Bajaj Allianz General Insurance CEO Tapan Singhel
It may be only company in the industry, as all the general insurers are yet to announce their FYQ4 2021-22 results, which, at 98.3 per cent, has a combined ratio below 100% in Q4 FY22 as compared to 96.6% in Q4 FY21 despite paying covid claims
Mumbai:
With an underwriting profit Rs 9 crore, net profit of Bajaj Allianz General Insurance Company (BAGIC} in Q4 FY22 stood at Rs 248 crore as compared to Rs 273 crore in Q4 FY21.
The Pune based general insurer, which is gradually improving its industry ranking to be the fifth largest general insurer in place of state owned Oriental Insurance Company(OIC) , had an underwriting profit of Rs 6 crore in Q4 FY21.
It may be only company in the industry, as all the general insurers are yet to announce their FYQ4 2021-22 results, which at 98.3 per cent, has a combined ratio below 100%, in Q4 FY22 as compared to 96.6% in Q4 FY21 depite paying covid claims.
However, the insurer’s claim ratio increased to 68.8 per cent in Q4 FY22 over 64.3 per cent in Q4 FY21, mainly due to increase in severity of non Covid health claims.
Combined ratio is one of the key matrics of profitability of a general insurance comoany.Any CR below 100% means the the insurer has less claim out go over premium income.
BAGIC has seen its gross written premium for Q4 FY22 increased by 18 per cent yer-on-year(Y–Y) to Rs 3,300 crore as compared to Rs 2,787 crore in the year ago period.Q4 FY21. Its net earned premium for Q4 FY22 increased by 11 per cent (y-o-y) to Rs 1,988 crore over Rs 1,794 crore in Q4 FY21.
Commenting on the results, Bajaj Allianz General Insurance CEO Tapan Singhel said, “A deep focus on customer centricity and our obsession with making our customers feel special is what gives us the results that we are able to put forth, where our growth and profitability are best in class.”
It wrote crop and government health insurance of Rs 429 crore in Q4 FY22 as compared to Rs 96 crore in Q4 FY21.
BAGIC’S investment and other income (net) for Q4 FY22 stood at’ Rs 327 crore over Rs 353 crore in Q4 FY21. Profit on sale of investments was lower by Rs 18 crore (before tax) in Q4 FY22.
As on 31 March 2022, solvency ratio was 344%, which is well above the minimum regulatory requirement of 150m per cent.
Assets Under Management (AUM) of the company represented by cash and investments as on 31 March 2022 stood at Rs 24,633 crore over Rs 23, 150 crore as on 31 March 2021.
The insurer’s net profit for FY 2021-22 has risen marginally to Rs 1339 crore over Rs 1330 crore in the year ago period.