Company type | Public |
---|---|
Industry | Financial services |
Founded | August 4, 2000 |
Headquarters | Mumbai, Maharashtra, India |
Key people | Kamlesh Rao (CEO and managing director) |
Revenue |
|
AUM |
|
Owner | Aditya Birla Capital (51%) Sun Life Financial Inc. (49%) |
Parent | Aditya Birla Capital Ltd (ABCL)[2] |
Website | lifeinsurance |
Aditya Birla Sun Life Insurance Limited (previously Birla Sun Life Insurance Company Limited) is an Indian life insurance company headquartered in Mumbai, India. It operates as a joint venture, with a 51% stake held by the Aditya Birla Group, a diversified Indian multinational conglomerate, and a 49% stake owned by Sun Life Financial Inc., a global financial services organization in Canada[3][4] and was the second largest insurance company in the country by 2013.[5][6]
The company is known as a pioneer of ULIP[4] and by 2023, it had over 370 branches across India. Kamlesh Rao serves as its CEO and managing director.[7]
History
Aditya Birla Sun Life Insurance was established on August 4, 2000, and began operations in 2001 with three insuarance plans.[8] The Insurance Regulatory and Development Authority (IRDA) granted registration in principle to Birla Sun Life.[9] Initially, Sun Life Financial held a 26% stake in this joint venture,[10], and later increased its stake to 49%.[11][12]
The company received awards such as the Bhartiya Shiromani Puraskar in 2006 and the Silver award in the Insurance category at the ICAI Awards for Excellence in Financial Reporting in 2009. In 2011, ABSLI introduced the BSLI Foresight Plan, followed by the BSLI Wealth Secure Life Plan in 2012. In June 2023, ABSLI launched the Nishchit Pension Plan, aimed at assisting individuals in retirement planning. .[13][14] In August 2023, ABSLI announced the ABSLI Nishchit Laabh Plan, a non-linked, non-participating individual life insurance savings plan.[15]
On November 7, 2022, discussions between Aditya Birla Capital, the parent company of Aditya Birla Sun Life Insurance, and Japan-based Nippon Life were reported regarding a potential merger of their respective insurance ventures, Aditya Birla Sun Life (ABSL) and Reliance Nippon Life Insurance (RNLIC).[16] The proposed deal was contingent upon Aditya Birla Capital completing the acquisition of a 51% stake in Reliance Nippon Life Insurance (RNLIC). Nippon Life Corporation held a 49% stake in RNLIC, a subsidiary of the financially troubled Reliance Capital, which was undergoing insolvency proceedings. The discussions between Aditya Birla Capital and Nippon Life were initiated following the launch of a sale process for a 51% stake in Reliance Nippon Life by a court-appointed administrator of Reliance Capital, but no consensus could be reached regarding the organizational structure after the merger. Nippon showed concerns about the possibility of reducing the stake in RNSIC to 10 percent.[17][18][19]
Aditya Birla Sun Life Insurance Company Ltd filed a complaint against the Reliance Capital Administrator for not promptly providing critical information required by the company.[20] They accused them of neglecting to furnish essential information concerning RNLIC despite reminders, and disregarding requests for a management meeting.[21][22][23]
Financials
As of September 30th, 2023, ABSLI's total assets under management (AUM) stood at Rs. 70,05,109 Crore. During H1 in FY24, ABSLI recorded a gross premium income of Rs. 6,827 Crore, with the Individual Business First Year Premium (FYP) with Single Premium reaching Rs. 1,347 Crore.[1][24]
References
- ^ a b "Aditya Birla Sun Life Insurance Company Limited - Public Disclosure Forms".
- ^ Shetty, Mayur (2023-09-06). "Aditya Birla Sun Life Insurance deploys artificial intelligence platform for underwriting policies". The Times of India. ISSN 0971-8257.
- ^ "Aditya Birla Sun Life Insurance threatens regulatory intervention for RCap due diligence". BusinessLine. 2022-11-21.
- ^ a b M, Dr Anilkumar; S, Dr Resia Beegam (2018-12-12). An Evaluation of Life Insurance Business in India. Lulu.com. ISBN 978-0-359-27480-2.
- ^ "Birla Sun targets Rs 800 cr premium". Business-standard.
- ^ Palande, P. S.; Shah, R. S.; Lunawat, M. L. (2003). Insurance in India: Changing Policies and Emerging Opportunities. SAGE Publications. ISBN 978-0-7619-9747-4.
- ^ Kapoor, Sheersh. "Exclusive: Kamlesh Rao of ABSLI on capitalizing Bharat, product innovation, metaverse and more - ET BFSI". ETBFSI.com. Retrieved 2024-04-03.
- ^ "rediff.com: Birla Sun Life to sell insurance via DHFL: Reuters". m.rediff.com. Retrieved 2024-04-03.
- ^ Datta, Kausik. "Kumar Mangalam: The biggest Birla". www.rediff.com. Retrieved 2024-04-03.
- ^ "Some of The Major Deals in The Indian Insurance Sector". News18. 2017-01-17. Retrieved 2024-04-03.
- ^ Mallick, Jayanta (2013-07-01). "Birla Sun Life hikes stake in ICRA". BusinessLine. Retrieved 2024-04-03.
- ^ "Sun Life Financial hikes stake to 49% in Birla Sun Life Insurance". Business-standard.
- ^ Dhawan, Sunil (2008-10-22). Freedom 58. Outlook Money.
- ^ Bhosale, Kaustubh (2023-06-25). "Aditya Birla Launches New Guaranteed Pension Plan - ABSLI Nishchit Pension Plan". mint.
- ^ JYOTSNA, SETHI; NISHWAN, BHATIA (2023-02-01). ELEMENTS OF BANKING AND INSURANCE. PHI Learning Pvt. Ltd. ISBN 978-93-91818-41-8.
- ^ "Pvt insurance firms face challenges after leaner, fitter and more profitable from the 2008 meltdown, but challenges remain". Business Today. 2014-09-13. Retrieved 2024-04-03.
- ^ Kumar, Deepak (14 November 2022). "अनिल अंबानी को बड़ा झटका, फेल हुई इस कंपनी से मर्जर की बातचीत". Livehindustan (in Hindi). Retrieved 2024-04-02.
- ^ "Nippon Life-Birla Sun Life merger talks fail ahead of RCap deal deadline". Business Standard.
- ^ "Merger talks between Nippon Life and Birla Sun Life fall flat". Financialexpress. 2022-11-15. Retrieved 2024-04-02.
- ^ Chatterjee, Dev. "Aditya Birla Capital to seek regulator role in RCap resolution process". Business Standard.
- ^ "Aditya Birla Sun Life Insurance threatens regulatory intervention for RCap due diligence". BusinessLine. 2022-11-21. Retrieved 2024-04-02.
- ^ Kashyap, Rajesh. "RCap: Birla Sun Life may tap regulator over lack of data". www.magzter.com. Retrieved 2024-04-02.
- ^ "Aditya Birla Sun Life Insurance joins Metaverse". The Times of India. 2023-07-29. ISSN 0971-8257.
- ^ "Financial Results and Outcome of the Board Meeting".