Bajaj Allianz Life cements growth path in Q1FY25
Date
8/25/2024 6:07:02 AM
(MENAFN- Adfactors PR)
Bengaluru, 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
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