Bajaj Allianz General Insurance reported a strong performance in December 2024, with a gross direct premium of ₹1,330.9 crore, bringing the total for the year to ₹17,112.4 crore. In the individual insurance segment, single premiums totaled ₹39.21 crore in December, while non-single premiums reached ₹648.28 crore. On a year-to-date basis, individual single premiums stood at ₹492.52 crore, and non-single premiums at ₹4,688.72 crore.
In the group insurance segment, Bajaj Allianz Life Insurance reported a group single premium of ₹311.97 crore in December, and a total of ₹2,838.72 crore for the nine months of 2024. The group’s yearly renewable premium in December was ₹55.36 crore, totaling ₹483.95 crore for the nine months.
In addition, the company reported new business worth ₹1,054.82 crore in December, bringing the total for the nine months of 2024 to ₹8,503.91 crore.
It’s worth noting that there is a possibility of Allianz SE, the German company, exiting its joint ventures with Bajaj Finserv, its Indian partner. Allianz has stated that it is re-evaluating its strategic priorities, which may lead to the potential withdrawal from the Indian insurance market. Bajaj Finserv owns 74% of the joint ventures, while Allianz owns 26%.
It is unclear at this point what the implications would be if Allianz were to exit the joint ventures, but it is likely to have significant consequences for both companies and their partners. Bajaj Finserv has stated that it is committed to the Indian insurance industry and has expressed its enthusiasm for the country’s growth opportunities.