, resulting in higher growth rate and market share," said Mr. Vikram Mehmi, President & CEO, and Birla Sun Life Insurance.
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| 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) in its 6 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 |
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| About Aditya Birla Group |
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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 |
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| About Sun Life Financial Inc. |
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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 |
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For further information kindly contact:
Ms. Anjana Grewal,
Sr. Vice President - Marketing & Communication,
Birla Sun Life Insurance Company Limited, Ph: 022-6678 3333.
E-mail: anjana@birlasunlife.com |
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