Bajaj Allianz Life Insurance, a leading player in India’s private life insurance sector, has reported unprecedented growth for FY2024, marking significant achievements across various metrics. The company’s Individual Rated New Business (IRNB) surged by 21% year-on-year, positioning it as the fastest-growing life insurer among the top ten private players, with a five-year CAGR of 29%. In a milestone achievement, Bajaj Allianz Life’s New Business Value exceeded ₹1,000 crore for the first time, reaching ₹1,061 crore. The company also recorded its highest-ever Assets Under Management (AUM) at ₹1,09,829 crores as of March 31, 2024. Renewal premiums rose sharply by 32% to ₹11,549 crores, and the New Business Premium increased by 7% to ₹11,494 crores.
Tarun Chugh, MD and CEO of Bajaj Allianz Life, attributed this success to a strategic focus on customer-centricity, innovation, and operational excellence. “Our substantial growth across key business metrics reflects the trust our customers have continued to place in us,” Chugh remarked. The company also maintained an impressive Retail Claims Settlement Ratio of 99.23%, reinforcing its commitment to efficient and reliable claim processing. Additionally, Bajaj Allianz Life announced its highest-ever bonus of ₹1,383 crores for over 11.66 lakh policyholders, marking the 23rd consecutive year of declaring bonuses.
Bajaj Allianz Life’s diversified distribution network and innovative digital solutions have been pivotal in driving this growth. With over 530 branches nationwide, the company continues to expand its reach and enhance customer experience through digital assets like the Customer app and Whatsapp Customer BOT.
