Bajaj Allianz Life Insurance clocked the highest growth among the top 10 private life insurers for 9M FY2024. The company recorded over 3X growth in Individual Registered New Business (IRNB) compared to the industry’s average, with a 24% growth in IRNB. The company’s GWP reached INR 14,860 Crores, and its AUM crossed INR 1 Lakh Crores milestone.
The company’s focus on enhancing renewal payment processes, such as driving auto-payment registration and digital payments, has led to consistent persistence across most cohorts. As of December 31, 2023, persistency stood at 83% for the 13th month, 65% for the 37th month, and 51% for the 61st month. The company also registered a strong growth in renewal premium of 31% in 9M FY24.
Key business highlights for 9M FY24 include a 26% growth in PAT (Profits after tax) at INR 457 Crores, a 31% growth in renewal premium, the highest growth in the Number of Policies (NOP) among top 10 private life insurance companies, and an Assets under Management (AUM) crossing the Rupees One Lakh Crore milestone. The company’s Solvency Ratio stands at an impressive 446% at the end of December 2023.
