BSLI reports its maiden profit in June quarter
Driven by the growing size of in-force book, Birla Sun Life Insurance (BSLI) has posted a net profit of Rs 9 crore during the quarter ended June 30, 2010 as against net loss of Rs 111 crore in same quarter previous year.
The company’s value of new business margin grew from 20.3% to 22.5%. The Embedded Value (EV) of BSLI at Rs 3,816 crore as on 31 March 2010 grew year on year by 25%. EV reflects the value of future profits embedded in the in-force policies written by the life insurance company.
BSLI also recorded a growth of 18% in total premium income at Rs 1143 crore with new business premium grew by 7% at Rs 473 crore during the June quarter. Assets under Management (AUM) scaled up by 44% to Rs16,841 crore.
KEY HIGHLIGHTS:
- The total premium income of Birla Sun Life Insurance (BSLI) grew by 18% to Rs1, 143 crore.
- New business premium at Rs473 crore is up by 7%
- Renewal premium rose by 27% to Rs669 crore
- AUM scaled up by 44% to Rs16,841 crore.
- Driven by the growing size of in-force book, BSLI achieved net profit of Rs9 crore vis-a-vis net loss of Rs111 crore.
- The Embedded Value (EV) of BSLI at Rs3,816 crore as on 31 March 2010, grew year on year by 25%. EV reflects the value of future profits embedded in the in-force policies written by the life insurance company.
- The Value of New Business (VNB) margin, a measure used for gauging the profitability of new business stood at 22.5% for FY2009-10 vis-a-vis 20.3% in FY2008-09.
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed significantly to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. Enjoying trust of its over 2 Million customers, BSLI is known for innovations. BSLI offers a complete range of offerings comprising of protection solutions, children's future solutions, wealth with protection, health and wellness as well as retirement solutions and has an extensive distribution reach over 500 cities through its network of over 600 branches, close to 1,70,000 empanelled advisors and over 600 partnerships with Corporate Agents and Banks. This is well supported by the sound financials that the Company has. The AUM of Birla Sun Life Insurance is close to Rs. 16,000 crs and it has a robust capital base of over Rs. 2450 crs as on March 31, 2010. For more information, please visit www.birlasunlife.com