New Delhi, Apr 27 (PTI) Bajaj Allianz Life Insurance Company has registered over a 34 per cent rise in its gross written premium to Rs 16,127 crore in fiscal 2022.

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

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The company's renewal premium witnessed a growth of 22.4 per cent in FY22, which rose to Rs 6,991 crore from Rs 5,712 crore in FY21, Bajaj Allianz Life said in a release on Wednesday.

The gross written premium for Bajaj Allianz Life rose 34.11 per cent to Rs 16,127 crore in FY22, from Rs 12,025 crore in FY21, it said.

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The insurer said it continued to clock impressive growth on individual rated new business (IRNB) premium by registering a 49.4 per cent growth in 2021-22 to Rs 3,686 crore against Rs 2,468 crore in 2020-21.

The company recorded the highest IRNB growth, among the top 10 private players, of 39.3 per cent in March 2022 alone on the back of its comprehensive range of products, innovative digital services and a robust sales network, it added.

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

The company's regular premium average ticket size also increased to Rs 77,634 in FY22 from Rs 57,782 in FY21, registering a growth of 34.4 per cent.

Tarun Chugh, MD and CEO, Bajaj Allianz Life, said the growth is a reflection of the company's consolidated efforts across business parameters – including quality of the business it writes, focussed persistency and work towards being a preferred partner when it comes to investing towards any long-term financial goals.

"We closed the financial year with not only a strong product portfolio but also an equally strong distribution network with a robust network of both online and offline partners, including our own agents and proprietary sales force. These are key aspects that will help us in the year ahead as well," Chugh said.

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