BALIC Clocks Highest Growth Amongst Top 10 Private Life Insurers

It records over 3X growth in IRNB when compared to industry's average; IRNB sees 24% growth with INR 3,996 Crores

FinTech BizNews Service   

Mumbai, February 23, 2024: Bajaj Allianz Life Insurance Company (BALIC), one of India’s leading private life insurers, continues to enhance its business parameters through its transformative journey. The 9MFY2024 results showcase its outstanding performance vis-à-vis the other private players in the Indian life insurance industry.

Individual Rated New Business (IRNB) of the Company for 9MFY2024 grew by 24% as compared to the corresponding period last year. This was nearly three times the growth showcased by industry average. Bajaj Allianz Life Insurance three year (FY 2020 to FY 2023) of Compounded Annual Growth Rate (CAGR) 39% in Individual Rated New Business (IRNB) further reaffirms the strong growth path of the private life insurer. The Company’s GWP stood at INR 14,860 Crores for 9M FY24, on the back of strong growth in individual business and renewal premium received, as compared to INR 13,028 Crores over the same period last year.

Strong focus on enhancing renewal payment processes through initiatives such as driving auto-payment registration, digital payments, etc. have led to consistent persistency across most cohorts. As of 31st December, 2023 persistency stood at 83% for 13th month, 65% for 37th month and 51% for 61st month. The Company also registered a strong growth in renewal premium of 31% in 9M FY24; supported by various initiatives to improve persistency. Additionally New Business Value (NBV) grew by 9% from INR 535 Crores for 9M FY23 to INR 581 Crores for 9M FY24 due to strong IRNB Growth and focus on a diverse product mix.

Key Business Highlights of Bajaj Allianz Life Insurance for 9MFY2024

• PAT (Profits after tax) for 9M FY24 is at INR 457 Crores as compared to INR 364 Crores in 9M FY23, recording a 26% growth
• Registered a strong growth of 31% in renewal premium
• Registered the highest growth in the Number of Policies (NOP) among top 10 private life insurance companies with 4.92 lakh policies being written in this period
• Assets under Management crossed the Rupees One Lakh Crore milestone in this period and stood at INR  1,04,737 crores as of December 31, 2023
•  Achieved 24% growth in Individual Rated New Business with INR 3,996 crores in 9M FY24 vis-à-vis INR 3,222 crores in 9M FY23
• The Company's Solvency Ratio stands at an impressive 446% the end of December, 2023 underlining its strong financial stability and ability to meet its obligations
• As on 31st December 2023, the Company covered over 4.30 crore lives
• The Company has an extensive distribution network comprising of 511 branches, over 1,42,000 agents, and 82 institutional partners

Bajaj Allianz Life prioritizes customer-centricity, emphasizing fast issuances, diverse product offerings backed by cutting-edge technology. Customers have responded positively to the existing product bouquet and new introductions, including Bajaj Allianz Life Ace (Par), Bajaj Allianz Life Magnum Fortune Plus (ULIP), Bajaj Allianz Life Assured Wealth Goal (Non-Par), Bajaj Allianz Life Guaranteed Pension Goal (Annuity), Bajaj Allianz Life - Flexi Income Goal (PAR), and Bajaj Allianz Life Future Wealth Gain. The company's dedication to innovation is evident in the substantial growth of its product suite and distribution network during FY24.