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Private life insurer Bajaj Allianz Life Insurance Company Ltd on Friday said it had earned a net profit of Rs 457 crore and earned a gross premium of about Rs 14,860 crore for the nine-month period ended December 31, 2023.

According to Bajaj Allianz Life Insurance, the gross premium for the period under review stood at Rs 14,860 crore up from Rs 13,028 crore booked during previous year corresponding period.

The company's after tax profit stood at about Rs 457 crore up from about Rs 364 crore logged during the same period the previous fiscal.

Strong focus on enhancing renewal payment processes through initiatives such as driving auto-payment registration, digital payments, and others have led to consistent persistency across most cohorts, the company said.

As of December 31, 2023, persistency stood at 83 per cent for 13th month, 65 per cent for 37th month and 51 per cent for 61st month.