'Aim is to double individual first-year premiums in 3yrs'

Aditya Birla Sun Life Insurance has rationalised agent count to improve efficiency and productivity with nearly 39 per cent of business now coming from proprietary channels and 61 per cent from bancassurance, says KAMLESH RAO, managing director (MD) & chief executive officer (CEO), in an interview with Aathira Varier in Mumbai.

- KAMLESH RAO

Edited excerpts:

How was the company's performance in FY24 and what are your plans?

We were focused on strengthening our margins and persistency figures over the past three years. Our 13th-month persistency is now at 87 per cent, our 61st-month persistency is 62 per cent, which is better than perhaps some of the listed players. Having achieved our trajectory goals earlier than anticipated, we are now poised to shift our focus towards growth, aiming to further enhance our position in the market. We would be happier if we could double our premium numbers over the next three years. Currently, our individual first premium would be in the ₹3,000-₹3,200 crore range. We want to take that to about 6,000 crore in three years.

What are the plans for your distribution channels to achieve this target?