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Mumbai, Nov. 2 Birla Sun Life Insurance has registered 94 per cent growth in new business premium at Rs 585 crore in the first six months of the current fiscal.

Mr Vikram Mehmi, President and CEO, Birla Sun Life Insurance said the company would grow faster than the life insurance industry this fiscal. “We hope to end the year with a growth of 150-170 per cent in new business premium. The industry is expected to end the fiscal with a growth rate of 50-60 per cent,” he said.

Birla Sun Life had grown at just 30 per cent in the last fiscal while the industry had grown at over 100 per cent. Mr Mehmi said the company has renewed its accent on growth by launching new products and scaling up its distribution network.The company’s assets under management stood at Rs 5,330 crore, against Rs 3081 crore last year. It has increased its market share in the life insurance industry to 6.5 per cent this fiscal, from 5.3 per cent in the previous year.

Birla Sun Life now accounts for 33 per cent of the revenues of Birla Nuvo, against 25 per cent last year.

Mr Mehmi said the company plans to scale up its branch network from the existing 339 to around 1000.

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