Mumbai: Bajaj Allianz Life, has received a fresh capital infusion of Rs58 crore, which has taken the total paid-up capital to Rs308 crore of this the Indo-German life insurer in the course of last one year.

Sam Ghosh, country manager, Allianz and CEO, Bajaj Allianz Life Insurance says, "After viewing the previous fiscal and the first quarter's performance on sales and financial management, both the partners of the insurance company - Bajaj Auto and Allianz AG, are strongly confident about the company's future growth prospects. The capital infusion is a clear indication of the companies' commitment to strong growth and long-term investment in India."

The company has emerged the fastest growing private sector life insurer in India; it had only 60 offices at the start of FY 2004 and opened 340 new offices during the previous fiscal - almost one office per day. The move helped catapult Bajaj Allianz from the sixth position to the number two slot after ICICI Prudential within the year (See: Table). The additional capital is intended to enable the company to maintain its expansion in the country.

Bajaj Allianz has a strong distribution partnerships with bancassurance arrangements with banks catering to different segments, such as Standard Chartered Bank, Centurion Bank, Syndicate Bank and the cooperative Jankalyan Sahakari Bank.