Bajaj Allianz Life Insurance, a leading private life insurer in India, reported impressive growth in the first quarter of FY25, driven by robust performance across its distribution channels. The company’s Individual Rated New Business (IRNB) surged by 26%, reaching ₹1,294 crores, up from ₹1,028 crores in Q1 FY24. The firm’s market share continued to expand, solidifying its position as the fastest-growing private life insurer in the country on a three-year compound annual growth rate (CAGR) basis for FY24.
The company’s distribution strategy, including its Agency, Institutional Business, and Proprietary Sales Force, played a pivotal role in achieving this growth, posting IRNB increases of 15%, 27%, and 75%, respectively. Commenting on the company’s performance, Tarun Chugh, MD & CEO of Bajaj Allianz Life, emphasized the importance of strategic investments and a widespread footprint to enhance customer engagement across India and with NRIs.
The growth was also reflected in the Guwahati market, where Bajaj Allianz Life has been strengthening its presence. With increasing customer trust and expanding distribution channels, the company continues to cater to the diverse needs of its customers in the region, contributing to the overall positive momentum.In Q1 FY25, Bajaj Allianz Life also saw its Gross Written Premium grow by 24% to ₹5,018 crores, Profit After Tax (PAT) at ₹97 crores, and Assets Under Management (AUM) rise by 23% to ₹116,966 crores. The company’s New Business Value (NBV) increased by 11% to ₹104 crores.
