Bajaj Allianz Life Insurance, with a Rs 63 crore of profit in 2006-07, has emerged as the most profitable private life insurance company in the industry. The life insurance joint venture between Germany’s largest company Allianz and auto major Bajaj Auto has mobilised a new business premium of Rs 4270 crore during the year .
The company has also 20 lakh policies which is the largest that any private sector life insurance company has sold in the country. Earlier SBI Life had announced a small profit of over Rs 3 crore for 2006-07. Over 70% of the business of the company with a pan India network and strong retail focus was regular premium for the year and in the month of March 07 over 80% of the business was regular premium. With 2,13,000 agents, 900 offices in 840 towns, 200 corporate agents & Bancassurance partners.
The company has he largest distribution network . Rahul Bajaj, chairman, Bajaj Allianz Life insurance has said, “Crossing the $1 billion in new business premium and a healthy profit of Rs 63 crore. in such a short span of time speaks highly of the management team spearheading this accelerated growth.” Sam Ghosh, country manager Allianz & CEO Bajaj Allianz Life said, “This feat was achieved by efficient capital management, strong cost controls across the company.’’ The company has collected more new business premium in this one year alone, then the total of last 5 year’s new business (Rs 3821 crore). The top most private sector life insurance company ICICI Life with a market share of 29% on the basis of weighted received premium had a negative impact of Rs 480 crore on the ICICI Bank’s consolidated profit after tax in FY2007. The company’s unaudited New Business Achieved Profit (NBAP) for FY2007 was Rs 881 crore as compared to Rs 528 crore, in FY2006.
The company has also 20 lakh policies which is the largest that any private sector life insurance company has sold in the country. Earlier SBI Life had announced a small profit of over Rs 3 crore for 2006-07. Over 70% of the business of the company with a pan India network and strong retail focus was regular premium for the year and in the month of March 07 over 80% of the business was regular premium. With 2,13,000 agents, 900 offices in 840 towns, 200 corporate agents & Bancassurance partners.
The company has he largest distribution network . Rahul Bajaj, chairman, Bajaj Allianz Life insurance has said, “Crossing the $1 billion in new business premium and a healthy profit of Rs 63 crore. in such a short span of time speaks highly of the management team spearheading this accelerated growth.” Sam Ghosh, country manager Allianz & CEO Bajaj Allianz Life said, “This feat was achieved by efficient capital management, strong cost controls across the company.’’ The company has collected more new business premium in this one year alone, then the total of last 5 year’s new business (Rs 3821 crore). The top most private sector life insurance company ICICI Life with a market share of 29% on the basis of weighted received premium had a negative impact of Rs 480 crore on the ICICI Bank’s consolidated profit after tax in FY2007. The company’s unaudited New Business Achieved Profit (NBAP) for FY2007 was Rs 881 crore as compared to Rs 528 crore, in FY2006.