|Bajaj Allianz General Insurance reported 11% increase in its net profit at Rs 260 crore (Rs 234 crore in the year-ago quarter) in the second quarter of the current fiscal.
The company also saw a surge in underwriting profits in the quarter at Rs 138 crore vis-à-vis Rs. 57 crore for the quarter year ago while the same stood at Rs. 150crore in H1 FY18vis-à-vis Rs. 29 crore in H1 FY 17.
Gross Written Premium(GWP) of the company increased by 31% during Q2 FY18 to Rs2,857 (Rs2,179 crore in Q2 FY17).
GWP increased by 30 % to Rs 4,830 crore in H1FY18 as against Rs 3,706 crore in H1 FY17. Net Profit increased by29% to Rs 473 crore in H1 FY 17-18.
The company reported a healthy combined ratio of 88.8% in Q2 17-18 and 92% for H1 17-18, highlighting its sound underwriting and financial management practices.
The solvency ratio of the general stood at 288%, which is well above the normal regulatory requirement of 150%. The incurred loss ratio came down to 68.3% in FY 17-18 as against 72.0 % in the previous year due to better underwriting discipline and claims management. The company’s solvency ratio rose to 288 % compared to 253% in H1 16-17 signifying its sound claims paying ability.
Commenting on the results, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Company said, “Going forward, we will continue to focus on providing new innovative customer-centric products, high levels of customer service and grow in a sustainable and profitable manner.”
Source- The Economic Times.