Allianz claims 300% growth

Claiming 300 per cent growth in business in the current fiscal in Punjab, Bajaj Allianz Life Assurance will open at least eight more branches in the state.

"Currently we have 39 offices in Punjab, comprising 350 team managers. And after assessing the performance in the state and the potential in the market, we will open at least eight more branches in Ludhiana, Jalandhar, Malerkotla, Mansa, Gurdaspur, and Jagraon," said Sam Ghosh, country manager, Allianz, & Chief Executive Officer, Bajaj Allianz Life Insurance company.

The northern region has its headquarters in Chandigarh and a network of 66 offices in Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, and Chandigarh. Ghosh said the region had mopped up a new business premium of Rs 87.26 crore as on December 31, 2005, as against Rs 23.23 crore during the corresponding period of the previous year with a growth rate of 275 per cent.

"In Punjab, the company has collected new business premium worth Rs 62.52 crore in the current financial year through a network of 39 branches" he said.

Reagrding the products of the company, Ghosh said recently the company hadlaunched revolutionary products like UnitGain Premier, UnitGain Super, FamilyGain and HealthCare in the market. These were unique because of their flexible, and simple nature.

About the performance of the company in the month of December, Ghosh said "The company has firmly established its number one position among private life insurers, with a 32 per cent of market share and 467 per cent growth as per the latest IRDA results".

Bajaj Allianz Life Insurance was the fastest growing insurance company with 301 per cent growth for the previous fiscal, has raced towards the number one rank in the industry for the month of December as well last six months (July to Dec-05) as per the December IRDA results in terms of new business premium among private life insurers, he claimed.