Bajaj Allianz Life Insurance Company, a prominent private life insurer in India, is undergoing a transformative journey to enhance its business parameters. The 9MFY2024 results showcase its outstanding performance vis-à-vis the other private players in the Indian life insurance industry.
Bajaj Allianz Life Insurance’s Individual Rated New Business (IRNB) for 9MFY2024 grew by 24%, nearly three times the industry average. The company’s three-year CAGR of 39% in IRNB from FY 2020 to FY 2023 further demonstrates its strong growth trajectory as a private life insurer. The Company’s GWP stood at INR 14,860 Crores for 9M FY24, on the back of strong growth in individual business and renewal premium received, as compared to INR 13,028Crores over the same period last year.
Strong focus on enhancing renewal payment processes through initiatives such as driving auto-payment registration, digital payments, etc. have led to consistent persistency across most cohorts. As of 31st December, 2023 persistency stood at 83% for 13th month, 65% for 37th month and 51% for 61st month. The company experienced a 31% growth in renewal premium in 9M FY24, thanks to persistency improvements. Additionally, New Business Value (NBV) increased by 9% from INR 535 Crores in 9M FY23 to INR 581 Crores in 9M FY24, attributed to robust IRNB growth.
