With an underwriting profit Rs 128 crore in Q1 FY19, the profit after tax of Bajaj Allianz General Insurance Company Limited (BAGIC ) for Q1 FY19 increased significantly by 37 per cent to Rs 291 crore as compared to Rs 213 crore in Q1 FY18.
Combined ratio of the company improved to 90.2 per cent in Q1 FY19 as against 95.8 per cent in Q1 FY18.
Claim ratio of the company improved to 65.7 per cent in Q1 FY19 as compared to 68.7 per cent in Q1 FY18.
The overall gross written premium for Q1 FY19 increased by 23 per cent to Rs 2,429 crore Rs 1,973 crore in Q1 FY18 and the net earned premium for Q1 FY19 stood at t 1,612 crore vis t 1,334 crore in Q1 FY18 – an increase of 21 per cent.
Investment and other income of the general insurer for Q1 FY19 stood at Rs 307 crore as compared to Rs 300 crore in Q1 FY18.
During Q1 FY19, BAGIC wrote crop insurance of Rs 10 crore vis Rs 36 crore in Q1 FY18.
Cash and investments of the company as on 30 June 2018 stood at t 14,973 crore as against Rs 11,687 crore as on 30 June 2017, an increase of 28 per cent.
As on 30 June 2018, the general insurer’s solvency ratio stood at 288%, which is well above the minimum regulatory requirement of 150 per cent.