Mumbai: Birla Sun Life Insurance (BSLI), one of the pioneers of unit linked insurance plans (ULIPs) in India, has seen its assets under management (AuM) top the Rs 2,500 crore mark. The AuM for individual life has crossed Rs 2,000 crore, for group it is over Rs 410 crore, and for retirement plans above Rs 100 crore.
The private sector insurer has reported an 85 per cent growth in AuM over the past one year, and a 100 per cent growth in AuM for individual life. "We expect AuM to grow at a robust pace as India's life insurance market is still under-penetrated," said Vikram Kotak, head, investments, Birla Sun Life Insurance.
Says Kotak, "We believe strong growth in AuM to continue in the coming years, with increased awareness about life insurance, better product offering, improving disposable income. Our investment strategy stresses on high quality portfolio with focus on management, financial performance, and scalability of business, future growth prospects of industry and company and on high visibility of earnings."
Recently the company infused an additional capital of Rs 30 crore into its capital base enhancing it to Rs 520 crore. The expansion was done to strengthen the company's distribution network and to invest in technology infrastructure.
BSLI has covered in excess of 1.2 million lives since inception and the total sum assured exceeds Rs 29,000 crore as August 28, 2006. It has close to 20,000 advisors selling its policies.
It is also a leader in the area of Bancassurance with the largest number of bank tie-ups in the industry. The company also has tie-ups with nearly 170 corporate agents for distributing its policies, one of the largest in the industry.