The company had an underwriting losses of Rs 2 crore for Q4 FY23 as against a profit of Rs 9 crore in Q4 FY22
Pune:
With a combined ratio(CR) of of 97.3 per cent, Bajaj Allianz General Insurance Company(BAGIC) has reported a 30 per cent year-on -year(Y-O-Y) jump in its net profit to Rs 322 crore in Q4 FY23 compared to Rs 248 crore a year earlier.
The company had a CR of 98.3 per cent in Q4 FY22.
The company had underwriting losses of Rs 2 crore for Q4 FY23 as against a profit of Rs 9 crore in Q4 FY22. Investment and other income (net) of the company have gone up by 32 per cent y-o-y to Rs 431 crore in Q4 FY23. Profit on sale of investments was higher by Rs16 crore (before tax) in Q4 FY23.
The insurer’s gross written premium increased by 14 per cent to Rs 3,766 crore for Q4 FY23.Excluding tender-driven crop and government health insurance premium, BAGIC’s gross written premium increased by 17 per cent y-o-y to ₹ 3,345 crore in Q4 FY23 from Rs 2,871 crore in Q4 FY22.
Claim ratio of the company decreased to 66.4 per cent in Q4 FY23 as compared with 68.8 per cent in Q4 FY22. The decrease in claim ratio is attributable to lower claims in motor, health and some commercial lines, said the company.
Sequentially from Q1 FY23, claim ratio improved by 2.4 per cent in Q2 FY23, 3.4 per cent in Q3 FY 23 and further by 5.7 per cent in Q4 FY 23 due to better selection of business and normalisation of some aberrations such as high motor own damage and crop loss ratios, said the company.
As on 31 March 2023, the company’s solvency ratio was 391 per cent, which is well above the minimum regulatory requirement of 150 per cent.
The insurer’s Assets Under Management (AUM), including cash and investments has increased by 13 per cent to Rs 27,809 crore in Fy 2023.