Bajaj Allianz | Bajaj Allianz Life Insurance | Bajaj Allianz Life profit at Rs 45 crore
Notwithstanding the recession and a volatile stock market, Bajaj Allianz Life Insurance posted a profit of Rs 45 crore for financial year 2009 against a loss of Rs 16 crore in the previous year.
The company's new business premium fell to Rs 4,491 crore in the year against Rs 6,674 crore recorded in the last year.
“We have been able to make a profit of Rs 45 crore even in these difficult times. Our new business premium declined by 30% to Rs 4,491-crore because the stock market declined and we didn't open any new office in FY 09," Bajaj Allianz Country Manager and Bajaj Allianz Life Insurance CEO Kamesh Goyal said.
Bajaj Allianz Life Insurance has around 1,200 offices and the company would not increase the number this year too, Goyal said.
The company's renewal premium grew by more than 100% to Rs 6,133 crore in the 2008-09 as compared to Rs 3,051 crore in the previous fiscal, he said.
In the year, Bajaj Allianz Life Insurance issued 29- lakh polices which was the second largest in the industry, he said.
Bajaj Allianz General Insurance posted a profit of Rs 95 crore in FY '09 with a 10% increase in gross written premium of Rs 2,649 crore as compared to Rs 2,404 crore in the year 2007-08, he said.
The major challenges for the life insurance industry in the year would be expense management and capital, he said.
Goyal further saidalthough no capital was infused in the last fiscal in both companies as they were capital efficient, there could be some capital infusion this year, depending on the .
Source:
