Financial Daily from THE HINDU group of publications
Saturday, Jan 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 22, 2005 |
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Money & Banking
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Life Insurance Bajaj Allianz Life plans aggressive expansion Our Bureau
Ahmedabad , Jan. 21 BAJAJ Allianz Life Insurance Company Ltd has lined up an aggressive expansion drive and hopes to treble its premium income in the next financial year. "We are set to cross Rs 750-crore insurance premium in the current financial year. As on December 31, we had done Rs 426 crore, a growth of over 300 per cent over last year. We hope to continue to grow at the same rate and log a premium income of over Rs 2,200 crore," the Bajaj Allianz Chief Executive Officer, Mr Sam Ghosh, said here on Thursday. The company, which claims to have a 12.5 per cent share among private life insurance companies, is seeking to increase its marketshare. Accordingly, Bajaj Allianz Life will increase its number of branches to over 300 from the present 220 and have over 3,000 agency managers by the end of the current financial year, Mr Ghosh said. The company is also planning to induct more agents to take the figure to nearly 43,000 from the present 36,000, he added. The company has filed a new product for working women with the Insurance Regulatory and Development Authority and hopes to get clearance in the next couple of weeks. Mr Ghosh saidthat the company was also in the final stages of working out a health product that would be filed for approval with the regulator soon.
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