The insurer recorded an increase in private sector market share to 8.9% and an overall industry share of 6.1%.
FinTech BizNews Service
Mumbai, 11 November, 2024: Bajaj Allianz Life Insurance, one of India's leading private life insurers, witnessed a strong Q2FY25 marked by substantial growth. The Company reported a remarkable 34% year-on-year growth in Individual Rated New Business (IRNB), reaching INR 1,895 crores compared to INR 1,415 crores in Q2 FY24. The New Business Premium also showed strong year-on-year growth of 14% from INR 2,821 crore in Q2FY24 to INR 3,202 crore in Q2FY25, while Gross Written Premium registered a significant 23% increase from INR 5,338 crore in Q2FY24 to INR 6,544 crore in Q2FY25.
Bajaj Allianz Life recorded an increase in private sector market share to 8.9% and an overall industry share of 6.1%. This growth reflects the Company's strong performance across its distribution channels that are continuously focussing on driving insurance awareness and penetration in diverse markets across the country.
KEY NUMBERS FOR Q2 FY25:
· Individual Rated New Business (IRNB) surged by 34% to reach INR 1,895 crores from INR 1,415 crores in Q2 FY24
· Gross Written Premium (GWP) grew by 23% to INR 6,544 crores compared to INR 5,338 crores in Q2 FY24
· Assets Under Management (AUM) increased by 25% to INR 1,23,178 crores as of 30th September, 2024 from INR 98,700 crores as of 30th September, 2023
· Profit After Tax in Q2FY25 was reported at INR 148 crores
· New Business Value (NBV) grew by 3% to INR 245 crores from INR 237 crores in Q2 FY24
· Private market share expanded to 8.9% from 8.3% in Q2 FY24
· Individual Premium demonstrated strong growth of 32% reaching INR 2,080 crores compared to INR 1,578 crores in Q2 FY24
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. With over 562 branches, over 1.59 lakh agents, 372 institutional partners including 35 bank partnerships, over 26K employees and a robust digital presence, the Company is reaching to existing and new customers in an effective manner.
