Birla Sun Life infuses additional capital
Mumbai, Apr 4 (UNI) The promoters of Birla Sun Life Insurance Company Ltd have decided to infuse additional capital of Rs 20 crore into equity of company.
Anil Jhala, Chief Financial Officer (CFO), Birla Sun Life Insurance, said the additional infusion was as per the current Insurance Regulatory and Development Authority (IRDA) guidelines at a ratio of 74:26 between the Aditya Birla Group and Sun Life Financial Inc respectively.
With this infusion, the company's equity capital will go up to Rs 460 crore as on March 31. This has been done to expand the company's distribution network and to conform to solvency margin requirements as stipulated by the IRDA, he said.
''The JV partners have a strong commitment to growth of Birla Sun Life Insurance. Birla Sun Life Insurance is aiming to further expand its operations nationally, thereby increasing its penetration into smaller towns along with ensuring higher market share,'' said Mr Jhala.
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