Bajaj Allianz Life Insurance Company, a leading private life insurer in India, has shown exceptional performance in the 9MFY2024 period, with a 24% growth in Individual Rated New Business (IRNB) compared to the previous year. The company’s GWP stood at INR 14,860 Crores, reflecting strong growth in individual business and renewal premium received. The company’s focus on enhancing renewal payment processes, such as auto-payment registration and digital payments, has led to consistent persistence across most cohorts.
Key business highlights include a 26% growth in PAT, a 31% growth in renewal premiums, the highest growth in the Number of Policies among top 10 private life insurance companies, and an impressive 446% Solvency Ratio.
As of December 31, 2023, persistence stood at 83% for the 13th month, 65% for the 37th month, and 51% for the 61st month. The renewal premium also saw a 31% growth, supported by various initiatives to improve persistence. The New Business Value (NBV) grew by 9% from INR 535 Crores to INR 581 Crores due to strong IRNB growth and a diverse product mix.
