Birla Sun corners 6.6% share in private life insurance market

He said the company regained momentum during 2007-08, achieving an annualised premium equivalent of Rs 2,204 crore. The company recorded a growth rate of 131 per cent from last year's Rs 953.3 crore to be the fastest growing life insurance companies in India.

The company did not focus on increasing the distribution of its network when other players were expanding. This resulted in the sales coming down but now the company is focusing on increasing its reach.

 

The market share fell to 3.7 per cent in April 2007 due to non-expansion but bounced back to 8.1 per cent in October the same year and consolidated at 6.6 per cent at the end of the financial year, he said.

During fiscal 2007-08, the company doubled its advisers to 1,15,153 from 56,603 the previous year and increased the branch network to 339 from the earlier 137. Another 261 branches would be added shortly.