Bajaj Allianz Life Insurance Company, one of India’s leading private life insurers, continues to enhance its business parameters through its transformative journey. The 9MFY2024 results showcase its outstanding performance vis-à-vis the other private players in the Indian life insurance industry.
Bajaj Allianz Life Insurance’s Individual Rated New Business (IRNB) for 9MFY2024 grew by 24%, nearly three times the industry average. The company’s Compounded Annual Growth Rate (CAGR) for the three-year period (FY 2020 to FY 2023) was 39%, confirming its strong growth path. The company’s GWP stood at INR 14,860 Crores for 9M FY24, largely due to strong growth in individual business and renewal premium received.
The focus on improving renewal payment processes through initiatives like auto-payment registration and digital payments has resulted in consistent persistency across most cohorts, with 2023 persistency standing 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; supported by various initiatives to improve persistency. Additionally New Business Value (NBV) grew by 9% from INR 535 Crores for 9M FY23 to INR 581 Crores for 9M FY24 due to strong IRNB Growth and focus on a diverse product mix.
