Pune: Bajaj Allianz Life Insurance Company Limited, one of India’s leading private life insurers, continues to clock impressive growth on individual rated new business premium by registering a 14% growth in 9MFY2019. During the 9MFY2019, the share of the traditional business in the individual new business premium registered a growth of 71%.
The life insurer continues to grow at a brisker pace than the industry with a 14% uptick in the individual rated new business premium, while the industry grew by 8% and the private life insurers’ growth stood at 11% in 9MFY2019. The Company’s average ticket size also moved up to Rs 53,586 in 9MFY2019 from Rs 43,865 in 9MFY2018, registering a growth of 22%.
The company also took the leadership position in the online ULIP space. Its new age online ULIP Bajaj Allianz Life Goal Assure, with the first-of-its-kind Return of Mortality Charge (ROMC) feature helped the company solicit more than 27,000 policies within eleven months of its launch, clocking annualized premium of over ₹263 crores. Bajaj Allianz Life Goal Assure was launched on February 2018.
Bajaj Allianz Life also observed an increase in rated individual new business premium of Rs. 1,053 crore in 9MFY19 from 923 crore in 9MFY18. On Renewal premium the company witnessed a growth of 22% in 9MFY19 of Rs 2,463 crore as compared to Rs 2,011 crore in 9MFY18. The gross written premium for Bajaj Allianz Life stood at Rs 5,567 crore in 9MFY19 from Rs 4,908 crore in 9MFY18.