Kumar Mangalam Birla, chairman,Aditya Birla Group
“Our Health Insurance business is one of the fastest growing Standalone Health Insurance players driven by a unique ‘Health-first’ model. It also raised capital in FY23 from a marquee sovereign wealth fund, ADIA. This transaction valued the health insurance business at $800mn. In the Life Insurance space, we are one of the leading players with a total premium of Rs 11,000 cr in the first 9 months of this financial year”Kumar Mangalam Birla,chairman, Aditya Birla Group
Mumbai:
Aditya Birla Capital has set an ambition to become one of the top three players in each of its core businesses including life insurance and health insurance.
Speaking at the launch of the Aditya Birla Capital Digital(ABCD) here, Aditya Birla Group chairman Kumar Mangalam Birla said the purpose of the platform is to acquire new customers in a seamless manner and to break into the top three in each of the core businesses.
At present, Aditya Birla Capital serves over 35 million customers across its businesses,including lending, insurance,and asset management.
“Our Health Insurance business is one of the fastest growing Standalone Health Insurance players driven by a unique ‘Health-first’ model. It also raised capital in FY23 from a marquee sovereign wealth fund, ADIA. This transaction valued the health insurance business at $800mn. In the life insurance space, we are one of the leading players with a total premium of Rs 11,000 Cr in the first 9 months of this financial year.
Our AMC business continues to be the largest non-bank asset manager in India. It crossed the milestone of 3.11 lakh Cr AUM as of December 2024,” said Birla.
The ABCD D2C platform will further help Aditya Birla Capital augment its digital footprint. It will acquire customers digitally at scale, cross-sell and up-sell in a frictionless manner and become a full-stack financial services provider. The plan is to acquire 30 mn new customers in 3 years, said Birla.
The genesis of Aditya Birla Capital Digital (ABCD), lies in our endeavour to adapt and address the shifting customer preferences and build an omnichannel layer to meet all their financial needs through a unified digital-first platform.
“The ABCD D2C platform offers a comprehensive portfolio of 22 products and services. This includes core financial products from our lending, insurance, and investment businesses” added Birla..
Birla said he sees the insurance, credit, and investment businesses of ABC growing at a compounded annual growth rate of 19-21 per cent over the next 3-5 years.
He said the broader financial services sector is expected to grow at two times the annual GDP growth.
`From banking to insurance, from fintech to wealth management, we have witnessed unprecedented growth and dynamism across the sector. At the heart of this transformation lies data, digital and technology, which is advancing at lightning velocity,unleashing breakthroughs across the industry,” he said.