Allianz Bajaj Life started operations in October 2001 and the period from April 2002 to March 2003 marks the first full fiscal year since its establishment. The company has recorded impressive growth on every front during this fiscal year.

The company has sold 115,951 individual policies and achieved a gross written premium of 691.7 million rupees (about 12.51 million euros). The sum of assured coverage was 39,760 million rupees (about 719 million euros). Allianz Bajaj has opened 61 customer care centers in 33 cities throughout India.

In January 2003, Allianz Bajaj received an additional injection of capital to the tune of 500 million rupees (9.04 million euros) from its shareholders, taking the total equity base to two billion rupees (36.16 million euros).

It forged a strong tie-up with Standard Chartered Bank for bancassurance and also has about 50 corporate agents to sell its life insurance solutions. The company plans to launch its pension product very soon. The introduction of its unit-linked product is also on the anvil.

Allianz Bajaj CEO James Walton said: "As a young company, we have set ambitious targets for ourselves. This is the first complete fiscal in the short history of Allianz Bajaj, but during this period, we have achieved significant results. I am confident that we will be able to continue on our path of rapid growth during the current fiscal year. “

Commenting on Allianz Bajaj’s expansion plans, Walton said: "By the end of this fiscal (by March 31, 2004) we plan to set up over 100 sales teams across more than 50 locations. This will establish Allianz Bajaj as a company with a truly pan-Indian presence and help us extend valuable life insurance cover to all our customers across the country.”

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