Strengthened Annie’s Leadership among the Top 10 Private Sector Companies in Individual Rated New Business for FY 2021-22
In Pune, Bajaj Allianz Life Insurance Company, one of the leading private sector insurers in India, maintained impressive growth on its Individual Rated New Business (IRNB) growth of 49.4 per cent in FY2021-22. Bajaj Allianz Life Insurance leads the private insurance sector with a growth rate of 49% in FY2022
The company recorded the highest growth of 39.3% (among the top 10 private companies) in the month of March, 2020, due to the full range of products, innovative digital services and strong sales network.
Tarun Chugh, MD & CEO, Bajaj Allianz Life, said:
All of these business metrics are the result of our concerted efforts – including the quality of our business, our sustainability and the ability to act as a partner of choice to invest for any long-term financial goals.
We completed the fiscal year with a strong product portfolio with an equally strong distribution with a strong network both online and offline, including our own agents and proprietary sales force. They are a key factor that will help us in the coming year.
Bajaj Allianz Life will continue to invest to please the customer through various self-service and support service options. We are confident that, as a company, we will continue to work with more customers to enable them to achieve their life goals with us! ”
In FY2021-22, Bajaj Allianz Life grew its IRNB premium by 49.4 per cent, followed by industry at 15.7 per cent and private life insurers at 21.9 per cent. In the financial year 2021-22, the regular average amount of premium of the company has also increased to Rs. 77,634 crore in the financial year 2020-21. 57,782 to 34.4 per cent higher.
In the financial year 2021-22, the company’s IRNB premium income totaled Rs. 3,686 crore in the financial year 2020-21. 2,468 crore. In the financial year 2021-22, the total revenue of renewal premium increased by 22.4% to Rs. 6,991 crore in the financial year 2020-21. 5,712 crore. The total retail premium for Bajaj Allianz in FY 2021-22 is Rs. 16,127 crore in the financial year 2020-21. 12,025 crore.
