Birla Sun Life premium income increases to Rs 170 crore

Mumbai: Birla Sun Life Insurance's (BSLI) annualised premium income has jumped to Rs 170 crore for the financial year ended 31 March 2003 compared to Rs 36 crore in the previous year.

As much as 95 per cent of the company's annualised premium was achieved through the sale of unit-linked plans, says Birla Sun Life Insurance CEO Nani Javeri. "Plans were under way for an additional capital infusion into the company, to the extent of Rs 20 crore in the next couple of weeks, taking the total equity to Rs 200 crore."

BSLI has sold 95,000 policies this year, for a total sum assured of Rs 6,088 crore, against a sum assured of Rs 4,465 crore in the previous year and has settled 105 claims since inception.

"The company is targeting sales of 1,80,000 policies in the current fiscal and an annualised premium income of Rs 450 crore," Javeri says. "Plans were afoot to set up 11 more branches in 11 cities in 2003-04."

BSLI, which currently has a presence in 41 cities with 22 branches, has sold 65,000 individual life policies, earning a premium income of Rs 126 crore from this segment alone. Sales of the single premium policies contributed to less than 1 per cent of the total sales.