Birla Sun Life Financial Service recently hosted in Mumbai a reception for the Honourable James Peterson, Minister of International Trade, Canada. Highlighting the impressive growth of Birla Sun Life's financial services operation, Minister Peterson said that the partnership between these Canadian and Indian business champions exemplifies the potential of Canada-India trade and the benefits of investment in India's dynamic market.
"We are honoured to host Minister Peterson," said Mr. S.K.Mitra, Director, Financial Services, Aditya Birla Group and continued, "Sun Life Financial and the Aditya
Birla Group have long recognized the opportunity that exists in India and we have formed a strong partnership that has resulted in strong growth and an outstanding ability to meet the needs of our growing customer base."
Mr. Mitra also revealed that with the taking off of the separate pension fund, the Birla group hoped to get into a 50:50 partnership with Sun Life if the equity regulation permits.
Mr. Donald Stewart, CEO, Sun Life Financial Inc., who was also present on the occasion, commented: "We remain very excited by the huge potential in the Indian markets, where Birla Sun Life has built a solid foundation for future growth." Continued Mr. Stewart, "There are many stories of significance throughout our operations in India. We have made investments in distribution, launched innovative products and enhanced customer service." Sun Life has a total investment of 100 million Canadian dollars in India.
Mr. Gary Comerford, Vice President (International) and General Manager for India in Sun Life Financial was also a part of the delegation. Said Mr. Comerford, "Consistent with our growth objectives the endeavour has been to build robust distribution models. In India we have excellent examples of global best practices in distribution."
Birla Sun Life companies are leaders in their respective business segments. Birla Mutual Fund (BMF) had been constituted as a trust in December 1994. The company offers a spectrum of 20 investment schemes including two offshore funds. The nine equity funds and nine income schemes besides the two offshore funds are designed to cater to every need of the investor.
Birla Mutual Fund today has emerged as one of India's leading mutual funds with close to Rs.10,500 crore of assets under management and an investor base in excess of 575,000 folios (as on 28 February 2005).
Birla Sun Life Distribution Limited (BSDL) is India's premier wealth management company and specializes in the investment advisory business catering to different investor segments - institutions, high net worth individuals and retail investors. As a leading national player, BSDL provides comprehensive financial planning services through its well-developed network of branches and channel partners across the country. The company has a presence in 13 locations across India and works with close to 1900 channel partners.
The range of products offered includes mutual funds, Government Of India Relief Bonds, bonds of public financial institutions, select fixed deposits, initial equity and debt public offerings besides life insurance. The total investor base is close to 175,000 and the total assets under management has crossed Rs. 4,000 crore. BSDL ranks amongst the top five distributors in the country and is one of the first distribution houses to be ISO 9001:2000 certified.
BSLI is a leading private sector life insurer. Since the launch of its business in March 2001 the company has covered in excess of 600,000 lives with the sum assured totaling close to Rs. 21,000 crore (as on 28 February 2005). BSLI has registered an annualised premium for the first 11months (till 28 February 2005) of the current financial year of Rs. 480 crore and the premium revenue for the period grew to Rs.684 crore.
The company has a network of 44 branches in 33 cities with a presence through outstation agency managers in another 54 locations. The total insurance advisor strength of BSLI is close to 10,000. Additionally BSLI has tied up with 107 corporate agents and Bancassurance partners for distributing its products in over 200 locations.
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Dr. Pragnya RamGroup Executive President, Corporate Communications & CSRAditya Birla Management Corporation Private LimitedAditya Birla Centre, 1st Floor, 'C' WingS.K. Ahire Marg, WorliMumbai 400 030.
91-22-6652 5000 /2499 5000
Fax: 91-22-6652 5741/ 42