Financial Daily from THE HINDU group of publications
Friday, Aug 06, 2004
Financial Daily from THE HINDU group of publications Friday, Aug 06, 2004 |
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Money & Banking
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Life Insurance Birla Sun Life raises capital by Rs 25 crore Our Bureau
Mumbai , Aug. 5 BIRLA Sun Life Insurance 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, said a press release. Commenting on the new capital injection, Mr 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. BSLI plans to open 11 new branches in the first half of thi year.
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