The Hindu Business Line : Birla Sun Life to enter health insurance biz

The company is in the process of tying up with a national health partner, who would be finalised soon, and the operations in health insurance are likely to begin in the second quarter of the present fiscal year, Mr Vikram Mehmi, President and Chief Executive Officer, BSLI, told newspersons here on Monday.

“We are in the process of developing a health product as the market is very large and there is a potential of Rs 15,000-crore business in the next five years,” he said.

The company is entitled to carry out health insurance as it is a part of its licence, he added.

On the plans for the current fiscal, Mr Mehmi said the company was targeting Rs 5,000 crore Annualised Premium Equivalent (APE) this year. “We have posted 131 per cent growth at Rs 2,204-crore APE during 2007-08. We want to repeat the show this year too,” he said.

The business growth was driven by renewed focus on strengthening distribution channel with a focus on quality business, he explained, adding: “Our vision is to be one among the top three private insurance players by the end of 2008-09. We will continue to bring out more products.”

During 2007-08, BSLI had launched four products for the individual segment, three for group, besides seven funds.

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