Mumbai:
Bajaj Allianz General Insurance, reported a net profit of Rs. 780 crore and gross written premium (GWP) soaring up to Rs 11, 097 crore in FY 18-19.
The company booked an underwriting profit of Rs. 18 crore in FY 18-19.
The profit before tax (PBT) stood at Rs. 1, 152 crore in FY 18-19 as compared to Rs. 1,353 crore in FY 17 -18.
The company reported an incurred loss ratio of 68.6 per cent and a combined ratio of 96.7 per cent in FY 18-19. Company’s solvency ratio stood at 255 per cent, signifying its sound claims paying ability. The Indian regulations demand a minimum solvency ratio of 150 per cent.
However, the company has posted a 55.6 percent year-on-year (YoY) dip in its March quarter (Q4) at Rs 83 crore on account of an underwriting loss.Compared to an underwriting profit of Rs 30 crore in Q4FY18, the non-life insurer posted an underwriting loss of Rs 146 crore in Q4FY19. The combined ratio for the quarter stood at 103.9 percent compared to 93.4 percent in the same quarter previous fiscal.
Commenting on the results,Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said that, “In a year which saw the industry combined ratio deteriorate from 113 per cent to over 120 per cent and where the growth dropped from 17 per cent to about 12 per cent Bajaj Allianz General Insurance witnessed a growth of 17 per cent which is over the market and a combined ratio which is below 100 per cent.”
He further added, “We have been scaling up our digital initiatives, to come up with simple and instant insurance solutions for our customers. Going forward, our aim is to change the perception of insurance from being a push to a pull product by constantly working towards enhancing the customer experience. We remain committed to redefining the sector by reinventing ourselves constantly and setting up new benchmarks.”
Bajaj Allianz General Insurance settled over24 lakh claims and serviced more than 2 crore policies in FY 18 -19.
At the end of FY19, the assets under management stood at Rs 17,237 crore, up 16.3 percent YoY.