NT Bureau
Chennai, July 13:
Bajaj Group company Bajaj Allianz Life Insurance has announced a profit of Rs 30 crore in the first quarter, compared to Rs 63 crore for the entire financial year 2006-07.
Bajaj Allianz, a part of Bajaj Financial Services, has recently been demerged from Bajaj Auto. 'Key to profitability is our strong base of wide and stable distribution network coupled with bouquet of flexible and simple products that appeal to customers across the country,' Bajaj Allianz Life's CEO Sam Ghosh said.
SBI Life made a mere profit of Rs two crore last year as compared to Rs 63 crore by Bajaj Allianz, he said. Bajaj Allianz annualised premium grew 86 per cent to Rs 658 crore during the Q1 while the total new business premium received in Q1 was Rs 729 crore, a company release said. Company registered a growth of 166 per cent in number of policies issued with 536,703 policies issued in Q1 as compared to 201,442 policies during the same quarter last year. Bajaj Allianz was the largest issuer of policies in the private sector in 2006-07 with two million policies sold. Currently, Bajaj Allianz has a product portfolio of 32 products and more need-based products are in the pipeline, the company said.
It has a customer base of close to 3.5 million customers and over 900 offices across the country.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment