Bajaj Allianz Life has reported a 20 per cent growth in net income at ₹390 crore in fiscal 2023, driven by overall good performance especially the growth in new business premium.

The Pune-based company saw a 21 per cent growth in overall premium collection with the gross written premium touching ₹19,462 crore in FY23 compared to ₹16,127 crore in the previous financial year.

"Our net profit has grown 20 per cent to ₹390 crore in FY23 ₹324 crore in the previous fiscal," the company's managing director and chief executive Tarun Chugh told PTI on Wednesday.

He said the spike in profit was led primarily by a massive 53 per cent jump in the value of new business premium in the year to ₹950 crore. In FY22, it stood at ₹621 crore.

Value of new business is a key metric to measure the profitability of a life insurance company.

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During the last fiscal, the company added 29 per cent more customers at 5.38 lakh from 3.86 lakh, taking the number of individual lives covered to over 28,63,800.

The total number of customer (individual and group) rose 7.1 per cent to more than 4,82,19,960.

Chug said that in terms of new business premium, Bajaj Life has become the second fastest growing life insurer in FY23.

Also, ₹19,462 crore of gross written premium and assets under management of ₹90,584 crore are the highest ever for the company since its inception in 2001.

Its individual-rated new business clipped at 39 per cent in the past three years, making it the highest growth rate in the industry pushing its net new business value growth to 61 per cent in the past three years at ₹5,214 crore in FY23.

Chug also said that by adding 29 per cent more new customers, Bajaj Allianz Life has clocked the highest industry growth in the number of policies among large private life insurers.

The company served over 2.82 crore new customers, retail policyholders and members of group policies, in FY23, he said.

The company had a retail claims settlement ratio of 99.04 per cent in the last financial year and its solvency ratio stood at 516 per cent, much higher than the regulatory mandate of 150 per cent.

The company employs 20,000 and has an extensive distribution network comprising 511 branches, over 1,25,900 agents, and institutional partners along with their branches.