Bajaj Allianz General Insurance partners HSBC for distribution

Mumbai: Bajaj Allianz General Insurance and HSBC India have announced a new strategic partnership to offer insurance products to HSBC’s customer base in India.
The partnership will place emphasis on leveraging technology to streamline processes and deliver efficient, responsive services. In the fiscal year 2024, Bajaj Allianz General Insurance expanded its network by forming 22 new partnerships, including with Axis Bank and HDFC Securities, and now maintains over 200 institutional partners.The company offers a wide range of insurance products and has established a presence in nearly 1,500 towns and cities across India.
HSBC India operates 26 branches across 14 cities, providing a full range of banking and financial services. With a workforce of around 42,000 employees and is a leading multinational financial services group in India. Bajaj Allianz General Insurance, a joint venture between Bajaj Finserv Limited and Allianz SE, holds an [ICRA]AAA rating, reflecting a high level of assurance regarding its financial commitments.
In FY24 Bajaj Allianz General Insurance reported a gross written premium of Rs 20,630 crore, representing a growth of 33.2% over FY2023. This growth has made the company the third-largest general insurer in India. The company recorded a Profit Before Tax of Rs 2,055 crore, which is a 14% increase from the previous year. The company's solvency ratio stands at 349% and its assets under management (AUM) grew to Rs 31,196 crore, reflecting a 12.2% increase compared to FY2023.