Bajaj Allianz General Insurance has forged a partnership with Axis Bank, enabling the distribution of its insurance products through the bank’s extensive network of over 5,250 branches in India.
According to ITIJ’s report, the collaboration includes the provision of travel, motor, health, home, engineering, and marine insurance.
“Through this partnership, we aim to significantly enhance the reach and adoption of insurance products in India, particularly in underserved communities,” said Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, as reported by ITIJ.
“Our alliance with Bajaj Allianz General Insurance paves the way for a future where comprehensive insurance solutions are readily available and easily accessible to all, fostering a secured and empowered India,” said Munish Sharda, executive director and head of Bharat Banking at Axis Bank.
Bajaj Allianz is a joint venture between Allianz SE and Bajaj Finserv Limited.
The announcement of Bajaj Allianz’s partnership with Axis Bank follows the release of Allianz’s financial report covering the first quarter of 2024 (Q1 2024).
In its report, Allianz noted a 6.8% rise in operating profit for Q1 2024, reaching €4.0 billion, up from €3.7 billion in the same quarter the previous year. This growth was driven by balanced contributions from various business segments, including both insurance services and investment results.
The company’s total business volume grew by 5.3% to €48.4 billion, with all divisions showing positive contributions. The property-casualty segment saw notable growth due to effective pricing strategies, while the life/health segment’s gains were largely driven by strong sales in the US and Italy.
The asset management division recorded an internal growth rate of 7.5%, benefiting from increased assets under management (AuM) and higher performance fees.
Shareholders’ net income rose from €2.0 billion to €2.5 billion. Core earnings per share (EPS) increased from €5.43 to €6.42, and the annualised core return on equity (RoE) improved to 17.4%, up from 16.1% at the end of 2023.
“Allianz’s strong performance in the first quarter demonstrates our unwavering commitment to value creation,” said Allianz SE CFO Claire-Marie Coste-Lepoutre. “We had a very good start into the year and our ability to create value for our shareholders is supported by a strong Solvency II ratio of 203%. We confirm our full-year outlook of an operating profit of €14.8 billion, plus or minus €1 billion.”
