Allianz Bajaj Life Insurance Co. Ltd., India's fastest growing private life insurance company, announced that it has changed its corporate name to Bajaj Allianz Life Insurance Co. Ltd., effective from August 3, 2004.

Polling existing and prospective customers, business associates and other stakeholders indicated a higher comfort level and recollection level with the Bajaj name placed before Allianz.

Bajaj Allianz General Insurance Co. Ltd and Bajaj Allianz Life Insurance Co. Ltd. will now have a common logo and branding which will help increase the companies' visibility and familiarity. The new logo incorporates the new Bajaj Auto logo.

Commenting on this occasion, Sam Ghosh, Allianz Country Manager and CEO of Bajaj Allianz Life Insurance, said: "We are not only acquiring a new name, but have put in motion a new level of energy and commitment to delivering the best products. The name change coupled with aggressive strategic market initiatives to reach and service customers better will give us an unbeatable position in the insurance market in this country. Both Life and General companies together can unleash the 'Power of One' and be the leader in the insurance industry."

Bajaj Allianz Life insurance recently launched over 100 satellite branches and new products. This has helped the company to log in one billion rupees (about 18 million euros) gross written premiums (GWP) in the first 100 days of this financial year.

With this, Bajaj Allianz Life has leaped from seventh to third position at the end of the financial year (according to figures issued by the Indian Regulatory and Development Authority IRDA in June 2004).

Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles.

Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest-growing private life insurance company in India.

Bajaj Allianz Life Insurance has a wide pan-India office network in 156 cities and is aided with a strong network of over 27,000 trained agents. Bajaj Allianz has also forged strong bancassurance and corporate agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration.

Bajaj Allianz Life Insurance has launched a slew of need-based products to cater to the varied customer needs. Currently, Bajaj Allianz Life Insurance has a product portfolio of 18 products and more need-based products are in the pipeline.

Bajaj Allianz General Insurance Company Limited is a joint venture company between Bajaj Auto Ltd., India's leading manufacturer of two- and three-wheeler vehicles and the Allianz Group.

Bajaj Allianz General Insurance offers technical excellence in all areas of general and health insurance and risk management. The partnership successfully combines Bajaj Auto's extensive understanding of the local market and expansive distribution with Allianz Group's global experience and technical expertise.

Bajaj Allianz General Insurance is headquartered in Pune and has a wide network of 40 offices spanning the country. All the offices are fully networked. The company received the IRDA registration in May 2001; today, it already has a vast range of 45 products to suit its corporate and retail customers. The company has also pioneered in unique forms of risk cover.

In the year 2003-2004, the company garnered a premium income of approximately 4.8 billion rupees (about 86 million euros) with a profit after tax of 220 million rupees (3.9 million euros); it sold 1.2 million policies. With this result, it achieved a net profit growth of 125 percent; gross written premiums jumped by over 60 percent.


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