BSLI AR _15th cut - Aditya Birla Nuvo, Ltd

211 Pages·2014·4.11 MB·English

Winning Our Customers’ Hearts
Annual Report 2013-14
Annual Report 2013-14 Birla Sun Life Insurance
About Us
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well-known
Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services
organisations from Canada. With an experience of over a decade, BSLI has contributed to the growth and
development of the Indian life insurance industry and currently is one of the leading life insurance companies in
the country.
At BSLI, we believe that our customer comes first.
Our Vision
In our business that is founded on trust, we proactively reach out to our customers and
To be a leader and role model remain driven by their needs. We constantly strive to understand what it is that our
customers look for, and channel our business to suit these different outcomes.
Our Values Everything we do, we do keeping our customers in mind, being constantly inspired by their
requirements. We believe that emphasizing quality in our customer service and offering
our customers compelling value will drive growth and profitability. The feedback we receive
Integrity Commitment Passion Seamlessness Speed
and the new ideas we create, therefore, become our foundation to develop a long-lasting,
seamless customer experience.
Contents
As we set out yet again on a path of sustained growth, we rely on our 3-step model of
Insight, Innovation and Integration to keep our customers satisfied and secure, and
Corporate Report continue to build, preserve and nurture house-holds, generations and the nation.
Message from the MD & CEO...........................................................................................................0 2
Board of Directors..............................................................................................................................03
Senior Management Team.................................................................................................................08
Business Report
Snapshot of Financial Indicators.......................................................................................................11
Insight ...............................................................................................................................................12
Innovation..........................................................................................................................................16
Integration..........................................................................................................................................20
Rewards & Recognitions...................................................................................................................23
Financial Report
Director’s Report................................................................................................................................25
Management Discussion and Analysis..............................................................................................35
Corporate Governance Report..........................................................................................................45
Enterprise Risk Management Report.................................................................................................57
Auditor's Report.................................................................................................................................61
Financial Report.................................................................................................................................65
1
Annual Report 2013-14 Birla Sun Life Insurance
About Us
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well-known
Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services
organisations from Canada. With an experience of over a decade, BSLI has contributed to the growth and
development of the Indian life insurance industry and currently is one of the leading life insurance companies in
the country.
At BSLI, we believe that our customer comes first.
Our Vision
In our business that is founded on trust, we proactively reach out to our customers and
To be a leader and role model remain driven by their needs. We constantly strive to understand what it is that our
customers look for, and channel our business to suit these different outcomes.
Our Values Everything we do, we do keeping our customers in mind, being constantly inspired by their
requirements. We believe that emphasizing quality in our customer service and offering
our customers compelling value will drive growth and profitability. The feedback we receive
Integrity Commitment Passion Seamlessness Speed
and the new ideas we create, therefore, become our foundation to develop a long-lasting,
seamless customer experience.
Contents
As we set out yet again on a path of sustained growth, we rely on our 3-step model of
Insight, Innovation and Integration to keep our customers satisfied and secure, and
Corporate Report continue to build, preserve and nurture house-holds, generations and the nation.
Message from the MD & CEO...........................................................................................................0 2
Board of Directors..............................................................................................................................03
Senior Management Team.................................................................................................................08
Business Report
Snapshot of Financial Indicators.......................................................................................................11
Insight ...............................................................................................................................................12
Innovation..........................................................................................................................................16
Integration..........................................................................................................................................20
Rewards & Recognitions...................................................................................................................23
Financial Report
Director’s Report................................................................................................................................25
Management Discussion and Analysis..............................................................................................35
Corporate Governance Report..........................................................................................................45
Enterprise Risk Management Report.................................................................................................57
Auditor's Report.................................................................................................................................61
Financial Report.................................................................................................................................65
1
Annual Report 2013-14 Birla Sun Life Insurance
Message from the MD & CEO Board of Directors
Dear Shareholders, functions to enhance capacity, productivity and sustainability.
Products were redesigned in line with the new regulations. In line
Financial year 2014 has been a defining year in the Indian life
with our focus towards enhanced customer-centricity, we
insurance industry. The industry adapted to multiple changes that
developed many tools to empower and aid our agency force in
reinforced the fundamental proposition of life insurance - financial
counseling our customers' basis their life-stage insurance
protection in times of unfortunate events. These changes helped
requirements. Acquainting them with the nuances of the sector has
strengthen customer trust by laying emphasis on protecting their
started showing results, and I believe will go a long way in
interests. In an industry where millions of people already entrust
strengthening our business.
their life savings customer trust is a game changer.
We assign utmost priority to listen, understand and respond to the Mr. Kumar Mangalam Birla Mr. Donald A. Stewart
As a sector, the life insurance industry has witnessed a complete
needs of our customers. We have a cell for constant customer Chairman Non-Executive Director
business cycle of expansion in the initial years and a phase of
insights and have leveraged insights to turn them into action. We
consolidation, evaluation and rationalisation in the latter. The
have enhanced technology, processes and the organization
recent evolved regulatory framework has nudged life insurance structure. Our deep understanding of customers' needs has Mr. Kumar Mangalam Birla is the Chairman of the US$ 40 billion Mr. Donald A. Stewart was Chief Executive Officer of Sun Life
players to think and constantly evaluate if they are ‘customer- enabled us to provide customized solutions that encompass multinational Aditya Birla Group, which operates in 36 countries Financial Inc. until November, 2011. A native of Scotland, Don
ready.’ elements of protection, milestone savings, wealth creation and across six continents. Mr. Birla took over as Chairman of the Group joined Sun Life in the United Kingdom in 1969 qualifying as a
In our business, customer interface and service excellence are of other long term financial goals. Empower@Ease, our proprietary in 1995. In the years that he has been at the helm of the Group, he Fellow of the Institute of Actuaries before moving to Canada in
prime importance. The benefits of a rich and seamless customer technology platform that focuses on creating a powerful buying has accelerated growth, built meritocracy and enhanced 1972. Don served as Chief Information Officer, Chief Actuary
stakeholder value. From a turnover of US$ 2 billion in 1995, today
experience are aplenty. Given the low insurance penetration and experience through customer participation and personalization is a and Chief Operating Officer prior to being named Chief Executive
the Group's revenues are at US$ 40 billion and its operations from 8
large captive customer-base there is a need for a framework to step in this direction. We have strived to ensure that technology Officer in 1998. Don's leadership of Sun Life spanned a period of
countries then, span 36 countries today. He has made 31
redefine relationships and win-back customer confidence. It is our does not limit personalized interface and are proud of a 100% face- major change including a successful public listing in 2000, the
acquisitions in these 19 years in India and globally, the highest by
endeavor at BSLI to ensure trust surplus with all our stakeholders to-face customer interface with all policy holders at the time of sale. an Indian multinational. acquisition of Clarica in 2002 and expansion in India and China over
including customers, distributor, employees, and the communities the ensuing decade. The Canadian Chamber of Commerce
As a trusted partner and preferred choice of insurer for customers,
that we live and operate in. Early in the relationship, we ensure that An iconic figure, Mr. Birla has held and continues to hold several key recognised him as the 2007 International Executive of the Year
we will continue to discover, learn and re-invent ourselves to
we acquire customers by selling right not only to fulfill a need, but a positions on various regulatory and professional Boards. An and the Canada-India Business Council presented Don with
understand their needs better and fuel this growing long-term
more specific outcome. We then provide them with superior erstwhile Director on the Central Board of Directors of the Reserve their inaugural Lifetime Achievement Award in 2011.
customer facing business. Bank of India, he was Chairman of the Advisory Committee
customer experiences to forge and strengthen long-term
constituted by the Ministry of Company Affairs and also served on Don continues to work fulltime on a broad range of international
relationships. At BSLI, we share a belief of partnering our
The Prime Minister of India's Advisory Council on Trade and business activities with a primary focus on financial services. He
customers through a lasting relationship across generations and
Industry. Furthermore, as the Convener of the Prime Minister's Task chairs Sun Life Assurance Company of Canada (UK) and the
life-stages.
Warm Regards, Force on Administrative and Legal Simplifications, the extensive Audit Committee of leading aluminum products company
Towards building our consumer centric business and delivering implementations made by him in his report have been implemented Novelis, based in Atlanta. He is also chair of the federal-provincial
exactly what customers want, we have successfully adopted the Pankaj Razdan in totality. Mr. Birla also served as Chairman of SEBI's committee on Nominating Committee of the Canada Pension Plan Investment
following: Managing Director & Chief Executive Officer Insider Trading which formulated Corporate Governance principles Board. He is a board member of Sun Life Everbright, based in
for Indian corporates. Beijing and Birla Sun Life Asset Management Company Ltd. in
• Built a business model that is 'outside-in' to understand and Mumbai. In 2009, Don was appointed the Chairman of Canada's
He is on the National Council of the Confederation of Indian
appreciate the felt and unfelt needs of our customers Task Force on Financial Literacy which delivered its final
Industries and the Apex Advisory Council of the Associated
recommendations on time and within budget by December 31,
• Enhanced all touch-points to define and develop all our Chamber of Commerce and Industry of India.
2010. He was named as Champion of Public Education in 2011
customer interactions
Mr. Birla has won recognition for his exemplary contribution to by The Learning Partnership and remains active with a wide
• Leveraged technology to enhance reach and engagement leadership processes and institutions/ systems building. A range of constituencies in support of Canadian financial literacy.”
selective list includes recognition as the Economic Times'
Word of mouth remains the most powerful customer acquisition Business Leader of the Year Award in 2012-13 for the second time.
tool. Past experiences prove that quality speaks for itself and The previous win was in 2003. He was awarded the flagship
assures us repeat business. BSLI attained recognition as the 3rd 'Entrepreneur of the Year, 2012 at the Forbes India Leadership
most trusted life insurance brand in Brand Equity's Most Trusted Awards. The other accolades received by Mr. Birla feature
Brands Survey 2013, making us one of the most trusted brand NASSCOM's Global Business Leader Award (2012), CNBC TV 18's
amongst all other private insurance players. We are grateful for the India Business Leader Award (2012) for Taking India Abroad, the
trust our customers have placed in us, and are committed to CNN-IBN Indian of the Year 2010 – Business for being the most
outstanding business person, among many others. He was chosen
upholding this trust.
by the World Economic Forum as one of the Young Global Leaders
Customer centricity is our key driver! As an organization, we have and named a “Young Super Performer in the CEO Category” by
not only earned faith of over two million policyholders, but also Business Today.
created value for our stakeholders. In FY14, the company
A keen educationist, Mr. Birla is the Chancellor of the renowned
registered a profit of ` 371 crores (FY13 – ` 542 crores).BSLI ranked
Birla Institute of Technology & Science (BITS), with campuses in
No. 1 among private insurance players in Group Business sales
Pilani, Goa, Hyderabad and Dubai. He is a Director of the G. D. Birla
with a market share growth from 15.85% in FY13 to 18.3% FY14. Medical Research & Education Foundation.
Our growing relationships stand testimony to our efforts at
achieving profitability by creating superior value for our customers. A Commerce Graduate from Mumbai University, Mr. Birla is a
We have identified various areas to strengthen our competitive and Chartered Accountant. He earned an MBA from the London
financial positions in the coming years which include achieving Business School, where he is also an Honorary Fellow and serves
on the Asia Pacific Advisory Board.
optimal capacities and better distribution management. Our focus
has and will continue to remain on the customer value solutions
that we can offer.
Given the changing dynamics of the business environment, in the
past year we have had to reimagine processes across various
2 3
Annual Report 2013-14 Birla Sun Life Insurance
Message from the MD & CEO Board of Directors
Dear Shareholders, functions to enhance capacity, productivity and sustainability.
Products were redesigned in line with the new regulations. In line
Financial year 2014 has been a defining year in the Indian life
with our focus towards enhanced customer-centricity, we
insurance industry. The industry adapted to multiple changes that
developed many tools to empower and aid our agency force in
reinforced the fundamental proposition of life insurance - financial
counseling our customers' basis their life-stage insurance
protection in times of unfortunate events. These changes helped
requirements. Acquainting them with the nuances of the sector has
strengthen customer trust by laying emphasis on protecting their
started showing results, and I believe will go a long way in
interests. In an industry where millions of people already entrust
strengthening our business.
their life savings customer trust is a game changer.
We assign utmost priority to listen, understand and respond to the MMrr.. KKuummaarr MMaannggaallaamm BBiirrllaa Mr. Donald A. Stewart
As a sector, the life insurance industry has witnessed a complete
needs of our customers. We have a cell for constant customer CChhaaiirrmmaann Non-Executive Director
business cycle of expansion in the initial years and a phase of
insights and have leveraged insights to turn them into action. We
consolidation, evaluation and rationalisation in the latter. The
have enhanced technology, processes and the organization
recent evolved regulatory framework has nudged life insurance structure. Our deep understanding of customers' needs has Mr. Kumar Mangalam Birla is the Chairman of the US$ 40 billion Mr. Donald A. Stewart was Chief Executive Officer of Sun Life
players to think and constantly evaluate if they are ‘customer- enabled us to provide customized solutions that encompass multinational Aditya Birla Group, which operates in 36 countries Financial Inc. until November, 2011. A native of Scotland, Don
ready.’ elements of protection, milestone savings, wealth creation and across six continents. Mr. Birla took over as Chairman of the Group joined Sun Life in the United Kingdom in 1969 qualifying as a
In our business, customer interface and service excellence are of other long term financial goals. Empower@Ease, our proprietary in 1995. In the years that he has been at the helm of the Group, he Fellow of the Institute of Actuaries before moving to Canada in
prime importance. The benefits of a rich and seamless customer technology platform that focuses on creating a powerful buying has accelerated growth, built meritocracy and enhanced 1972. Don served as Chief Information Officer, Chief Actuary
stakeholder value. From a turnover of US$ 2 billion in 1995, today
experience are aplenty. Given the low insurance penetration and experience through customer participation and personalization is a and Chief Operating Officer prior to being named Chief Executive
the Group's revenues are at US$ 40 billion and its operations from 8
large captive customer-base there is a need for a framework to step in this direction. We have strived to ensure that technology Officer in 1998. Don's leadership of Sun Life spanned a period of
countries then, span 36 countries today. He has made 31
redefine relationships and win-back customer confidence. It is our does not limit personalized interface and are proud of a 100% face- major change including a successful public listing in 2000, the
acquisitions in these 19 years in India and globally, the highest by
endeavor at BSLI to ensure trust surplus with all our stakeholders to-face customer interface with all policy holders at the time of sale. an Indian multinational. acquisition of Clarica in 2002 and expansion in India and China over
including customers, distributor, employees, and the communities the ensuing decade. The Canadian Chamber of Commerce
As a trusted partner and preferred choice of insurer for customers,
that we live and operate in. Early in the relationship, we ensure that An iconic figure, Mr. Birla has held and continues to hold several key recognised him as the 2007 International Executive of the Year
we will continue to discover, learn and re-invent ourselves to
we acquire customers by selling right not only to fulfill a need, but a positions on various regulatory and professional Boards. An and the Canada-India Business Council presented Don with
understand their needs better and fuel this growing long-term
more specific outcome. We then provide them with superior erstwhile Director on the Central Board of Directors of the Reserve their inaugural Lifetime Achievement Award in 2011.
customer facing business. Bank of India, he was Chairman of the Advisory Committee
customer experiences to forge and strengthen long-term
constituted by the Ministry of Company Affairs and also served on Don continues to work fulltime on a broad range of international
relationships. At BSLI, we share a belief of partnering our
The Prime Minister of India's Advisory Council on Trade and business activities with a primary focus on financial services. He
customers through a lasting relationship across generations and
Industry. Furthermore, as the Convener of the Prime Minister's Task chairs Sun Life Assurance Company of Canada (UK) and the
life-stages.
Warm Regards, Force on Administrative and Legal Simplifications, the extensive Audit Committee of leading aluminum products company
Towards building our consumer centric business and delivering implementations made by him in his report have been implemented Novelis, based in Atlanta. He is also chair of the federal-provincial
exactly what customers want, we have successfully adopted the Pankaj Razdan in totality. Mr. Birla also served as Chairman of SEBI's committee on Nominating Committee of the Canada Pension Plan Investment
following: Managing Director & Chief Executive Officer Insider Trading which formulated Corporate Governance principles Board. He is a board member of Sun Life Everbright, based in
for Indian corporates. Beijing and Birla Sun Life Asset Management Company Ltd. in
• Built a business model that is 'outside-in' to understand and Mumbai. In 2009, Don was appointed the Chairman of Canada's
He is on the National Council of the Confederation of Indian
appreciate the felt and unfelt needs of our customers Task Force on Financial Literacy which delivered its final
Industries and the Apex Advisory Council of the Associated
recommendations on time and within budget by December 31,
• Enhanced all touch-points to define and develop all our Chamber of Commerce and Industry of India.
2010. He was named as Champion of Public Education in 2011
customer interactions
Mr. Birla has won recognition for his exemplary contribution to by The Learning Partnership and remains active with a wide
• Leveraged technology to enhance reach and engagement leadership processes and institutions/ systems building. A range of constituencies in support of Canadian financial literacy.”
selective list includes recognition as the Economic Times'
Word of mouth remains the most powerful customer acquisition Business Leader of the Year Award in 2012-13 for the second time.
tool. Past experiences prove that quality speaks for itself and The previous win was in 2003. He was awarded the flagship
assures us repeat business. BSLI attained recognition as the 3rd 'Entrepreneur of the Year, 2012 at the Forbes India Leadership
most trusted life insurance brand in Brand Equity's Most Trusted Awards. The other accolades received by Mr. Birla feature
Brands Survey 2013, making us one of the most trusted brand NASSCOM's Global Business Leader Award (2012), CNBC TV 18's
amongst all other private insurance players. We are grateful for the India Business Leader Award (2012) for Taking India Abroad, the
trust our customers have placed in us, and are committed to CNN-IBN Indian of the Year 2010 – Business for being the most
outstanding business person, among many others. He was chosen
upholding this trust.
by the World Economic Forum as one of the Young Global Leaders
Customer centricity is our key driver! As an organization, we have and named a “Young Super Performer in the CEO Category” by
not only earned faith of over two million policyholders, but also Business Today.
created value for our stakeholders. In FY14, the company
A keen educationist, Mr. Birla is the Chancellor of the renowned
registered a profit of ` 371 crores (FY13 – ` 542 crores).BSLI ranked
Birla Institute of Technology & Science (BITS), with campuses in
No. 1 among private insurance players in Group Business sales
Pilani, Goa, Hyderabad and Dubai. He is a Director of the G. D. Birla
with a market share growth from 15.85% in FY13 to 18.3% FY14. Medical Research & Education Foundation.
Our growing relationships stand testimony to our efforts at
achieving profitability by creating superior value for our customers. A Commerce Graduate from Mumbai University, Mr. Birla is a
We have identified various areas to strengthen our competitive and Chartered Accountant. He earned an MBA from the London
financial positions in the coming years which include achieving Business School, where he is also an Honorary Fellow and serves
on the Asia Pacific Advisory Board.
optimal capacities and better distribution management. Our focus
has and will continue to remain on the customer value solutions
that we can offer.
Given the changing dynamics of the business environment, in the
past year we have had to reimagine processes across various
2 3
Annual Report 2013-14 Birla Sun Life Insurance
Board of Directors
Mr. Ajay Srinivasan Mr. Bishwanath Puranmalka Mr. Kevin Strain Dr. Rakesh Jain
Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director
Ajay Srinivasan has been the Chief Executive, Financial Services at Mr. Puranmalka, Director of Aditya Birla Group's Financial Kevin Strain is President, Sun Life Financial Asia. In this role, Mr. Dr. Rakesh Jain is Managing Director of Aditya Birla Group's
the Aditya Birla Group since July 2007. Services' Companies has a total working experience of over 45 Strain is responsible for Sun Life's interests in Asia, including flagship company Aditya Birla Nuvo Ltd (ABNL). ABNL is a
years. He has been associated with the Aditya Birla Group in identifying opportunities for growth in the region and managing the diversified conglomerate with multiple businesses in the services
In his role as Chief Executive, Financial Services, he sets the vision
various capacities since the inception of his career. He has Company's relationships with its partners. Sun Life has operated in and manufacturing sectors. The businesses range from Financial
and provides strategic direction and leadership for the Group's
experience in the implementation and running of several Asia since the 1890s, and today spans seven key markets – the Services to Telecom, IT-ITES to Fashion and Lifestyle, and
Financial Services business which covers several verticals such as manufacturing, training and service industry businesses, and Philippines, Hong Kong, Indonesia, India, China, Vietnam and Manufacturing. While ABNL has multiple mature businesses, it
Life Insurance, Fund Management, Private Equity, Wealth setting up Greenfield manufacturing operations. He also has wide Malaysia. Mr. Strain was appointed to the role effective April 2012, continues to incubate new growth and long-gestating businesses
Management, Retail Broking, Capital Markets Based Lending, experience in the set up and operation and maintenance of captive and is based in Sun Life's Asia Regional Office in Hong Kong. He is for the Aditya Birla Group. In addition to the above role as Managing
Corporate Financing, Infrastructure Finance and General Insurance Power Plants of the Aditya Birla Group. also a member of the Company's Executive Team. Mr. Strain has Director, w.e.f. 1st January 2013, he is Sector Head of Chemicals &
Broking. Under his leadership the financial services business has significant Insurance and leadership experience in both individual International Trading Businesses
grown rapidly with a turnover of USD 1.3 Bn, over 5.6 million He has been looking after a NBFC - Birla Global Finance Co. Ltd.
and group businesses and in managing Finance functions. From
customers and a workforce of over 17,500 people. now known as Aditya Birla Finance Ltd., since June 1994. Dr. Jain joined the Aditya Birla Group in August 2003 as Managing
2007 to 2012, he was Senior Vice-President of Sun Life's Individual
Mr. Puranmalka has been a Director on the Board and a Member of Director of Indo Gulf Fertilisers Ltd, (since merged with ABNL in
Insurance and Investments division in Canada, responsible for the
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Audit Committees of Financial Services like Life Insurance 2006), and Director of the Aditya Birla Group's overseas chemical
creation and delivery of Insurance, Health and Wealth Management
Fund Management at Prudential Corporation Asia, based in Hong business and World Class Manufacturing. In March 2005, he was
Company, Distribution Company and Trustee of Birla Sun Life Asset
Products and Solutions nationwide. This included managing an
Kong. Under Ajay's leadership, Prudential's Fund Management given the additional responsibility of Global CEO for the Carbon
Management Company Ltd.
expansive distribution organization encompassing Sun Life's
operations in Asia grew rapidly, both organically and through Black Business, which has grown strategically from a regional
career sales force, the largest in Canada, and Third-party
acquisition. Ajay oversaw a business that spanned ten markets, business to a global business. In December 2008, Dr. Jain was
distributors. In earlier roles, Mr. Strain was Vice-President of
including Japan, with total funds under management of about USD appointed Joint Managing Director of ABNL and subsequently
70 Bn, which made it at the time the second largest retail fund Investor Relations in Sun Life's corporate office and held senior Managing Director in July 2009. He is also Director of Group IT and a
manager in Asia. finance positions in the Company's Canadian operations. He joined Director on the board of the Aditya Birla Management Corporation
Sun Life in 2002 as part of its acquisition of the Clarica Life Private Limited. Prior to joining the Aditya Birla Group, he was the
As a member of Prudential Corporation Asia's Board of Directors, Insurance Company, where he had served in finance and customer- President and CEO of GE Plastics India and South Asia since June
Ajay also oversaw the development of Prudential's retirement focused roles before being appointed head of Clarica's Canadian 2001.
business in Asia. pension and group savings division.
In 1988, Dr. Jain joined the Advanced Technology Group at GE
Ajay joined Prudential in 1998 as Managing Director of Prudential Mr. Strain is a Chartered Accountant and holds a Master of Plastic's Electromaterials Division (EMD) in Coshocton, OH, USA.
ICICI Asset Management Company, Prudential's Indian fund Accounting degree from the University of Waterloo in Canada. He He served in a variety of leadership roles in Technology,
management joint venture with ICICI Bank. Within two years of serves on the Advisory Council for the University's School of Manufacturing, Product Management and Audit staff at various GE
operation, Prudential ICICI AMC had grown to become the largest Accounting and Finance. businesses. He led GE Plastics-Huntsman JV at Albany, NY in 1995-
private sector asset management company in India. 1996, and was appointed the Business Six Sigma Leader in 1997.
In January 1999, he was transferred to BOZ, Netherlands, to lead
With a proven track record for building successful businesses, his
global manufacturing processes for GE Plastics where he led the
experience in the financial services industry spans over two
stable operations concept to stretch the capacity without
decades.
investment and significantly reduce the cost per unit. In 2000, he
spearheaded the digitization effort at GE which helped provide real-
Ajay has in his financial career engaged with several bodies
time business data transparency and significant reduction in
including the Financial Planning Standards Board, the CII
backroom activities and paperwork.
Committee on Financial Sector Reforms, The CII Committee of
Financial Inclusion, The CII Committee on Insurance and Pensions Dr. Jain completed his M.Tech from IIT Kharagpur and Ph.D. in
and the FICCI Committee on Insurance. Polymer Science and Engineering from the University of Akron and
Ohio State University.
Ajay holds a BA with Honours in Economics from St Stephens
College, University of Delhi and an MBA from the Indian Institute of
Management, Ahmedabad.
4 5
Annual Report 2013-14 Birla Sun Life Insurance
Board of Directors
Mr. Ajay Srinivasan Mr. Bishwanath Puranmalka Mr. Kevin Strain Dr. Rakesh Jain
Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director
Ajay Srinivasan has been the Chief Executive, Financial Services at Mr. Puranmalka, Director of Aditya Birla Group's Financial Kevin Strain is President, Sun Life Financial Asia. In this role, Mr. Dr. Rakesh Jain is Managing Director of Aditya Birla Group's
the Aditya Birla Group since July 2007. Services' Companies has a total working experience of over 45 Strain is responsible for Sun Life's interests in Asia, including flagship company Aditya Birla Nuvo Ltd (ABNL). ABNL is a
years. He has been associated with the Aditya Birla Group in identifying opportunities for growth in the region and managing the diversified conglomerate with multiple businesses in the services
In his role as Chief Executive, Financial Services, he sets the vision
various capacities since the inception of his career. He has Company's relationships with its partners. Sun Life has operated in and manufacturing sectors. The businesses range from Financial
and provides strategic direction and leadership for the Group's
experience in the implementation and running of several Asia since the 1890s, and today spans seven key markets – the Services to Telecom, IT-ITES to Fashion and Lifestyle, and
Financial Services business which covers several verticals such as manufacturing, training and service industry businesses, and Philippines, Hong Kong, Indonesia, India, China, Vietnam and Manufacturing. While ABNL has multiple mature businesses, it
Life Insurance, Fund Management, Private Equity, Wealth setting up Greenfield manufacturing operations. He also has wide Malaysia. Mr. Strain was appointed to the role effective April 2012, continues to incubate new growth and long-gestating businesses
Management, Retail Broking, Capital Markets Based Lending, experience in the set up and operation and maintenance of captive and is based in Sun Life's Asia Regional Office in Hong Kong. He is for the Aditya Birla Group. In addition to the above role as Managing
Corporate Financing, Infrastructure Finance and General Insurance Power Plants of the Aditya Birla Group. also a member of the Company's Executive Team. Mr. Strain has Director, w.e.f. 1st January 2013, he is Sector Head of Chemicals &
Broking. Under his leadership the financial services business has significant Insurance and leadership experience in both individual International Trading Businesses
grown rapidly with a turnover of USD 1.3 Bn, over 5.6 million He has been looking after a NBFC - Birla Global Finance Co. Ltd.
and group businesses and in managing Finance functions. From
customers and a workforce of over 17,500 people. now known as Aditya Birla Finance Ltd., since June 1994. Dr. Jain joined the Aditya Birla Group in August 2003 as Managing
2007 to 2012, he was Senior Vice-President of Sun Life's Individual
Mr. Puranmalka has been a Director on the Board and a Member of Director of Indo Gulf Fertilisers Ltd, (since merged with ABNL in
Insurance and Investments division in Canada, responsible for the
Prior to joining the Aditya Birla Group, Ajay was Chief Executive, Audit Committees of Financial Services like Life Insurance 2006), and Director of the Aditya Birla Group's overseas chemical
creation and delivery of Insurance, Health and Wealth Management
Fund Management at Prudential Corporation Asia, based in Hong business and World Class Manufacturing. In March 2005, he was
Company, Distribution Company and Trustee of Birla Sun Life Asset
Products and Solutions nationwide. This included managing an
Kong. Under Ajay's leadership, Prudential's Fund Management given the additional responsibility of Global CEO for the Carbon
Management Company Ltd.
expansive distribution organization encompassing Sun Life's
operations in Asia grew rapidly, both organically and through Black Business, which has grown strategically from a regional
career sales force, the largest in Canada, and Third-party
acquisition. Ajay oversaw a business that spanned ten markets, business to a global business. In December 2008, Dr. Jain was
distributors. In earlier roles, Mr. Strain was Vice-President of
including Japan, with total funds under management of about USD appointed Joint Managing Director of ABNL and subsequently
70 Bn, which made it at the time the second largest retail fund Investor Relations in Sun Life's corporate office and held senior Managing Director in July 2009. He is also Director of Group IT and a
manager in Asia. finance positions in the Company's Canadian operations. He joined Director on the board of the Aditya Birla Management Corporation
Sun Life in 2002 as part of its acquisition of the Clarica Life Private Limited. Prior to joining the Aditya Birla Group, he was the
As a member of Prudential Corporation Asia's Board of Directors, Insurance Company, where he had served in finance and customer- President and CEO of GE Plastics India and South Asia since June
Ajay also oversaw the development of Prudential's retirement focused roles before being appointed head of Clarica's Canadian 2001.
business in Asia. pension and group savings division.
In 1988, Dr. Jain joined the Advanced Technology Group at GE
Ajay joined Prudential in 1998 as Managing Director of Prudential Mr. Strain is a Chartered Accountant and holds a Master of Plastic's Electromaterials Division (EMD) in Coshocton, OH, USA.
ICICI Asset Management Company, Prudential's Indian fund Accounting degree from the University of Waterloo in Canada. He He served in a variety of leadership roles in Technology,
management joint venture with ICICI Bank. Within two years of serves on the Advisory Council for the University's School of Manufacturing, Product Management and Audit staff at various GE
operation, Prudential ICICI AMC had grown to become the largest Accounting and Finance. businesses. He led GE Plastics-Huntsman JV at Albany, NY in 1995-
private sector asset management company in India. 1996, and was appointed the Business Six Sigma Leader in 1997.
In January 1999, he was transferred to BOZ, Netherlands, to lead
With a proven track record for building successful businesses, his
global manufacturing processes for GE Plastics where he led the
experience in the financial services industry spans over two
stable operations concept to stretch the capacity without
decades.
investment and significantly reduce the cost per unit. In 2000, he
spearheaded the digitization effort at GE which helped provide real-
Ajay has in his financial career engaged with several bodies
time business data transparency and significant reduction in
including the Financial Planning Standards Board, the CII
backroom activities and paperwork.
Committee on Financial Sector Reforms, The CII Committee of
Financial Inclusion, The CII Committee on Insurance and Pensions Dr. Jain completed his M.Tech from IIT Kharagpur and Ph.D. in
and the FICCI Committee on Insurance. Polymer Science and Engineering from the University of Akron and
Ohio State University.
Ajay holds a BA with Honours in Economics from St Stephens
College, University of Delhi and an MBA from the Indian Institute of
Management, Ahmedabad.
4 5
Annual Report 2013-14 Birla Sun Life Insurance
Board of Directors
Mr. Pankaj Razdan
Mr. M.V. Nair
Mr. Venkatesh Mysore Ms. Tarjani Vakil Managing Director &
Independent Director
Non-Executive Director Independent Director Chief Executive Officer
Venky Mysore is the CEO of Red Chillies Entertainment Pvt Ltd as Mr. M. V. Nair is the Chairman, Credit Information Bureau (India) Ltd. With over four decades of experience in development banking, Ms. Pankaj Razdan’s is the MD & Chief Executive Officer at Birla Sun
well as the CEO & MD of Kolkata Knight Riders. He is also Non Executive Chairman of SWIFT Domestic Services Pvt Vakil has held directorship of several renowned public sector Life Insurance (BSLI). He has rich experience in the financial
Ltd., a joint venture between SWIFT Scrl, a global provider of secure companies. Ms. Vakil started her career with Maharashtra State services business, across various functions and multiple lines of
He took over as the CEO & MD of KKR in October 2010. Prior to that
financial messaging services and seven Indian Banks. Finance Corporation (MSFC) in 1958 and assumed several business. He has been with the Aditya Birla Financial Services
he has had a very long and successful career spanning 25 years in
responsibilities till 1965. She moved from MSFC to join Industrial Group (ABFSG) since 2007, as a co-owner of the ABFSG Vision and
financial services Prior to this; he was CMD, Union Bank of India and Dena Bank.
Development Bank of India (IDBI) in 1965. After an illustrious the Deputy Chief Executive – Financial Services, a position he
He was the India Country Head of Sun Life Financial's India He was also Chairman of the Indian Banks Association, Chairman of seventeen years stint at IDBI in the capacity of a Deputy General continues to hold. At ABFSG, Pankaj has steered some of the key
operations from January 2007 to October 2010. Prior to this, Mr. the Governing Board of Institute of Banking Personnel Selection, Manager, she joined EXIM Bank of India as General Manager in financial services verticals successfully despite the challenging
Mysore was the CEO & Managing Director of MetLife India. He was Chairman of the Managing Committee of Indian Institute of Banking 1982. After a long, distinguished tenure of 16 years in EXIM Banks, times. He has guided Birla Sun Life Asset Management Company to
responsible for the start-up of the India venture. Mr. Mysore spent and Finance, a member of the Governing Council of IDRBT as well she retired as Chairman and Managing Director (CMD) in 1996. Post an industry leadership position. He has also driven many key
over 21 years with MetLife from 1985-2006. He immigrated to the as the member of the Governing Council of National Institute of her retirement; she is now a member of the several Boards and sub projects across ABFSG, to help set a foundation for our leadership
U.S.A. in 1985 and started his career with MetLife after his MBA Bank Management. Committees of the Board of various companies. in the Indian financial services industry.
Mr. Mysore represented the Madras University in cricket and has In his role at Birla Sun Life Insurance, Pankaj provides BSLI
He was the Chairman of the Committee set up by the RBI to suggest
been a passionate follower of the game. strategic direction and leads the insurance team towards achieving
revised guidelines for Priority Sector Lending Classification. He was
rapid growth and profitability. As BSLI gears for its next phase of
He is currently a member of the Young Presidents Organisation – the member of UshaThorat committee on Lead Bank Scheme, growth, the Company will benefit from his experience and expertise
Mumbai Chapter. Damodaran Committee on Customer Service in Banks and in growing businesses, developing new business models, building
Khandelwal Committee on Human Resources issues of Public
distribution efficiency and customer management.
Sector Banks.
Pankaj's professional experience spans organisations including the
Karvy Group and ICICI Prudential Asset Management Company. He
has been a recipient of several personal and professional
recognitions including being recognised as ‘India's Hottest Young
Executives’ by Business Today. He holds a degree in electronics
engineering with the experience of multiple management
development programs from illustrious institutes including the
Indian Institute of Management, Ahmedabad.
Mr. Gian P. Gupta
Independent Director
Mr. Gian Prakash Gupta is former Chairman & Managing Director
(CMD) of Industrial Development Bank of India. He was also the
Chairman of Unit Trust of India. Mr. Gupta specialises in the field of
General Management, Financial Management, Banking, and
Industrial & Financial Restructuring. He is a Director on the Boards
of many reputed corporates including Aditya Birla Nuvo Limited ,
Aditya Birla Capital Advisors Private Limited , Idea Cellular Limited
etc. He is chairman in Swaraj Engine Limited and Emkay Global
Financial Services Limited. He is also Audit committee member on
many reputed Corporates.
6 7
Annual Report 2013-14 Birla Sun Life Insurance
Board of Directors
MMrr.. PPaannkkaajj RRaazzddaann
Mr. M.V. Nair
Mr. Venkatesh Mysore Ms. Tarjani Vakil MMaannaaggiinngg DDiirreeccttoorr &&
Independent Director
Non-Executive Director Independent Director CChhiieeff EExxeeccuuttiivvee OOffffiicceerr
Venky Mysore is the CEO of Red Chillies Entertainment Pvt Ltd as Mr. M. V. Nair is the Chairman, Credit Information Bureau (India) Ltd. With over four decades of experience in development banking, Ms. Pankaj Razdan’s is the MD & Chief Executive Officer at Birla Sun
well as the CEO & MD of Kolkata Knight Riders. He is also Non Executive Chairman of SWIFT Domestic Services Pvt Vakil has held directorship of several renowned public sector Life Insurance (BSLI). He has rich experience in the financial
Ltd., a joint venture between SWIFT Scrl, a global provider of secure companies. Ms. Vakil started her career with Maharashtra State services business, across various functions and multiple lines of
He took over as the CEO & MD of KKR in October 2010. Prior to that
financial messaging services and seven Indian Banks. Finance Corporation (MSFC) in 1958 and assumed several business. He has been with the Aditya Birla Financial Services
he has had a very long and successful career spanning 25 years in
responsibilities till 1965. She moved from MSFC to join Industrial Group (ABFSG) since 2007, as a co-owner of the ABFSG Vision and
financial services Prior to this; he was CMD, Union Bank of India and Dena Bank.
Development Bank of India (IDBI) in 1965. After an illustrious the Deputy Chief Executive – Financial Services, a position he
He was the India Country Head of Sun Life Financial's India He was also Chairman of the Indian Banks Association, Chairman of seventeen years stint at IDBI in the capacity of a Deputy General continues to hold. At ABFSG, Pankaj has steered some of the key
operations from January 2007 to October 2010. Prior to this, Mr. the Governing Board of Institute of Banking Personnel Selection, Manager, she joined EXIM Bank of India as General Manager in financial services verticals successfully despite the challenging
Mysore was the CEO & Managing Director of MetLife India. He was Chairman of the Managing Committee of Indian Institute of Banking 1982. After a long, distinguished tenure of 16 years in EXIM Banks, times. He has guided Birla Sun Life Asset Management Company to
responsible for the start-up of the India venture. Mr. Mysore spent and Finance, a member of the Governing Council of IDRBT as well she retired as Chairman and Managing Director (CMD) in 1996. Post an industry leadership position. He has also driven many key
over 21 years with MetLife from 1985-2006. He immigrated to the as the member of the Governing Council of National Institute of her retirement; she is now a member of the several Boards and sub projects across ABFSG, to help set a foundation for our leadership
U.S.A. in 1985 and started his career with MetLife after his MBA Bank Management. Committees of the Board of various companies. in the Indian financial services industry.
Mr. Mysore represented the Madras University in cricket and has In his role at Birla Sun Life Insurance, Pankaj provides BSLI
He was the Chairman of the Committee set up by the RBI to suggest
been a passionate follower of the game. strategic direction and leads the insurance team towards achieving
revised guidelines for Priority Sector Lending Classification. He was
rapid growth and profitability. As BSLI gears for its next phase of
He is currently a member of the Young Presidents Organisation – the member of UshaThorat committee on Lead Bank Scheme, growth, the Company will benefit from his experience and expertise
Mumbai Chapter. Damodaran Committee on Customer Service in Banks and in growing businesses, developing new business models, building
Khandelwal Committee on Human Resources issues of Public
distribution efficiency and customer management.
Sector Banks.
Pankaj's professional experience spans organisations including the
Karvy Group and ICICI Prudential Asset Management Company. He
has been a recipient of several personal and professional
recognitions including being recognised as ‘India's Hottest Young
Executives’ by Business Today. He holds a degree in electronics
engineering with the experience of multiple management
development programs from illustrious institutes including the
Indian Institute of Management, Ahmedabad.
Mr. Gian P. Gupta
Independent Director
Mr. Gian Prakash Gupta is former Chairman & Managing Director
(CMD) of Industrial Development Bank of India. He was also the
Chairman of Unit Trust of India. Mr. Gupta specialises in the field of
General Management, Financial Management, Banking, and
Industrial & Financial Restructuring. He is a Director on the Boards
of many reputed corporates including Aditya Birla Nuvo Limited ,
Aditya Birla Capital Advisors Private Limited , Idea Cellular Limited
etc. He is chairman in Swaraj Engine Limited and Emkay Global
Financial Services Limited. He is also Audit committee member on
many reputed Corporates.
6 7
Annual Report 2013-14 Birla Sun Life Insurance
Senior Management Team
MMrr.. MMaayyaannkk BBaatthhwwaall Mr. Amit Jain Mr. Anil Kumar Singh Mr. Sashi Krishnan
DDeeppuuttyy CChhiieeff EExxeeccuuttiivvee OOffffiicceerr Chief Financial Officer (CFO) Chief Actuarial Officer (CAO) Chief Investment Officer (CIO)
Mr. Mayank Bathwal is the Deputy Chief Executive Officer at BSLI. Mr. Amit Jain is Chief Financial Officer (CFO) at BSLI overseeing the Mr. Anil Kumar Singh is the Chief Actuarial Officer & Appointed Mr. Sashi Krishnan is the Chief Investment Officer (CIO) of Birla Sun
In this role, he partners the CEO and the leadership team in Finance, Accounts and Taxation functions. He holds a Master's Actuary for Birla Sun Life Insurance (BSLI) and is responsible for all Life Insurance. He joined the organization in December 2011 and
managing the affairs of the company. He oversees the Finance, degree in Business Administration from the Faculty of Management Actuarial functions within the Company. Anil is a Fellow of the has a rich experience of over 25 years in the Mutual Fund and Life
Planning, IT, Operations, Strategy, Group business and Investment Studies (FMS), Delhi and a Bachelor's degree in Mechanical Institute of Actuaries of India, 2002 and holds a Masters in Statistics Insurance industry.
functions and also provides leadership to some very important Engineering from Delhi University. from Lucknow University.
Sashi has done his BE (Hons.) in Chemical Engineering and MSc
areas of the Company including Revenue Assurance, Customer
Amit brings two decades of experience in Finance, Planning and Before joining BSLI, Anil was the Chief Actuary & Appointed Actuary (Hons.) in Economics from BITS, Pilani. He also has a Diploma in
Service, Technology enablement and Operational efficiency.
Strategy. He has spent close to 10 years in BSLI. His sharp business at Bajaj Allianz Life Insurance Company. Anil has vast experience of Management from IGNOU with a specialization in Finance. In
Mayank has rich experience of nearly 20 years in the industry. He acumen has lent immense success to the Planning and Finance close to 20 years in the Life Insurance industry in India, in Actuarial addition, he has also done CAIIB from the Indian Institute of
joined the Aditya Birla Group in early 1994 and has worked closely functions that he has spearheaded. roles covering Valuation, Asset Liability Management, Product Bankers. He has an extensive experience in Equity and Debt
in various units and projects of the group including fertilizer and Development and Pricing with organizations like LIC, Aviva Life Markets. Prior to joining BSLI, Sashi was the Chief Investment
copper smelting units, financial services business and power His professional experience spans organizations including IDBI Insurance and was also a part of the BSLI Actuarial team during its Officer at Bajaj Allianz Life Insurance Company where he managed
projects. Federal Life Insurance, Max India Ltd., CARE Ratings among inception in 2000-2001. Assets over Rs. 42,000 crores Besides leading the Investments
others. team and being a member of the Investment Committee, he was
He joined Birla Sun Life Insurance in December 1999 as part of the also involved in product design and provided sales support. His
Project team to set up the Life Insurance venture and was looking previous assignments include leadership roles with DBS Bank
after the Business Strategy and Planning function prior to taking (Singapore), DBS Cholamandalam Asset Management Ltd. and
charge of other Finance Operations of the company. Mayank then Unit Trust of India. Sashi is the Member of the Index Policy
moved to take charge as the Chief Financial Officer of Sun Life, Committee of India Index Services & Products Ltd. and, also was
Indonesia in June 2006. He moved back to India in June 2007 as the Co Chair of Life Insurance Committee of the Bombay Chamber
CFO at BSLI with the objective of supporting BSLI in its of Commerce and Industry.
transformational phase after his yearlong successful stint in
Indonesia. As the CFO & Head of Institutional Sales in FY 2011, in He has also served as the Member of the Financial Planning
addition to the Finance operations he also took charge of the Standards Board, India in 2004-2006. He is also a member of the
Mr. Lalit Vermani
Institutional Sales teams which included Bancassurance, Mr. Pramod Krishnamurthy Capital Markets Committee of the Indian Merchants Chamber.
Chief Legal Compliance &
Corporate Agency & Broking channels of BSLI.
Risk Officer (CLCRO) Chief Technology Officer (CTO)
Mayank is a Fellow member of the Institute of Chartered
Accountants of India and the Institute of Cost & Works Accountants
of India and an Associate Member of the Institute of Company Mr. Lalit Vermani is Chief Legal, Compliance and Risk Officer Mr. Pramod Krishnamurthy is the Chief Technology Officer (CTO)
Secretaries of India. Mayank was also felicitated at Annual CFO100 heading the Compliance, Legal, Risk and Internal Audit functions for BSLI responsible for providing the crucial technology edge to
Roll of Honour (for the years 2012 and 2013) for his exceptional for the Company. He has 20 years of experience in various areas of enable BSLI to differentiate itself positively in the marketplace.
contribution to the area of Corporate Finance. Financial Services including Insurance, Asset Management and
Pramod is an IIT-IIM graduate and has over 22 years of work
Investment banking. Prior to this assignment, Lalit was heading the
Mayank is also a member of CII CFO/Tax Committee and ICC experience in the Financial Services Technology area. He has held
Compliance function at Birla Sun Life AMC Ltd.
Expert committee on Banking, Finance and Insurance. several senior leadership positions in the IT and Financial Services
Lalit holds an Honours Degree in Economics and MBA with Industry, including running his own software company early in his
specialization in Finance. He is also a certified Financial Risk career. Prior to joining BSLI, Pramod was an Executive Vice
Manager (FRM) by Global Association of Risk Professionals. President with Fullerton India Credit.
He was awarded the prestigious Pan-Asia IT Leadership Award for
2012 by Asia Insurance Review and Celent, for defining and
implementing the technology strategy and roadmap for BSLI. He
was also recognized among the Top 100 CIOs in India for 2011, by
his peer group under the aegis of World CIO Council and CIO
Association of India.
8 9