Bajaj Allianz Life Insurance today reported a marginal decline of 4.56 per cent in profit after tax (PAT) at Rs 836 crore in fiscal 2016-17.
The private insurer's PAT stood at Rs 876 crore in 2015-16.
Gross written premium (GWP) grew by 4.84 per cent to Rs 6,183 crore from Rs 5,897 crore in FY16, the company said in a release here.
The renewals went down by 3.98 per cent to Rs 2,893 crore from Rs 3,013 crore in the previous year.
The private life insurer reported 14 per cent growth in new business at Rs 3,290 crore in FY17 as against Rs 2,885 crore in FY16, mainly due to focus on selling more individual rated new business.
Claim settlement for the fiscal stood at 99.16 per cent and the company paid a total of 2,16,834 claims out of the 2,18,679 payable claims, which is one of the highest among the private insurance players, the release added.
The company also reported 72 per cent decline in customer complaints in FY17 compared to 27 per cent in FY16.
The Assets Under Management (AUM) of Bajaj Allianz Life grew 12 per cent to Rs 49,270 crore as on March 31, 2017 from Rs 44,107 crore as on March 31, 2016.
"The company has seen a significant growth of 41 per cent in the individual rated premium as against the industry growth of 21 per cent. We are confident of strengthening our growth trajectory in the coming years with our customer- centric approach and digital initiatives.
"The company's focus would remain on aligning its offerings that would enable our customers to live a worry-free life," Managing Director and CEO Tarun Chugh said.
The company is a joint venture between global insurance and financial conglomerate Allianz SE and financial services company Bajaj Finserv.
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