Aditya Birla Group's financial services arm recorded a 51 per cent growth in revenue at Rs 3,043 crore during the nine months ending December 2008,on the back of strong performance of its mutual fund and insurance businesses. The financial services business,which includes life insurance,asset management,distribution,wealth management,security-based lending,private equity,insurance and broking and advisory services had a consolidated revenue of Rs 2,016 crore in the same period last fiscal,it said in a statement. The life insurance business has achieved a market share of 8.5 per cent (among private sector players) and the mutual fund business 8.7 per cent,the statement added. "As a manufacturer and distributor of products,today,we can meet virtually all the financial needs of our target customer,just short of a savings or current account. We believe that looking ahead there is opportunity to implement learnings from the year gone by,while continuing to emerge much stronger," Aditya Birla Group Chief Executive (Financial Services) Ajay Srinivasan said. Aditya Birla's life insurance business - Birla Sun Life Insurance- reported a 48 per cent rise in annualized premium at Rs 1,810 crores. Its premium as in the nine month ending December 2007 was at Rs 1,222 crore. The average domestic assets under management of Birla Sun Life Asset Management Company grew to Rs 36,565 crores as on December 2008. The company's private equity business - Aditya Birla Capital Advisors - had last month received approval from market regulator SEBI,while revenues from Birla Global Finance grew 50 per cent on an year-on-year basis to Rs 120 crore.
