Expecting churn, ABSLI says open to consolidation

Aditya Birla Sun Life Insurance (ABSLI) on Sunday said it is open to opportunities for consolidation as the sector is expected to undergo a churn as a result of business disruptions caused by the COVID19 pandemic.

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Updated:24th Aug, 2020 at 1:15 AM

New Delhi

ABSLI MD and Chief Executive Kamlesh Rao said data suggests that in times of socio-economic crisis like this COVID-19, around 30-35 per cent companies find it difficult to survive, while close to 15-20 per cent firms outshine their peers in respective industries and emerge successful.

Based on the performance, “we hope to be in the list of 15-20 per cent companies that outshine their peers. If there are opportunities of consolidation in the market which are worth evaluating, we will explore the same. Currently, we are not in talks with anyone,” he said. ABSLI is a life insurance subsidiary of Aditya Birla Capital Ltd. Rao said its business in the Q1 of the fiscal was good and it expects to continue the momentum.

The company, he said, is comfortably placed and currently not planning to raise funds.

Expecting churn, ABSLI says open to consolidation

Aditya Birla Sun Life Insurance (ABSLI) on Sunday said it is open to opportunities for consolidation as the sector is expected to undergo a churn as a result of business disruptions caused by the COVID19 pandemic.

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