Achieved impressive growth in new business premium and market share
FinTech BizNews Service
Mumbai, December 13, 2023: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has achieved a significant milestone surpassing Rs.1,00,000 crore in Assets under Management (AUM), today. This milestone underscores the profound trust the customers have in the Company and its investment expertise to help them achieve their long-term Life Goals.
Bajaj Allianz Life’s transformational journey across every aspect of the business in recent years has propelled it to become one of the fastest-growing insurance companies among the top 10 private life insurers. A 1.8 times growth in its AUM, from Rs. 56,085 crores in FY2020, to over Rs.1,00,000 crore in the current financial year is reflective of this growth trajectory. Focus on innovative, customer-focused products, robust omnichannel distribution focus, and top-tier services backed by a solid digital and technology framework have been key drivers of this outstanding performance. Customers’ confidence is paramount in enabling such a robust transformative journey and every initiative undertaken is to further build this trust.
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “This milestone stands as a testament to the unwavering trust our valued customers have vested in us. At Bajaj Allianz Life, we deeply appreciate the significance of this moment, reinforcing our resolve to continually empower our customers and help them achieve their Life Goals. Our commitment to innovation and excellence remains resolute, as these are the cornerstones upon which our customers place their trust for a financially secure future. From an investment perspective, we remain dedicated to delivering robust, risk-adjusted performance in our funds, solidifying the trust our customers have in our long-term investment strategies.”
Through various optimum investment strategies and Customer First philosophy Bajaj Allianz Life has fuelled its growth, especially over the past 3 years (ended Aug 2023). The Individual New Business APE (Annual Premium Equivalent) for Bajaj Allianz Life has grown at 41.3% CAGR, vis-à-vis overall industry growth of 13.5% CAGR and private sector growth of 22.4% CAGR. This significant growth revival has helped the Company to achieve the Rs.1,00,000 crore AUM milestone. At an overall industry level (based on individual new business APE), the market share of Bajaj Allianz Life has almost doubled from 2.6% in FY20 to 5.0% in FY23. The market share of the Company within the private sector has also expanded from 4.6% in FY20 to 7.6% in FY23.
Since its inception, the Company has earned the trust of over 4.49 crore individual and group customers (as on 31st October, 2023). An individual claim settlement ratio of 99.04% (in FY 23) is also a testament to the Company’s commitment towards its customers.
