Bajaj Allianz Life logs Rs 457cr net for 9 months

Chennai, Feb 23 (IANS) Private life insurer Bajaj Allianz Life Insurance Company Ltd announced a significant achievement with a net profit of Rs 457 crore and a gross premium of approximately Rs 14,860 crore for the nine-month period ending on December 31, 2023.

According to Bajaj Allianz Life Insurance, the company saw a notable increase in gross premium, jumping to Rs 14,860 crore from Rs 13,028 crore in the previous year’s corresponding period. Similarly, the after-tax profit also saw a rise to Rs 457 crore from Rs 364 crore during the same period in the previous fiscal year.

The company attributed its success to a strong focus on enhancing renewal payment processes, including initiatives like driving auto-payment registration and promoting digital payments. These efforts have resulted in consistent persistency levels across various policy cohorts.

As of December 31, 2023, Bajaj Allianz Life Insurance reported persistency rates of 83 per cent for the 13th month, 65 per cent for the 37th month, and 51 per cent for the 61st month, showcasing the company’s commitment to long-term customer relationships and financial stability.