Birla Sun Life raises capital
By Our Banking Bureau | 06 Aug 2004
Mumbai:
Birla Sun Life Insurance (BSLI) has raised its paid-up
capital by Rs 25 crore to Rs 315 crore. The joint venture
partners, the Aditya Birla Group and Sun Life Financial
Inc, have contributed the additional amount of Rs 25 crore,
according to a press release a press release.
Commenting on the new capital injection, Nani Javeri, CEO, BSLI, said "Birla Sun Life in all probability is the first private life insurer to achieve expenses within the expense limits specified under the insurance rules of 1939. This new capital infusion will be used for rapid expansion of infrastructure and to increase business volumes."
Since inception, the company has covered over 5,75,000 lives with the total sum assured exceeding Rs 16,150 crore as on June 30.
