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Bajaj Allianz Life has reported a 20 per cent growth in net income at Rs 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 Rs 19,462 crore in FY23 compared to Rs 16,127 crore in the previous financial year. "Our net profit has grown 20 per cent to Rs 390 crore in FY23 from Rs 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 Rs 950 crore. In FY22, it stood at Rs 621 crore. Value of new business is a key metric to measure the profitability of a life insurance company. 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
Bajaj Allianz Life on Wednesday said it has declared a bonus of Rs 1,201 crore to participating policyholders for the financial year ended March 31, 2023. This is the 22nd consecutive year of bonus payment to all eligible and participating policyholders. The Pune-based company said the bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore. In the previous year, the company had paid Rs 1,070 crore in bonus to over 11.62 lakh policyholders, Bajaj Allianz Life said. As many as 11.43 lakh participating policyholders out of its total of 3.5 million policyholders will benefit from the announcement, it added. The regular reversionary bonus will be payable at the time of maturity or death of the policyholder. The funds for the bonus will be sourced from the surplus generated by the participating policyholders' funds for FY2023, said Tarun Chugh, the managing director & chief executive. The policyholders of its participating products su