Bajaj Allianz first premium income zooms

Bajaj Allianz Life Insurance has recorded first premium income of Rs 1,680 crore during the period between April 2005 and January 2006, according to chief executive officer Sam Ghosh. '' This is four times higher than the previous year's figures," he said.

He was speaking while inaugurating the company's second branch in the city. The insurance firm, with a capital base of Rs 370 crore, has also infused Rs 100 crore for its expansion plans, he added.

"The company would double its branch network to 1,000, while raising the headcount of agents to 1,90,000 within one year," Ghosh said.

He added the company has bank assurance tie-ups with Syndicate Bank, Standard Chartered Bank and ten cooperative banks. Presently bank assurance contributes 20 per cent to the company's total business.

Ghosh said Bajaj Allianz has set a target of achieving a premium income of Rs 3,000 crore by the end of current financial year, which would include Rs 2,500 crore from first premium income and the rest Rs 500 crore from renewal premium income.

Speaking about pension products of the company, Ghosh said pension products contribute about 4.5 per cent to the company's total business and this amount is expected to increase further. He said the company is planning to introduce a new pension product soon.

Ajit Kumar, chief manager, central region, said the company has 22 branches in Madhya Pradesh and eight in Chhattisgarh and is planning to increase the number of branches to 60 in Madhya Pradesh and Chhattisgarh by the end of the next calender year.

Currently, the company has 27.8 per cent market share among private insurers and 7.3 per cent overall, Ghosh said. He further added the company plans to increase its overall market share by at least 15 per cent by next year.

Bajaj Allianz has also tied up with UAE Exchange, a financial service provider to distribute its life and non-life insurance products across the country.

"The UAE Exchange has 190 offices across the country. UAE Exchange specialises in remittances and money changing services,'' Ghosh said.