The life insurer’s new business value (NBV), which is the metric used to measure profitability of life insurance businesses, increased by 72 per cent to 621 crore in FY22 over Rs 361 crore in FY21
Mumbai:
Bajaj Allianz Life’s ‘net profit in Q4 FY22 plunged 80 per cent to Rs 48 crore as compared to Rs 234 crore in Q4 FY21, impacted mainly by higher new business strain and lower investment income.
The life insurer’s new business value (NBV), which is the metric used to measure profitability of life insurance businesses, increased by 72 per cent to 621 crore in FY22 over Rs 361 crore in FY21.
Gross written premium for Q4 FY22 increased by 27 per cent to Rs 5,719 crore from Rs 4,501 crore in Q4 FY21 .
New business premium of the life insurer for Q4 FY22 was Rs 3,236 crore as compared to Rs 2,493 crore in Q4 FY21 – an increase of 30 per cent.
The company’s renewal premium for Q4 FY22 increased by 24 per cent to Rs 2,483 crore as compared to Rs 2,008 crore in the year-ago period.
Its solvency ratio stood at a healthy 581 per cent as on 31 March 2022 as against the minimum regulatory requirement of 150 per cent.
The company’s assets under management (AUM}, represented by total investments increased by 16 per cent to Rs 85,623 crore as on 31 March 2022 over Rs 73,773 crore as on 31 March 2021.
Individual rated new business premium of the company was Rs 1,347 crore in Q4 FY22 over Rs 989 crore in Q4 FY21, showing a growth of 36 per cent..Further its group protection new business was’Rs 750 crore in Q4 FY22 over Rs 739 crore in Q4 FY21 .