Bajaj Allianz Life Insurance net New Business Value surges by 53% to ₹950 Crore in FY23.
Bajaj Allianz Life Insurance Co. Limited, one of the leading private life insurer, has achieved a significant milestone in FY 2023, recording a remarkable net New Business Value of ₹950 crore which is the key metric to measure profitability of life insurance businesses. This represents strong sustainable & profitable growth with 3-year compound annual growth rate (CAGR) of 61%. The Company has witnessed the highest CAGR of 39% in Individual Rated New Business (IRNB) over the last three years, reaffirming its leadership position in the private life insurance segment. Additionally, Bajaj Allianz Life has outperformed its peers by recording the highest growth in the Number of Policies (NOP) among major private life insurers. With a strong focus on customer-centricity, Bajaj Allianz Life served over 2.82 crore new customers (retail policyholders and member of group policies) during FY23.
With its Customer First ideology, Bajaj Allianz Life has also embraced innovation and technology to deliver a differentiated experience to its stakeholders. This has been reflected in its products suite that expanded significantly during FY23, along with its distribution network including agents and strategic partnerships.
Commenting on the growth achieved by the Company, Bajaj Allianz Life’s MD and CEO Tarun Chugh said, “At Bajaj Allianz Life, our unwavering commitment is to put our customers first and we place them at the forefront of everything we do. This ideology enabled us to have a strong FY23 and I’m confident that we will continue to deliver on similar lines going forward. The team and our partners have played a pivotal role in our success journey, and it will be my prerogative to continue to provide them with opportunities to deliver with such passion and enthusiasm as we march ahead.”
Bajaj Allianz Life has also undergone a significant organizational transformation as well and today has over 20,000 employees. They have been delivering on the promise of Life Goals enablers in a passionate way, which has enabled the Company to now have Assets Under Management of ₹ 90,584 cr (as on 31 March 2023), also showcasing its strong financial position and expertise in investment management. Similarly, the Company has been making significant progress on its ultimate promise of settling claims in a timely manner. For FY23 the Company had an impressive Retail Claims Settlement Ratio of 99.04%, highlighting its unwavering commitment to providing efficient and reliable death claim settlement services to its policyholders.
KEY NUMBERS AS OF 31 MARCH 2023:
· Bajaj Allianz Life has achieved a remarkable growth rate of 53%, with net New Business Value standing at ₹ 950 crore in FY23, compared to ₹621 crore in FY22.
o This exceptional growth is a testament to the Company’s robust product portfolio and true reflection of the profitability & shareholder value creation.
· The Company has achieved the highest last three year IRNB CAGR of 39%
o 41% growth in IRNB in FY23 clocking ₹ 5,214 cr in FY23 as compared to ₹ 3,686 cr in FY22
· The Company reported GWP of ₹ 19,462 cr with growth of 21% on the back of strong growth in individual business and renewal premium. This is the highest ever Gross Written Premium of the Company since its inception in 2001.
· The Company has an extensive distribution network comprising 511 branches, over 125,900 agents, and institutional partners along with their branches. This robust network enables Bajaj Allianz Life to reach a wide range of customers across the country.
· The Company’s Solvency Ratio stands at an impressive 516%, underlining its strong financial stability and ability to meet its obligations.