Bajaj Allianz gets fresh capital dose of Rs 132 cr

The promoters of Bajaj Allianz Life Insurance have infused fresh capital of Rs 132 crore into the company taking the private sector life insurer's total capital base to Rs 500 crore.

Bajaj Auto Ltd and Allianz have pumped in the capital in proportionate to their shareholding of 74 per cent and 26 per cent respectively.

Bajaj Allianz Life said the company has grown by over 300 per cent in 2005-06 and was now one of the leading private life insurer in terms of new business market share.

Sam Ghosh, country manager, Allianz and CEO of Bajaj Allianz Life said, "Our performance in the past year has propelled us to a clear leadership position in the domestic private life insurance sector. We have also gained a position of prominence in the Allianz Group for being one of the most dynamic growth oriented companies in the past year. This has encouraged us to not just maintain consistent growth but to further expand our operations so as to reach to millions of people across the country."

"With this capital infusion, we would continue with our expansion plans and achieve sustained growth year after year. We are sure, we would be the fastest company to turn profitable amongst the large private sector life insurance companies," Ghosh added.

Bajaj Allianz Life Insurance has offices in 510 towns across the country and over 95,000 insurance consultants. Currently, Bajaj Allianz has a portfolio of 26 products and more products are in the pipeline.