Bajaj General Insurance Names Deepak Reddy As Next MD And CEO, Replacing Tapan Singhel

Bajaj General Insurance has appointed Deepak Reddy as its next managing director and chief executive officer (MD and CEO), with his tenure beginning on April 1, 2027, subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI). He will serve as CEO-designate from January 1, 2027, while incumbent Tapan Singhel remains in office until March 31, 2027.

The transition comes as the insurer prepares for its next growth phase following a major ownership change and continued expansion in India’s competitive insurance market. Reddy brings more than three decades of financial services experience, including 17 years at Bajaj Finserv, where he helped develop multiple businesses and led rural, insurance and gold-loan operations at Bajaj Finance. He also served as the group’s first head of human resources, besides holding senior positions at American Express, Standard Chartered Bank and MIRC Electronics.

Reddy became CEO of Manappuram Finance on August 1, 2025, but resigned in July 2026, citing personal and professional interests. His formal exit is scheduled for December 31, 2026, after a garden-leave period. His appointment therefore brings him back to the Bajaj Group at a crucial stage for its insurance business.

Singhel, who became MD and CEO in 2012, helped expand distribution, digitise sales and customer engagement, introduce virtual sales offices and improve motor-claims settlement. He also championed specialised products such as individual cyber and pet insurance. Beyond the company, he served as chairman of the General Insurance Council and the CII National Committee on Insurance and Pensions. His departure follows IRDAI’s 15-year maximum continuous tenure limit for senior executives at insurers.

Bajaj General’s FY2026 performance highlights both its scale and the challenges ahead. The company reported gross written premiums of Rs 23,326 crore, up 8% year-on-year, while profit after tax rose 6% to Rs 1,942 crore. Its assets under management reached Rs 35,529 crore, up 7%, and it issued 37 million policies during the year. The company reported 5.39 million claims.

With a 7.1% market share, Bajaj General ranked as India’s second-largest private general insurer. Its premium growth excluding tender-driven crop and government health insurance business was stronger at 12%. However, its combined ratio stood at 102.8%, highlighting pressure on underwriting profitability. Its solvency ratio was 302%, comfortably above the regulatory minimum of 150%.

The insurer has a workforce of approximately 9,100 employees, according to its FY2026 financial highlights, and a distribution footprint spanning nearly 1,500 towns and cities. Its wider network includes more than 18,400 hospitals and 9,000 motor dealers, alongside agents, advisers and banking partners.

Established in 2001 as a Bajaj Group–Allianz joint venture, the company became wholly Bajaj-owned after the partnership ended in 2025. The acquisition of Allianz’s 26% stake in the insurance businesses formed part of a Rs 24,180-crore transaction. Renamed Bajaj General Insurance in January 2026, the company now enters a new phase under Reddy, with profitability, market-share growth and customer service likely to remain key priorities.