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Money & Banking - Life Insurance


ICICI Pru leads the pack in new biz

Our Bureau

Mumbai , April 7

BAJAJ Allianz Life insurance has reached the number two position pushing Birla Sun Life to number three.

As per the Insurance Regulatory Development Authority (IRDA) results for the first 11 months of FY 04-05, in terms of new business premium, Bajaj Allianz has recorded Rs 49,405 crore. This is a 333 per cent growth over last year's Rs 11,396 crore. For FY 03-04, Bajaj Allianz was placed at the sixth position amongst private insurance players.

ICICI Prudential still leads the private players with a new business premium income of Rs 115,465 crore up to February.Bajaj Allianz has a presence in 300 centres across the country. In a press release, Mr Sam Ghosh, CEO, Bajaj Allianz Life, said, "We have told our individual branches to benchmark themselves with the competition within their city, instructing them to be among the top three".

He added "The high 20-25 per cent attrition rates in the insurance sector is not an issue in small towns where job opportunities are not high."

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