Bajaj Allianz Life Insurance Company is aiming to maintain its new premium collection growth rate at 29 per cent this year also, said a senior official of the company here today.
“Last year the total premium collection was at Rs 7,578 crore, of which Rs 4,291 crore was new premium collection. There was 29 per cent growth in new premium collection in FY 18 (over FY 17). We hope to maintain the same growth rate this year also,” Saisrinivas Dhulipala, Appointed Actuary, Bajaj Allianz Life Insurance said at a press conference.
According to him, the company’s growth rate was the highest among the top 10 private life insurers in the country. Additionally, Bajaj Allianz Life Insurance also saw its market share increase to 2.2 per cent in FY2017-2018 as compared to 1.9 per cent in FY2016-17.
The company continued to experience the growth momentum in the new financial year, clocking Rs 179 crore in individual rate new business and Rs 401 crore in new business premium, for the months of April and May during the current fiscal, he added.
Dhulipala said the company witnessed a robust growth of 30 per cent in its market share in Hyderabad for FY 18.
Bajaj Allianz Life Insurance covers over 77 lakh lives across Andhra Pradesh and Telangana and has collected Rs 211 crore new business premium for the period ended 31 March, 2018.
