The Hindu Business Line : Bajaj Allianz's first premium income up by 380 pc

BAJAJ Allianz Life has reported a first premium income of Rs 860 crore in the financial year 2004-05, up by 380 per cent from the earlier year's Rs 179 crore.

The company issued 2,88,191 policies during the year and received close to 300 claims. The average premium per policy was about Rs 25,000.

Renewal premium accounted for Rs 141 crore and the Gross Written Premium (GWP) of the company is Rs1,001 crore, which is up from Rs 219 crore last year.

Mr Sam Ghosh, CEO, Bajaj Allianz Life said, "Our paid-up capital of Rs 267 crore is one of the lowest among private insurance companies and yet we have generated new business worth Rs 860 crore and increased our distribution to over 300 towns. Unit Linked products accounted for the major part of the business."

The company has increased its market share to 3.39 per cent for the year ended March 2005from 0.95 per cent in the earlier year.

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