Allianz Bajaj posts phenomenal growth in its first complete fiscal

Pune: Allianz Bajaj Life Insurance Company has announced its annual results for the year ended 31 March 2003.

Allianz Bajaj Life started operations in October 2001 and the period from April 2002 to March 2003 marks the first full fiscal in the history of Allianz Bajaj. The company has recorded impressive growth on every front during this fiscal.

Summarised below are the key highlights:
  FY 2002-2003
Individual policies 1,15,951
First premium income Rs 53.78 crore
Gross written premium Rs 69.17 crore
Sum assured coverage Rs 3,976 crore
Locations and branches 33 cities, 61 customer-care centres (branches)

In January 2003, Allianz Bajaj received an additional injection of capital to the tune of Rs 50 crore from its shareholders, taking the total equity base to Rs 200 crore. It forged a strong tie-up with Standard Chartered Bank for bancassurance and also has about 50 corporate agents to sell its life insurance solutions. The company plans to launch its pension product very soon. The introduction of its unit-linked product is also on the anvil.

Says Allianz Bajaj CEO James Walton: "As a young company, we have set ambitious targets for ourselves. This is the first complete fiscal in the short, but eventful history of Allianz Bajaj. During this period, we have achieved landmarks that may surprise many a global player. I am sure that this new fiscal will mark a historic phase for our company as we continue to enhance our steep growth path."

About his company's expansion plans, Walton says: "By the end of this fiscal (by 31 March 2004) we will set up over 100 sales teams across 50-plus locations. This will establish Allianz Bajaj as a company with a truly pan-Indian presence and help us extend valuable life insurance cover to people across distributed geographies and socio-economic sections."