Bajaj Allianz Life sees 23% growth in gross written premium, expands market share

Posted on by

Bajaj Allianz Life Insurance, a private life insurer, recorded a 34 per cent growth in Individual Rated New Business (IRNB) for the second quarter that ended September 30 at ₹1,895 crore (₹1,415 crore).

The New Business Premium recorded 14 per cent growth in the quarter under review at ₹3,202 crore (₹2,821 crore).

Gross Written Premium for the quarter under review registered a 23 per cent increase to ₹6,544 crore (₹5,338 crore).

Bajaj Allianz Life recorded an increase in private sector market share to 8.9 per cent (from 8.2 per cent in Q2 last fiscal) and an overall industry share of 6.1 per cent. 

This growth reflects the company’s strong performance across its distribution channels, which are continuously focused on driving insurance awareness and penetration in diverse markets across the country.

Commenting on the life insurer’s latest performance, Tarun Chugh, MD & CEO of Bajaj Allianz Life, said, “We are continuing to deliver on our customer-first promise by enhancing our products suite and our digital service ecosystem to suit customer needs while responding to the evolving business environment. 

We are focused on making life insurance accessible to everyone, with a special emphasis on Tier 2 and Tier 3 markets”.

By strengthening distribution channels, the company ensures that it will meet the needs of customers across all segments. Chugh said the growth shoots of this strategy are visible for the quarter that ended in September 2024.

He expressed confidence that Bajaj Allianz Life Insurance will remain India’s preferred Life Goals enablers by strategically and seamlessly delivering on its promise.

As of the end of September 2024, Bajaj Allianz Life’s assets under management (AUM) grew 25 per cent to ₹ 1,23,178 crore (₹98,700 crore). Bajaj Allianz Life Insurance had recorded a net profit of ₹ 148 crore for the September 2024 quarter.

Bajaj Allianz Life Insurance remains committed to expanding its footprint across tier 2 and tier 3 markets while strengthening its product portfolio to address diverse customer needs. 

The company has over 562 branches, over 1.59 lakh agents, 372 institutional partners, including 35 bank partnerships, over 26,000 employees and a robust digital presence.