MUMBAI, JUL 12: Bajaj Allianz Life Insurance, which ended 2006-07 with a Rs 63 crore net profit, notched a figure of Rs 30 crore in the first quarter.
The company issued over 536,703 policies in the current quarter against 201,442 in the corresponding period of 2006-07, a growth of over 166%. The annualised premium of the company is estimated at Rs 658 crore. The total new business premium received in the current quarter is estimated to be Rs 729 crore. Normally, the first quarter contributes about 10% of annual new business premium.
The company has attributed its strong performances by becoming a mass retail company, reaching out to all segments across the country.
Sam Ghosh, country manager Allianz & CEO Bajaj Allianz Life, said “Key to profitability is our strong base of wide and stable distribution network coupled with bouquet of flexible and simple products.
Profits are not only a result of efficient capital management and strong cost controls by the company but are also contributed by agents, corporate agents, franchisees and bancassurance partners.
Bajaj Allianz was the most profitable private sector life insurance company in the country in 2006-07. With a pan India presence and over 900 offices, it already has a customer base of close to 3.5 million customers.
Source: Financial Express
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