Bajaj Allianz Life Insurance logs US $ 1.04 bn (Rs 4270 cr.) in new business with profits of US $ 15.3 mn (Rs 63 cr.) & 2 million policies

1.                  Bajaj Allianz Life Insurance declares Rs 63 cr (US $ 15.3 mn.) profit for FY 06-07.

2.                  Bajaj Allianz Life Insurance is the first large pvt. sector life insurance co. with a pan India network and strong retail focus to declare substantial profits for the financial year.

3.                  Bajaj Allianz Life is most profitable pvt. life insurer for 06-07.

4.                  Bajaj Allianz Life Insurance logs in Rs 4270 cr. ( US $ 1.04 bn approx. ) of new business premium. For the first time private life insurance cos. have crossed the US $ 1 bn new business in a FY.

5.                  Bajaj Allianz Life Insurance issued over 2 million (20,79,217) policies in this year – highest amongst all pvt. sector players and taking the number 1 position. 3.4 million policies (34,72,875) issued till date. Only pvt life insurer to cross 2 mn policy mark in a FY.

6.                  Bajaj Allianz Life Insurance collected more new business premium in this one year alone, then the total of last 5 year’s new business ( Rs 3821 cr.).

7.                  More policies issued in this one year then the total policies issued in the last 5 years(1.4 million policies).

8.                  Over 70% of the business was regular premium for the FY and in the month of March 07 over 80% of the business was regular premium.

9.                  Largest distribution network to reach the customers across the country with 2,13,000 agents, 876 offices in 840 towns, 200 corporate agents & Bancassurance partners.

Pune, May 11^th, 2007: Bajaj Allianz Life Insurance has once again taken the lead amongst pvt. sector life insurance cos. in proving it’s superior management & marketing skills by being the first large pvt. sector life insurance co. with pan India network and strong retail focus to become the most profitable private life insurance co. for the FY. The Company announced a healthy profit of Rs 63 cr. for the FY 2006-07 as per the audited results. Excluding Participating funds profit the profit stands at Rs 54 Cr.

Building on the number 1 position in previous FY 05-06 in new business the co. is now number 1 in the pvt. sector in issuing the largest number of policies and becoming a truly mass retail co. Bajaj Allianz Life Insurance has grown consistently and become profitable by further increasing the distribution and improving the productivity.

Rahul Bajaj, Member of Parliament, Chairman Bajaj Allianz Life insurance co.  ltd.  was delighted in saying," Crossing the US $ 1 billion in new business premium and a healthy profit of Rs 63 cr. in such a short span of time is really a proud moment and speaks highly of the management team spearheading this accelerated growth. Winning trust & confidence of people across the country is reflected in the solid performance in this FY by issuing largest number of policies in pvt. sector, over US $ 1 bn in new business premium, doing more business & policies in this FY than done in the last 5 years.  My sincere thanks to all our valuable customers, agents, employees and other stake-holders whose constant support and valuable inputs have enabled us to reach the top & build such a trusted brand across the country.  With this strong performance & large base, Bajaj Allianz Life Insurance is one of the country's private sector financial powerhouse in the making. ''

Sam Ghosh, Country Manager Allianz & CEO Bajaj Allianz Life was very proud to say “This is a great year for Bajaj Allianz Life Insurance with a Billion Dollar in new business premium and being most profitable co. in the private sector. This feat was achieved by efficient capital management, strong cost controls across the company and a very devoted team of employees, agents, corporate agents, franchisees and bancassurance partners who have proved all round leadership in the industry.  Our bouquet of flexible and simple products & company offices in their own towns has appealed to customers across the country and helped us create a very trusted brand name and as a result we issued over 2 million policies highest by any private life insurer. Our sincere thanks to all our customers and stake-holders for being the pillar of our strength and inspiration.’’

Bajaj Allianz Life Insurance accelerated growth since inception