Mumbai (Maharashtra) [India], March 9 (ANI/NewsVoir): Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), and Bharat Co-operative Bank (Mumbai) Ltd. have announced their bancassurance partnership today. This collaboration facilitates a common platform to reach out to the bank's five lac plus customers with relevant life insurance solutions.
This partnership enables ABSLI to directly reach out to these customers through Bharat Co-operative Bank's (Mumbai) 103 branches and fulfil their life insurance and investment planning needs. This will further strengthen ABSLI's extensive distribution reach across the urban and semi-urban areas of Maharashtra, Karnataka, and Gujarat.
Commenting on the tie-up, Aditya Birla Sun Life Insurance MD and CEO, Kamlesh Rao said, "We are delighted to announce our strategic alliance with Bharat Co-operative Bank (Mumbai) Ltd., one of the most prominent co-operative banks in the country. This partnership will enable us to expand our footprint and offer our array of protection solutions to the Bharat Co-operative Bank (Mumbai) Ltd.'s widely distributed network across Maharashtra, Karnataka & Gujarat. We believe our life insurance products will complement the existing bank offerings and empower their customers to develop a robust financial plan."
With this strategic move, ABSLI now has high-impact and growing bancassurance partnerships with 8 leading banks across the country.
On the occasion, U Shivaji Poojary, Chairman, Bharat Co-operative Bank (Mumbai) Ltd. said, "We are pleased to announce the corporate agency tie up with Aditya Birla Sun Life Insurance Co. Ltd., a fundamentally strong and trustworthy organisation for soliciting life insurance business. Customer's needs are changing and it is necessary for every entity in service sector to scale up to meet the expectations of its customers. This partnership will especially benefit our customers who will get access to a bouquet of innovative insurance products across all its 102 branches & one extension counter with the support of Aditya Birla Sun Life Insurance Co. Ltd."
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a part of Aditya Birla Capital Ltd. (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.
ABSLI offers a range of products across the customer's life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans ("ULIPs").
As of December 2021, total AUM of ABSLI Stood at Rs. 5,91,141 million. ABSLI recorded a gross premium income of Rs. 80,661 million in 9M FY 2021-22 and registering a y-o-y growth of 23 per cent in Gross Premium with Individual Business FYP at Rs. 16,161 Mn. ABSLI has a nation-wide distribution presence through 340+ branches, 7 bancassurance partners, 6 distribution channels, over 70,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 14,000 employees and more than 18 lac active customers.
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.
ABCL's subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 30,000 employees, the subsidiaries of ABCL have a nationwide reach with 950 branches and more than 2,00,000 agents/channel partners and several bank partners.
As of December 31, 2021, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,724 billion, has a consolidated lending book of approx. Rs. 614 billion, and an active customer base of over 31 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, in the league of Fortune 500. Anchored by an extraordinary force of over 140,000 employees, belonging to 100 nationalities. Today, over 50 per cent of Group revenues flow from overseas operations that span 36 countries in North and South America, Africa, and Asia.
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2021, Sun Life Financial had total assets under management of CAD 1,445 billion.
For more information, please visit (https://www.sunlife.com/en). Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
Disclaimer: No Business Standard Journalist was involved in creation of this content