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Bajaj Allianz to boost capital base by Rs5 bn

Bajaj Allianz to boost capital base by Rs5 bn
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First Published: Thu, Jun 12 2008. 03 39 PM IST
Updated: Thu, Jun 12 2008. 03 39 PM IST
Reuters
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.
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First Published: Thu, Jun 12 2008. 03 39 PM IST