Gross written premium grew to Rs 27.6 billion from Rs 22.6 billion in Q4 of FY17, 22.1 per cent up year-on-year. On annual basis, the company’s premium revenue grew by 23.4 per cent from Rs 76.87 billion in FY17 to Rs 94.87 billion in FY18. BAGIC has Rs 148.23 billion in Assets Under Management (AUM) at the end of FY18, up from Rs 108.3 billion at the end of FY17.
Claims ratio improved from 70.4 per cent in the previous fiscal year to 66.7 per cent in FY18, and the combined ratio (measuring the profitability of an insurer) improved from 96.8 per cent to 92.3 per cent.
Incurred loss ratio reduced from to 66.7 per cent in FY18 from 70.4 per cent in FY17.
BAGIC settled around a million claims and serviced about 13 million policies during the previous year.
“The continued focus on our retail business lines such as motor, health and property insurance, along with increasing footprint in newer geographies through all our distribution channels and tie-ups have been key drivers for the overall growth,” said Singhel.
Underwriting profit of for BAGIC soared 359 per cent to Rs 2.93 billion in FY18 from Rs 640 million in FY17.