BALICL leads private insurance sector with a growth rate of 49% in FY22

HT Bureau

GUWAHATI, April 28: Bajaj Allianz Life Insurance Company Limited (BALICL) continued to clock impressive growth on individual rated new business (IRNB) premiums by registering a 49.4% growth in FY22. The company recorded the highest growth of 39.3% in March 2022 alone, at the back of its comprehensive range of products, innovative digital services, and a robust sales network.

Tarun Chugh, MD & CEO, Bajaj Allianz Life, commented, “Happy to have wrapped the previous financial year with strong growth of 49% in individual rated new business premium (the highest amongst the top-10 private market players on IRNB basis). It’s a reflection of our consolidated efforts across business parameters – including quality of the business we write, persistency that we are focusing on, and working towards being a preferred partner when it comes to investing towards any long-term financial goals. We closed the financial year with not only a strong product portfolio but also an equally strong distribution network with a robust network of both online and offline partners, including our agents and proprietary sales force. These are key aspects that will help us in the year ahead as well. Bajaj Allianz Life continues to invest in offering customer delight through a suite of self-servicing and aided service options. We are confident that as an organisation we will keep the foot on the pedal and work towards enabling many more customers to achieve their life goals with us!”

The company also observed an increase in IRNB premium of Rs 3686 crores in FY22 from Rs 2468 crores in FY21. The renewal premium witnessed a growth of 22.4% in FY22 and rose to Rs 6991 crores from Rs 5712crores in FY21. The gross written premium for Bajaj Allianz Life stood at Rs 16127 crores in FY22 from Rs 12025 crores in FY21