The general insurer’s combined ratio stood at 104.6 per cent in Q1 FY23 as compared to 103.4 per cent in Ql FY22 mainly due to higher claims ratio
The company’s investment and other income (net) for Q1 FY23 increased by 30 per cent y-o-y to Rs 612 crore
Pune;
Despite having higher underwriting losses of Rs 61 crore, Pune based Bajaj Allianz General Insurance Company (BAGIC), supported by higher investment income, has seen its net profit surging by 147 per cent year-on-year(Y-O-Y) to Rs 411 crore in Q1 FY23.
In Q1FY 22,the company had an underwriting losses of Rs 15 crore.
The general insurer’s combined ratio stood at 104.6 per cent in Ql FY23 as compared to 103.4 per cent in Q1 FY22 mainly due to higher claims ratio.
BAGIC’s gross written premium for Ql FY23 increased by 25 per cent y-o-y to Rs 3,119 crore.
The insurer’s claim ratio increased to 77 .9 per cent in Q1 FY23 as compared to 75.9 per cent in Q1 FY22, largely on account of higher severity (impact of inflation) in motor and health segments.
The company’s investment and other income (net) for Ql FY23 increased by 30 per cent y-o-y to Rs 612 crore.
The company’s profit on sale of investments was higher by Rs 147 crore (before tax) in Q1 FY23 and it wrote government health insurance business of of Rs 108 crore during the reporting period.
As on 30 June 2022, the solvency ratio was 349 per cent , which is well above the minimum regulatory requirement of 150 per cent.
Assets Under Management (AUM) of the insurer represented by cash and investments as on 30 June 2022 rose 8 per cent y-o-y to Rs 25,362 crore.