BSLI increases its Capital to Rs.777 crores to strengthen its National Growth plans

New Delhi, The promoters of Birla Sun Life Insurance have infused an additional capital of Rs.105.50 crores into the capital base of the Company. The infusion has been in various tranches from April 2007 to July 2007 and this enhances the Company's capital to Rs.777 crores as of July 31, 2007. This has been done to expand the company's distribution network and to conform to the solvency margin requirements as stipulated by the Insurance Regulatory & Development Authority.
The additional infusion is as per the current IRDA guidelines and is in the ratio of 74:26 between the Aditya Birla Group and Sun Life Financial Inc. respectively.
“The JV partners have a strong commitment to the growth of Birla Sun Life Insurance. The additional capital will be utilized to strengthen the infrastructure of BSLI. Our distribution network is an area of focus. We are expecting to grow our branch strength with additional branches planned in smaller towns across India. We expect our branch network to more than double by September 2007. Simultaneously, our technology platforms are being upgraded to support this voluminous growth” said Mr. Vikram Mehmi, President & CEO, Birla Sun Life Insurance.
BSLI has shown an increase in market share in the first quarter of the financial year and has registered a strong performance growth over the last few months.

Ms. Anjana Grewal,
Sr. Vice President - Marketing & Communication,
Birla Sun Life Insurance Company Limited, Ph: 022-6678 3333.
E-mail: anjana@birlasunlife.com

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 a 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

This release was published on openPR.