Bajaj Allianz Life Insurance Q2FY25 Result: Bajaj Allianz Life Insurance has announced business results for the second quarter of the financial year 2024-25, these results announced on Wednesday reveal the strong performance of the company. During the second quarter, the company’s Individual Rated New Business (IRNB) has registered an increase of 34%, while Gross Written Premium (GWP) has increased by 23%. You can see the important figures of Bajaj Allianz Life Insurance’s second quarter (Q2FY25) results here:
Highlights of quarterly results
– Individual Rated New Business (IRNB): 34% growth at Rs 1,895 crore as against Rs 1,415 crore in Q2FY24.
– Gross Retained Premium (GWP): increased by 23% to Rs 6,544 crore. It was Rs 5,338 crore in the same period last year.
– Assets under management (AUM): Increased by 25% to Rs 1,23,178 crore, from Rs 98,700 crore in Q2FY24.
– Net Profit (PAT): The company’s net profit in Q2FY25 was Rs 148 crore.
– New Business Value (NBV): Increased by 3% to Rs 245 crore, which was Rs 237 crore in the same period last year.
– Private market share: increased to 8.9%, which was 8.3% during the same quarter last year.
– Individual premium: grew by 32% to Rs 2,080 crore from Rs 1,578 crore in Q2FY24.
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Benefit of strong distribution network
The strong distribution network of Bajaj Allianz Life Insurance is a major reason for this growth. Through this, the company is able to increase the reach of its insurance products across the country. The company has strengthened its presence in Tier 2 and Tier 3 cities. The company currently has a network of 562 branches and more than 1.59 lakh agents. Apart from these, it also has 372 institutional partners including 35 bank partnerships. The number of employees of the company is more than 26,000. Through all this the company has expanded its reach. Apart from the branch network, Bajaj Allianz Life Insurance is also expanding through digital platforms.
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Future plans and strategy
Bajaj Allianz Life Insurance is focused not only on strengthening its product portfolio but also on providing better and more affordable insurance solutions to its customers. For this, the company has aimed to reach as many people as possible by taking advantage of digital facilities and the presence of its branches. The company aims to provide the highest level of services to its customers in the future also.