Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance
With an underwriting profit of Rs 37 crore, Bajaj Allianz has reported a healthy combined ratio of 95.3% for Q2 FY 23-24
Pune:
Bajaj Allianz General Insurance(Bagi) reported a net profit of Rs 468 crore with a growth of 39.3% in Q2 FY 23-24.
The insurer’s gross written premium (GWP) witnessed a whopping growth of 52.6 % to Rs 7,298 crore in Q2 FY 23-24.
With an underwriting profit of Rs 37 crore, Bajaj Allianz has also reported a healthy combined ratio of 95.3% for Q2 FY 23-24.
In Q2FY 22-23, it had an underwriting losses of Rs18 crore.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “We have not only achieved phenomenal growth, but we have also cemented our position as a leader in the Indian insurance landscape. Our dedication to maintaining profitability, sound underwriting practices, and providing best-in-class customer service has propelled us to the forefront of the insurance industry.”
By fortifying our distribution network, collaborating on government and crop insurance schemes, and crafting a well-rounded business strategy across all lines of business, has led to this remarkable growth, surpassing industry standards. With a strong solvency ratio, claims ratio, and a healthy combined ratio, the insurer has further solidified our position as one of the most profitable general insurers in the nation, he said.
The insurer’s assets under management (AUM) swelled to Rs 29,511crore in the reporting period as compared to Rs 26,052 in the year-ago period.
The company’s solvency ratio has steadily risen to an impressive 352%, far exceeding the regulatory requirement of 150%, underscoring its robust claim- paying capabilities.