Bajaj Allianz Life Insurance, Q1FY25, Results: Bajaj Allianz Life Insurance on Friday released the results for the first quarter of the current financial year. Bajaj Allianz Life Insurance, one of India’s leading private life insurers, reported a stellar performance in Q1 FY25 driven by robust growth across all its distribution channels, driving the company’s Individual Rated New Business (IRNB) up 26% to Rs 1,294 crore as against Rs 1,028 crore in Q1 FY24.
Bajaj Allianz Life continues to invest strategically in its distribution channels to ensure it is present for its customers across the country and helps them meet their life goals in a seamless manner. Its business channels Agency, Institutional Business and Proprietary Sales Force for the quarter drove its growth by registering IRNB growth of 15%, 27% and 75% respectively over the same quarter a year ago.
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First quarter figures
Individual Rated New Business (IRNB) increased by 26% to 1,reached Rs 294 crore, Which was 1 in the first quarter of FY 24,028 crores was Rs.
Gross Written Premium (GWP) records a growth of 24%, Which was 4% in the first quarter of FY24,058 crores as compared to Rs 5,Reached Rs 1018 crore.
Profit after tax (PAT) was reported at Rs 97 crore.
New Business Value (NBV) grew 11% to Rs 104 crore from Rs 94 crore in Q1 FY24.
Assets under management (AUM) increased by 23% to a total of 116,became Rs 966 crore
Private market share on IRNB basis increased to 9.0%.
Bajaj Allianz Life will continue to focus on product innovation, digital transformation and enhancing customer experience, and will continue its investments in these business parameters.
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Commenting on the growth achieved by the company, Tarun Chugh, MD & CEO, Bajaj Allianz Life said, “With our focus on ensuring that we are accessible to all our customers across the country, we have embarked on a journey to expand our presence strategically. Today, with over 545 branches, 1.53 lakh agents, 35 trusted bank partnerships, 25 thousand employees and a strong digital presence, we are reaching out to existing and new customers effectively. Not just domestic customers, but NRIs are also effectively benefiting from our presence. We will continue to strengthen our partnerships and presence to the delight of all our stakeholders as we move ahead with regulatory changes and a healthy economic environment this year.,
