MUMBAI: There has been a churn at the top management of Bajaj Allianz. Allianz country manager and Bajaj Allianz Life Insurance CEO Sam Ghosh is moving to Allianz’s operations in the Middle East. Kamesh Goyal, who is currently the CEO of Bajaj Allianz General Insurance Company, is stepping into the shoes of Mr Ghosh. Mr Goyal’s post will be now filled by Sawraj Krishnan, who is currently the general manager in the company. Mr Ghosh’s move is the third in line in the insurance sector. Dalip Verma of Tata AIG moved to the Middle East. He was followed by Anthony Jacob, who is also moving to the region to take up regional operations at Royal SunAlliance. Mr Ghosh will take over regional responsibilities in the Middle East. Mr Ghosh was the third CEO of the life insurance company. He was earlier working for Australian insurance company MMI which was acquired by Allianz. He was the representative of Allianz in India and was earlier the head of non-life company before he was shifted to the life insurance company. When he took over the company, it was languishing at number seven in industry rankings. Within two years, it became number two among private companies. He has been very aggressive in scaling up the company and has been focusing on volumes- growing premium income and distribution network. Mr Goyal was earlier the head of insurance practice with KPMG, when the sector was opened up. The market share of the company has gone up from 2.8% to 7.2% ever since he took charge in January 2004. He will now be Allianz’s representative in India. The general insurance company has made a profit before taxes of Rs 117 crore and a profit after tax of Rs 75 crore. In the first quarter of the current financial year, it garnered a premium income of Rs 574 crore and net profit of Rs 21 crore. The move has to be cleared by the boards of both companies and the regulator. Both insurance companies together would have an employee strength of over 30,000 while total revenues would be above Rs 10,000 crore. The shuffle is coming at a time, when Bajaj Auto is set to demerge the financial services company and list it separately. The German major is also on an aggressive rollout mode in the country. It is in the process of kicking off its mutual fund activities. The mutual fund will also be the responsibility of Mr Goyal. It is also looking at kicking off banking operations in India through Dresdner. Allianz had taken over Dresdner, internationally. Desdner earlier had operations in the country which it had closed earlier in the decade. Allianz has now applied for a banking licence to RBI. However, the German major is planning to use the Allianz brand for the bank.
Source: www.economictimes.com 16 Aug, 2007, 0449 hrs IST, Times News Network
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