• Gross Written Premium registered a significant 23% increase at INR 6,544 crore
• IRNB surges by 34% at ₹1,895 crores in Q2FY25 as compared to Q2FY24
• Assets Under Management at ₹1,23,178 crores as of 30th September 2024
Pune, 13 November, 2024: Bajaj Allianz Life Insurance, one of India's leading private life insurers, witnessed a strong Q2FY25 marked by substantial growth. The Company reported a remarkable 34% year-on-year growth in Individual Rated New Business (IRNB), reaching INR 1,895 crores compared to INR 1,415 crores in Q2 FY24. The New Business Premium also showed strong year-on-year growth of 14% from INR 2,821 crore in Q2FY24 to INR 3,202 crore in Q2FY25, while Gross Written Premium registered a significant 23% increase from INR 5,338 crore in Q2FY24 to INR 6,544 crore in Q2FY25.
Bajaj Allianz Life recorded an increase in private sector market share to 8.9% and an overall industry share of 6.1%. This growth reflects the Company's strong performance across its distribution channels that are continuously focussing on driving insurance awareness and penetration in diverse markets across the country.
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KEY NUMBERS FOR Q2 FY25:
· Individual Rated New Business (IRNB) surged by 34% to reach INR 1,895 crores from INR 1,415 crores in Q2 FY24
· Gross Written Premium (GWP) grew by 23% to INR 6,544 crores compared to INR 5,338 crores in Q2 FY24
· Assets Under Management (AUM) increased by 25% to INR 1,23,178 crores as of 30th September, 2024 from INR 98,700 crores as of 30th September, 2023
· Profit After Tax in Q2FY25 was reported at INR 148 crores
· New Business Value (NBV) grew by 3% to INR 245 crores from INR 237 crores in Q2 FY24
· Private market share expanded to 8.9% from 8.3% in Q2 FY24
· Individual Premium demonstrated strong growth of 32% reaching INR 2,080 crores compared to INR 1,578 crores in Q2 FY24
Bajaj Allianz Life Insurance remains committed to expanding its footprint across tier 2 and tier 3 markets while strengthening its product portfolio to address diverse customer needs. With over 562 branches, over 1.59 lakh agents, 372 institutional partners including 35 bank partnerships, over 26K employees and a robust digital presence, the Company is reaching to existing and new customers in an effective manner.
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