Bajaj Allianz Life Results: Gross written premium rises 34 per cent to Rs 16,127 cr in FY22

Bajaj Allianz Life Insurance Company on Wednesday said that it has registered over a 34 percent rise in its gross written premium to Rs 16,127 crore in fiscal 2022, as per a report in PTI.

The life insurer reported a gross written premium of Rs 12,025 crore in FY2021.

In FY22, the company's renewal premium increased by 22.4 percent to Rs 6,991 crore, up from Rs 5,712 crore in FY21, according to a statement released on Wednesday by Bajaj Allianz Life.

In FY22, the company's renewal premium increased by 22.4 percent to Rs 6,991 crore, up from Rs 5,712 crore in FY21, according to a statement released on Wednesday by Bajaj Allianz Life.

According to the company, Bajaj Allianz Life's gross written premium increased 34.11 percent to Rs 16,127 crore in FY22, up from Rs 12,025 crore in FY21, said PTI.

Individual-rated new business (IRNB) premiums increased by 49.4% to Rs 3,686 crore in 2021-22, compared to Rs 2,468 crore in 2020-21, according to the insurer.

On the back of its comprehensive range of products, innovative digital services, and solid sales network, the company recorded the highest IRNB growth of 39.3 percent among the top 10 private players in March 2022 alone.

"Bajaj Allianz Life continues to grow rapidly with a 49.4 percent uptick in the IRNB premium, while the industry grew by 15.7 percent and the private life insurers' growth stood at 21.9 percent in FY2022," the release noted.

(With PTI inputs)