Tapan Singhel , MD & CEO, Bajaj Allianz General Insurance
The private sector insurer’s combined ratio increased to 102.9 per cent in 03 FY24 from 100.3 per cent in 03 FY23.Excluding the NATCAT impact. combined ratio for 03 FY24 stood at 99.5 per cent.BAGIC’s underwriting losses increased to Rs 85 crore for 03 FY24 from a loss of Rs 40 crore in the year ago period
Pune:
Bajaj Allianz General Insurance Company Limited (BAGIC) has recorded a three per cent year-on- year rise in its net profit to Rs 281 crore on account of NATCAT claims and lower profit on sale of investments.
The insurer‘s gross written premium for 03 FY24 increased by 19 per cent y-o-y to Rs 4,536 crore in 03 FY23.
The private sector insurer’s combined ratio increased to 102.9 per cent in 03 FY24 from 100.3 per cent in 03 FY23. Excluding the NATCAT impact. combined ratio of the company for 03 FY24 stood at 99.5 per cent .
The country has seen nine natural disasters in recent times. Though not in a major way, they have still added to our losses,’’ said Tapan Singhel , MD& CEO, Bajaj Allianz General Insurance.
BAGIC’s underwriting losses increased to Rs 85 crore for 03 FY24 from a loss of Rs 40 crore in the year ago period .
The insurer’s claim ratio increased to 72.9 per cent in 03 FY24 from 72.1 per cent in 03 FY23. The increase in claim ratio is largely attributable to higher NATCAT claims of over 79 crore. excluding which the claim ratio would have been lower at 69.5 per cent.
Assets Under Management (AUM). represented by cash and investment s as on 31 December 2023 stood at Rs 30.296 crore as against Rs 25.977 crore as on 31 December 2022, showing an increase of 17 per cent.
Excluding tender-driven crop and government health insurance premium. BAGIC’s gross written premium increased by 20 per cent to Rs 3,707 crore in 03 FY24 from Rs3,097 crore in 03 FY23.
As on 31 December 2023, BAGIC’s solvency ratio was 355 per cent which is well above the minimum regulatory requirement of 150 per cent .