Monday, May 20, 2024

Bajaj Allianz Life Insurance leads the private insurance sector with a growth rate of 49% in FY2022

Bajaj Allianz Life Insurance Company Limited, one of India’s leading private life insurers, continued to clock impressive growth on individual rated new business (IRNB) premium by registering a 49.4% growth in FY2022. The company recorded the highest growth (among the top 10 private players) of 39.3% in the month of March 2022 alone, at the back of its comprehensive range of products, innovative digital services and a robust sales network.

Tarun Chugh, MD & CEO, Bajaj Allianz Life, commented, “Happy to have wrapped the previous financial year with a strong growth of 49% in individual rated new business premium (the highest amongst the top-10 private market players on
IRNB basis). It’s a reflection of our consolidated efforts across business parameters– including quality of the business we write, persistency that we are focusing on and working towards being a preferred partner when it comes to investing towards any long-term financial goals. We closed the financial year with not only a strong product portfolio, but also an equally strong distribution network with a robust network of both online and offline partners, including our own agents and proprietary sales force. These are key aspects that will help us in the year ahead as well. Bajaj Allianz Life continues to invest towards offering customer delight through a suite of self-servicing and aided service options. We are confident that as an organisation we will keep the foot on the pedal and work towards enabling many more customers achieve their life goals with us!”

Bajaj Allianz Life continues to grow rapidly with a 49.4% uptick in the IRNB premium, while the industry grew by 15.7% and the private life insurers’ growth stood at 21.9% in FY2022 1 . The company’s regular premium average ticket size also elevated to Rs. 77,634 in FY2022 from Rs. 57,782 in FY2021, registering a growth of 34.4%.

The company also observed an increase in IRNB premium of Rs. 3,686 crores in FY2022 from Rs. 2,468 crores in FY2021. The renewal premium witnessed a growth of 22.4% in FY2022, rose to Rs. 6,991 crores from Rs. 5,712 crores in FY2021. The gross written premium for Bajaj Allianz Life stood at Rs. 16,127 crores in FY2022 from Rs. 12,025 crores in FY2021.

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