Bajaj Allianz Life Insurance nowadays reported a profit of Rs 427 crore in FY 10 as compared to Rs 41 crore in the previous year.
However, in the non-life division the company posted a lesser profit of Rs 121 crore during FY 10 as against Rs 150 crore in FY 09.
"As far as profits, cost control, product-mix, fund performance, bottomline and renewals are concerned; FY 10 was a good year. However, for new business it could have been improved, especially in the first-half of the year," Allianz Country Manager and Allianz CEO and Bajaj Allianz Life Insurance CEO, Kamesh Goyal, told PTI here.
He said The insurance company sold 22 lakh new policies in FY 10 in the life segment and is eyeing a 30(%) per cent increase in traditional policies from the 18-20(%) per cent of the previous fiscal "as the instability in the equity market is not liked by several investors,".
Goyal said. "After the sudden dip in the stock markets in 2008-09, some people prefer the constancy of the traditional market,"
The share of ULIPs is likely to be around 70(%) per cent this fiscal as compared to over 80(%) per cent in the previous year, he said, adding this modify, however, has nothing to do with the row between the regulators-Sebi and IRDA-over jurisdiction over them.
He said. There has been no capital infusion into its life insurance company in the last two-years and there would be no need for it this year as well.
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