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Our Bureau

Mumbai , Dec. 3

BIRLA Sun Life Insurance is targeting an annualised premium income of around Rs 450 crore by the end of the current fiscal year, March 2004, with an issuance of 1,80,000 policies.

Of the total targeted premium for this fiscal, the company's direct sales force is expected to contribute Rs 190 crore as compared to Rs 85.8 crore in the corresponding period the previous year; alternative distribution channels are expected to bring in Rs 75 crore (Rs 40 crore) and group business, Rs 185 crore (Rs 43.4 crore).

Addressing a press conference here on Wednesday, Mr Nani Javeri, CEO, Birla Sun Life said, the company collected an annualised premium of Rs 99.3 crore, in the period of April-October 2003, which is a growth of 180 per cent as compared to the corresponding period in the previous year. The sum assured also grew by 153 per cent to Rs 3,800 crore.

During this period, BSLI has sold 49,000 individual life policies, registering a growth of around 104 per cent over the previous year. In the group segment, the company sold 34,000 policies while the rural and social sectors saw a sale of 8,000 and 1,000 policies respectively.

"The distribution strategy followed by BSLI in its rural marketing seeks to leverage the strength and reach of the Aditya Birla Group," said Mr Javeri.

As on date, BSLI's total assets under management are at Rs 207.75 crore, of which Rs 46.78 crore constitute investments in equity.

The company which was set up on March 19, 2001, has since then sold 1,44,000 individual policies, covering 3,29,000 lives and has earned an annualised premium of Rs 285 crore, on a sum assured of Rs 9,800 crore, as on October 2003.

BSLI will unveil an IT enabled initiative in around 8-10 days time, said Mr Javeri. However, he declined to give any details of this venture.

The company has now expanded its reach to 33 branches in 27 cities. It has 8,000 insurance advisors, distribution tie-ups with 10 banks and 61 corporate agents and two `Jeevan Chakra' franchise outlets, in Ranchi and Amritsar.

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