The Hindu Business Line : Bajaj Allianz gross premium income up 60%

BAJAJ Allianz General Insurance Company Ltd has recorded a 60 per cent growth in gross premium income at Rs 480 crore for the fiscal ended March 31, 2004, against a gross premium income of Rs 300 crore in the corresponding period of the previous fiscal.

The company's net profit increased by 125 per cent over the previous year's profit to Rs 21.7 crore, said a press release.

Bajaj Allianz has issued over 1.2 million policies in the fiscal 2003-04 and its cumulative premium income grew to Rs 1,000 crore.

"Our claim payouts surpassed Rs 150 crore and our claims settlement ratio stood at 94 per cent, which is the highest among the private insurance companies. The retention ratio, at 61 per cent, is also the highest among the private general insurance companies. In the current year we will be enhancing the IT infrastructure to power our growth engine," said the release, quoting Mr Kamesh Goyal, CEO, Bajaj Allianz.

The company attributed its growth to the continued focus on balancing the retail and corporate business portfolios and using a multi-distribution channel. The insurer has also strengthened its IT infrastructure .

Bajaj Allianz is planning to widen its distribution network substantially and increase revenue from the bancassurance channel.

Currently it has bancassurance tie-ups with 10 banks, the release said.