Mumbai: Bajaj Allianz Life Insurance will receive capital infusion of around Rs 500 crore from its promoters this fiscal. Bajaj Allianz is a joint venture between the Bajaj group (Bajaj Finserv) and Allianz.
Mr Kamesh Goyal, Country Manager Allianz and CEO Bajaj Allianz Insurance, said that the company’s current capital base stood at Rs 1,210 crore which would be further hiked by around Rs 500 crore. .
The company’s focus this year is to maintain its expense ratio by curbing expenditure on hiring new agents and branches. The expense ratio stands at around 14 per cent.
“Our agency force is around 2.3 lakh and we have a branch network of 1,200. This year our focus is more on increasing the productivity of the existing agency force,” Mr Goyal said.
Bajaj Allianz Life made a net loss of Rs 19 crore in the last fiscal and the company hopes to wipe out its earlier losses by bringing down expenses. In terms of new products, the company plans to launch a pension and health insurance plan this fiscal.
On the recent volatility in the stock market, Mr Goyal said that customers in the interiors of the country may now look at switching to traditional products. ULIPs currently contribute 95 per cent of the company’s business and its funds under management stand at Rs 14,000 crore.
Bajaj Allianz Life on Thursday tied up with Thomas Cook for the distribution of life insurance policies. As a corporate agent, Thomas Cook will sell Bajaj Allianz’s products across its 160 retail branches.
Source: Business Standard, Deccan Chronicle, The Tribune, Asian Age, The Statesman, Deccan Herald
Tuesday, June 17, 2008
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