Bajaj Finserv, holding company of the Bajaj Group’s financial services companies, had net profit growth of 41 per cent to Rs 8.26 billion for the quarter ended June from the same period a year before.
Bajaj Allianz General Insurance’s gross written premium grew 23 per cent to Rs 24.3 billion. Underwriting profit increased significantly to nearly Rs 1.3 billion, from Rs 120 million in the same quarter of FY18. Net profit for the general insurer grew 37 per cent to Rs 2.9 billion. The combined ratio improved to 90.2 per cent, from 95.8 per cent in the comparative period.
For the life insurance arm, new business premium in the quarter grew to Rs 7.2 billion, as against Rs 6.8 billion earlier. Group new business revenue grew to Rs 4.25billion, from Rs 3.9 billion. Overall, premium revenue was Rs 13.6 billion, up 18 per cent from the same quarter a year before.
S Sreenivasan, chief financial officer at Bajaj Finserv, said: “We are going to be a little cautious on crop insurance this year, as the conditions are a bit tight — reinsurers have reduced commissions and there have been price corrections. While retail health grows at 28 per cent, group health is not that profitable for us. We are consciously, in the life insurance business, trying to diversify our customer segments and balance our product mix. Today, 61 per cent of our business is Unit-linked, as compared to 70 per cent last year. Traditional protection products made up 39 per cent of our business this quarter.”