Bajaj Allianz Life cements growth path in Q1FY25
IRNB surges by 26% in Q1 FY25 compared to Q1 FY24
Market share grows; remains fastest-growing private life insurer in 3-year CAGR on full year FY24 basis
Healthy growth across distribution channels
Pune, 23 August, 2024: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, witnessed a strong Q1FY25 at the back of healthy growth of all its distribution channels. This led to the Company’s Individual Rated New Business (IRNB) growing 26% and reaching ₹1,294 crores as compared to Q1FY24 when it stood at ₹1,028 crores.
Bajaj Allianz Life continues to make strategic investments across its distribution channels to ensure it is present for its customers, across the country, and enable their Life Goals in a seamless manner. For the quarter its business channels Agency, Institutional Business and Proprietary Sales Force fuelled its growth by posting IRNB growth of 15%, 27% and 75%, respectively (as compared to Q1FY24).
Commenting on the growth achieved by the Company, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “With our focus on ensuring we are available for all our customers, across the country, we commenced a journey on increasing our footprint in a strategic manner. Today, with over 545 branches, 1.53 lakh agents, 35 trusted bank partnerships, 25 thousand employees and a robust digital presence, we are reaching to existing and new customers in an effective manner. Not only domestic customers, even NRIs are gaining effectively through our presence. We will continue to strengthen our engagement and presence for the delight of all our stakeholders, as we move ahead in this year marked with regulatory changes and a healthy economic environment.”
KEY NUMBERS FOR Q1 FY25:
The Individual Rated New Business (IRNB) increased by 26%, reaching ₹1,294 crores from ₹1,028 crores in Q1 FY24
The Gross Written Premium (GWP) registered a growth of 24%, reaching ₹5,018 crores compared to ₹4,058 crores in Q1 FY24
Profit After Tax (PAT) was reported at ₹97 crores
The New Business Value (NBV) increased by 11% to ₹104 crores from ₹94 crores in Q1 FY24.
The Assets Under Management (AUM) grew by 23%, totalling ₹116,966 crores
The private market share grew to 9.0% on IRNB basis
Bajaj Allianz Life continues to focus on product innovation, digital transformation, and enhancing customer experience, and will continue its investments across these business parameters.
About Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institutions and Allianz SE, one of the world’s leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of “Life Goals. DONE’’ through innovative value-packed insurance products that are backed by a robust tech and digital ecosystem. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.
Bajaj Allianz Life now serves over 4.16 crore (as on 30th June, 2024) individual and group customers. The Company has a large distribution network of 545 branches (as on 30th June,2024) over 1,53,990 agents (as on 30th June,2024), a comprehensive set of 35 trusted bank partners across the geography and the customer segments, and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 1,16,966 crores (as on 30th June,2024) with an Individual Claim Settlement Ratio of 99.23 % and a Solvency Ratio of 432% (as on 31 March 2024).
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