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Bajaj Allianz Life Insurance logs US $ 1.04 bn (Rs 4270 cr.) in new business with profits of US $ 15.3 mn (Rs 63 cr.) & 2 million policies

Bajaj Allianz Life Insurance declares Rs 63 cr (US $ 15.3 mn.) profit for FY 06-07.
Bajaj Allianz Life Insurance is the first large pvt. sector life insurance co. with a pan India network and strong retail focus to declare substantial profits for the financial year.
Bajaj Allianz Life is most profitable pvt. life insurer for 06-07.
Bajaj Allianz Life Insurance logs in Rs 4270 cr. ( US $ 1.04 bn approx. ) of new business premium. For the first time private life insurance cos. have crossed the US $ 1 bn new business in a FY.
Bajaj Allianz Life Insurance issued over 2 million (20,79,217) policies in this year – highest amongst all pvt. sector players and taking the number 1 position. 3.4 million policies (34,72,875) issued till date. Only pvt life insurer to cross 2 mn policy mark in a FY.
Bajaj Allianz Life Insurance collected more new business premium in this one year alone, then the total of last 5 year’s new business ( Rs 3821 cr.).
More policies issued in this one year then the total policies issued in the last 5 years(1.4 million policies).
Over 70% of the business was regular premium for the FY and in the month of March 07 over 80% of the business was regular premium.
Largest distribution network to reach the customers across the country with 2,13,000 agents, 900 offices in 840 towns, 200 corporate agents & Bancassurance partners.


Pune, May 11th, 2007: Bajaj Allianz Life Insurance has once again taken the lead amongst pvt. sector life insurance cos. in proving it’s superior management & marketing skills by being the first large pvt. sector life insurance co. with pan India network and strong retail focus to become the most profitable private life insurance co. for the FY. The Company announced a healthy profit of Rs 63 cr. for the FY 2006-07 as per the audited results. Excluding Participating funds profit the profit stands at Rs 54 Cr.



Building on the number 1 position in previous FY 05-06 in new business the co. is now number 1 in the pvt. sector in issuing the largest number of policies and becoming a truly mass retail co. Bajaj Allianz Life Insurance has grown consistently and become profitable by further increasing the distribution and improving the productivity.



Rahul Bajaj, Member of Parliament, Chairman Bajaj Allianz Life insurance co. ltd. was delighted in saying," Crossing the US $ 1 billion in new business premium and a healthy profit of Rs 63 cr. in such a short span of time is really a proud moment and speaks highly of the management team spearheading this accelerated growth. Winning trust & confidence of people across the country is reflected in the solid performance in this FY by issuing largest number of policies in pvt. sector, over US $ 1 bn in new business premium, doing more business & policies in this FY than done in the last 5 years. My sincere thanks to all our valuable customers, agents, employees and other stake-holders whose constant support and valuable inputs have enabled us to reach the top & build such a trusted brand across the country. With this strong performance & large base, Bajaj Allianz Life Insurance is one of the country's private sector financial powerhouse in the making. ''





Sam Ghosh, Country Manager Allianz & CEO Bajaj Allianz Life was very proud to say “This is a great year for Bajaj Allianz Life Insurance with a Billion Dollar in new business premium and being most profitable co. in the private sector. This feat was achieved by efficient capital management, strong cost controls across the company and a very devoted team of employees, agents, corporate agents, franchisees and bancassurance partners who have proved all round leadership in the industry. Our bouquet of flexible and simple products & company offices in their own towns has appealed to customers across the country and helped us create a very trusted brand name and as a result we issued over 2 million policies highest by any private life insurer. Our sincere thanks to all our customers and stake-holders for being the pillar of our strength and inspiration.’’



Bajaj Allianz Life Insurance accelerated growth since inception





Financial Year
No. of policies
New Business Premium (Rs cr)
Rank

2001-2002 (6mths)
21,376
7


2002-2003
115,965
61
7th

2003-2004
186,443
180
6th

2004-2005
288,189
856
2nd

2005-2006
781,685
2,717
1st

Total for first 5 years
1,393,658
3,821


2006- 2007 only
2,079,217
4,270


Rank for 2006-07 as per IRDA results
1st in Policy
2nd in New business premium





About Bajaj Allianz Life Insurance :

Bajaj Allianz Life Insurance Company was the No1. pvt. sector Life Insurance co. for the FY 2005-06. With a pan India presence and over 900 + offices, Bajaj Allianz Life Insurance has already has a customer base of close to 3.5 million customers. Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age-income profiles. For companies it provides comprehensive 'Employee Benefit Solutions' (Group Term Life, EDLI, Gratuity, Super-annotation, Key man Insurance and more); for the individual Invest Gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Saran Visitant (Retirement Plan), Protector (Mortgage term insurance plan), New UnitGain Super, NewFamily Gain, New UnitGain Plus, New UnitGain, New UnitGain Premier, New UnitGain Easy Pension Plus, New UnitGain Easy Pension Plus – single premium. Currently Bajaj Allianz has a product portfolio of 31 products and more need-based products are in the pipeline.