Bajaj Allianz Life Insurance Pushes Highest Growth Amongst the Top Private Life Insurers

PUNE:
Bajaj Allianz Life Insurance Company, one of the leading private life insurers of the country, reported a stellar growth of 38% on individual rated new business premium, almost double of the industry growth rate standing at 19% for the financial year FY 2017-18.
The growth rate for Bajaj Allianz Life Insurance was highest amongst the top 10 private life insurers as well. The Company saw its market share increase from 1.9% in FY2016-17 to 2.2% in FY2017-18. On total new business premium too, Bajaj Allianz Life grew at a much faster pace at 29% as against the industry growth of 11%.
Renewals for the Company registered a growth of 16% in FY2017- 18 backed by de-growth of 4% in FY2016-17, indicating significant improvement in persistency.
Commenting on the growth, Tarun Chugh MD & CEO, Bajaj Allianz Life Insurance, said, “Bajaj Allianz Life has commenced on a new journey to become life goal enablers for our customers. Each of our initiatives from product portfolio, distribution models, business and technological processes, amongst others, will now focus on ensuring customers’ goals are met with us. This, I believe, will further help strengthen our customer engagement and enable us to get newer customers into our fold in the years to follow.”