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| Birla Sun Life Insurance crosses the landmark of Rs. 10,000 crore of AUM in April’09 | |||
| 28 Apr 2009
, Mumbai
: Birla Sun Life Insurance, one of India’s leading life insurance companies, has set a new milestone, by crossing the landmark figure of Rs. 10,000 crores in Assets Under Management (AUM), as on April 24, 2009. Commenting on the achievement, Mr. Vikram Kotak, Chief Investment Officer, Birla Sun Life Insurance, said, “It gives us great pleasure to cross the landmark of Rs. 10,000 crores of AUM, and in the process registering a strong growth of 41% year-on-year. This achievement is notable especially in the light of tough market conditions on the back of global financial turmoil.” Mr, Kotak added, “Investment performance is a critical yardstick that any company's performance is going to be measured this year by the stakeholders. We believe that our performance is a reflection of the faith our policy holders have entrusted in us. Our investment strategy has always focused on building a high quality portfolio by investing in companies that have strong management, strong financial performance, businesses, scalability and prospect of future growth.” About Birla Sun Life Insurance Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers’ future. With an experience of over 9 years, BSLI has contributed significantly to the growth and development of the life insurance industry in India. Known for its innovation and creating industry benchmarks, BSLI has several firsts to its credit. It was the first Indian Insurance Company to introduce “Free Look Period” and the same was made mandatory by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. To establish credibility and further transparency, BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on monthly basis. These category development initiatives have helped BSLI be closer to its policy holders’ expectations, which gets further accentuated by the complete bouquet of insurance products (viz. pure term plan, life stage products, health plan and retirement plan) that the company offers. Add to this, the extensive reach through its network of 600 branches and 1,75,000 empanelled advisors. This impressive combination of domain expertise, product range, reach and ears on ground, helped BSLI cover more than 2 million lives since it commenced operations and establish a customer base spread across more than 1500 towns and cities in India. This is well supported by sound financials that the Company has. The AUM of Birla Sun Life Insurance stood at Rs. 10,000 crores as on April 24, 2009. The company has a robust capital base of Rs. 2000 crs as of March 31, 2009. Additional information is available at www.birlasunlife.com About Aditya Birla Group A US $28 billion corporation, the Aditya Birla Group is in the league of Fortune 500 worlwide. It is anchored by an extraordinary force of 100,000 employees, belonging to 25 different nationalities. The group operates in 25 countries across six continents – truly India's first multinational corporation. Aditya Birla Group through Aditya Birla Financial Services Group (ABFSG), has a strong presence across various financial services verticals that include life insurance, fund management, distribution & wealth management, security based lending, insurance broking, private equity and retail broking. The seven companies representing ABFSG are Birla Sun Life Insurance Company, Birla Sun Life Asset Management Company, Birla Sun Life Distribution Company, Birla Global Finance Company, Birla Insurance Advisory & Broking Services, Aditya Birla Capital Advisors and Apollo Sindhoori Capital Investment. In the first nine months of fiscal 2008-09, the consolidated revenues of ABFSG from these businesses crossed Rs. 3043 crores (as on 31st December, 2008), registering a growth rate of 51%. Additional information is available at www.adityabirla.com About Sun Life Financial Inc. 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. Overall, Sun Life has a high quality, diversified investment portfolio with over $100 billion in invested assets as of June 30, 2008. Sun Life’s $60billion bond portfolio is highly diversified across 1400 different borrowers around the world and is rated 97% investment grade. Globally, Sun Life is in a solid financial position, and maintains financial strength ratings which are amongst the highest of all insurers in North America. Sun Life has a strong balance sheet and is well capitalized beyond minimum requirements. The Company’s balanced business model is an important pillar of its overall risk management framework. SLF prides itself on its prudent investment style and strong risk management controls. Additional information can be found at www.sunlife.com |
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