Date:21/02/2008 URL: http://www.thehindu.com/2008/02/21/stories/2008022155992000.htm

Business

Jump in Birla Sun Life’s Q3 premium

Corporate Reporter

CHENNAI: Birla Sun Life Insurance Company has registered 168 per cent growth in its new business premium for the third quarter ended December 2007. According to Vikram Mehmi, President and CEO, Q3 has seen the launch of three new plans and a new equity fund by the company. As on December 31, 2007 the new business premium stood at Rs. 1,079 crore. The company has infused fresh capital to the tune of Rs. 100 crore which will be utilised to meet the expansion and technology infrastructure required to support the growth. With this addition, the company has a total capital base of Rs. 1,100 crore.

The company has Rs. 6,200 crore of assets under management as on January 31, 2008.

The company has insured over two million lives since inception comprising 1.5 million through its individual business and the rest through its group business. The outstanding claims ratio is 0.41 per cent. In Tamil Nadu it has clocked an annualised premium of Rs. 30.63 crore upto December 31, 2007, representing a growth of 228 per cent over the same period in the previous year. It has 9 branches and 4,700 advisors in the state.