Mumbai: Bajaj Allianz Life Insurance Co Ltd plans to scale up its capital base by Rs5 billion during the current fiscal as demand for insurance increases in the fast growing economy, a senior official said.
Its current capital base is Rs12.10 billion and the company earned a premium income of Rs97 billion during the last fiscal, according to CEO Kamesh Goyal.
The premium income includes fresh premium income of Rs67 billion and more than 90% of its business comes from unit-linked insurance plans (ULIP), he said.
The company is a joint venture between India’s No.2 motorcycle maker Bajaj Auto and German insurer Allianz SE.
The German firm holds 26% in the JV, the maximum a foreign firm can hold in an Indian insurance company. The new investment would be made in proportion to their stakes, he said.
Bajaj Allianz gets about a quarter of its business through corporate agency tie-ups, Goyal told reporters at a press meet to announce a distribution deal with travel services firm, Thomas Cook (India) Ltd, which has 160 branches across India.