Bajaj Allianz Life gears up for aggressive growth with additional capital infusion of Rs. 70.8 crores ( Total capital reaches Rs. 570 crores )

Mumbai, December 07, 2006: Bajaj Allianz Life Insurance Company , one of the leading and the largest private sector life insurance co. in India plans to continue its expansion and growth plans even more aggressively. With its own offices in more then 800 towns of the country it has managed to sustain its impressive growth pattern by making available its world-class insurance services in every nook and corner of India for all class of customers. Bajaj Allianz Life has already crossed US $ I billion (Rs 5000 cr+ ) of new business in the 5 years of it’s operations and over 1.9 million policies already sold.

To maintain and continue this high impact growth and quality service across the country, Bajaj Allianz Life Insurance Company has received a fresh capital infusion of Rs. 70.8 crores which has taken the total capital to Rs. 570 cr. Even with this recent capital infusion Bajaj Allianz Life would still be the most efficient user of the capital in the life insurance industry.

Mr. Sam Ghosh, Country Manager, Allianz and Chief Executive Officer, Bajaj Allianz Life Insurance Company says, “Our current performance clearly indicates that our products and services are well appreciated across the country from all segments of customers and this trust and acceptability has made us the one of the leading pvt. sector life insurance co. in India. We very confident that we will do new business of US $ 1 Billion in this financial year itself. This infusion of capital will enable us to continue with our expansion plans and achieve sustained growth and quality service year after year.”

Bajaj Allianz Life Insurance is currently present in more then 900 towns, most of them being in the non-urban and semi-rural areas of India. Its current tie-up with Godrej Aadhaar rural Malls, district & rural co-op banks and the 7 Regional Rural Banks of Syndicate Bank has made Bajaj Allianz Life Insurance’s products available in over 1200 branches in the rural areas. This significant move has made it possible for Bajaj Allianz Life Insurance to a pan India life insurance co. and is able to diversify its operations and evenly distribute its products to all the segments of the society.