BAGIC’S underwriting loss stood at Rs 76 crore for 04 FY24 as compared to a loss of Rs 2 crore in 04 FY23.The insurer’s combined ratio stood at 101.6 per cent in Q4 FY24 over 97.3 per cent in 04 FY23.
Pune:
Bajaj Allianz General Insurance Company (BAGIC) which has emerged as the third largest general insurance company in the country in FY24, has recorded a 18 per cent jump, year on year (y-o-y), in its net profit to Rs380 crore in Q4FY24.
It had a net profit of Rs 322 in the corresponding quarter of FY23.
The insurer’s gross written premium increased by 32 per cent y-o-y to Rs 4,962 crore in Q4 FY24.
BAGIC’S underwriting loss stood at Rs 76 crore for 04 FY24 as compared to a loss of Rs 2 crore in 04 FY23.The insurer’s combined ratio stood at 101.6 per cent in Q4 FY24 over 97.3 per cent in 04 FY23.
For FY24, the company’s combined ratio improved to 99.9 per cent as against 100.5 perc ent in FY23 despite natural catastrophes (NAT CAT) claims of Rs 118 crore excluding the reinsurance recoveries.
The company’s claim ratio increased to 70.3 per cent in 04 FY24 as against 66.4 per cent in 04 FY23. Claim ratio is higher than previous year on account of higher claim ratio in Health and Motor TP segments which is partially offset by lower commercial & crop claims, said the company.
Investment and other income (net) for Q4 FY24 increased by 31 per cent to Rs 566 crore as against Rs 431 crore in 04 FY23.
Profit before tax on sale of investments was higher by 63 crore in 04 FY24.
Excluding profit on sale of investments, BAGIC’s investment and other income (net) has shown a healthy growth of 17 per cent.
BAGIC’s assets under management (AUM). represented by cash and investments as on 31March 2024 stood at Rs 31.196 crore as compared to Rs 27.809 crore as on 31 March 2023 – an increase of 12 per cent.
As on 31 March 2024, solvency ratio was 349 per cent, which is well above the minimum regulatory requirement of 150%.
The insurer’s net profit has gone up by almost 15 per cent to Rs1550 crore in for FY 24.
Excluding tender-driven crop and government health insurance premium. BAGIC’s gross written premium increased by 13 per cent to Rs 3,780 crore in Q4 FY24 from Rs 3,345 crore in Q 4 FY23.Its net earned premium increased by 17 per cent to Rs 2,338 crore for Q4 FY24.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said,“I am happy to state that we are now ranked 3rd in the General insurance industry. Fy 24 was a year when our revenue grew to its highest ever and touched Rs 20,630 crore, representing a significant growth of 33.2 per cent compared to the previous year. Our combined ratio of 99.9 per cent , even after accounting for natural catastrophe losses, further underscored this strength, demonstrating our best-in-class risk management practices.”
“By prioritising sound underwriting practices, delivering exceptional customer service, exercising prudent risk management, and having one of the lowest grievance ratios, as well as having one of the highest net promoter score(NP)in the industry, we’ve solidified our position as one of the nation’s most profitable general insurers, ” said Singhel.