An Analysis of Sales Conversion and Customer Relationship Management in the Life Insurance Industry

Indian financial-services groups increasingly combine lending, asset management and insurance under one brand, yet case evidence linking their financial performance to customer-relationship strategy is limited. This study examines Aditya Birla Capital Limited (ABCL), a listed holding company with businesses in non-banking and housing finance, asset management, life insurance and health insurance. Using a single-case, descriptive design and secondary data from the company’s audited FY2026 results release and regulatory publications, the paper analyses year-on-year performance, segment indicators and competitive structure, and interprets them through relationship-marketing and diversification theory. In FY2026 consolidated revenue grew 14% to ₹53,871 crore and profit after tax grew 21% to ₹3,797 crore, lifting net margin from 6.6% to 7.1%. The lending portfolio expanded 32% to ₹2,07,368 crore, health-insurance gross written premium rose 39%, life individual first-year premium rose 15%, and the life value-of-new-business margin reached 20.6%. Growth was uneven across businesses, which indicates several concurrent earnings engines rather than reliance on one. Against low life-insurance penetration (2.7% of GDP in 2024–25) and regulatory concern about mis-selling, the paper argues that cross-selling across ABCL’s customer base is a plausible but unproven source of future value and must be suitability-led. Three testable propositions and a research agenda are offered. The findings are descriptive and do not constitute investment advice. Keywords: financial conglomerate; cross-selling; customer relationship management; life insurance; NBFC; Aditya Birla Capital; India