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Our Bureau

Mumbai , May 8

Bajaj Allianz General Insurance has reported a net profit of Rs 52 crore in 2005-06 — a growth of 11 per cent from Rs 47 crore in the previous year.

The lower growth was mainly due to the high claim payouts after the Mumbai floods and other natural disasters in the previous fiscal. The bulk of the payments arising out of natural disasters were to corporates, said an official from Bajaj Allianz.

The company's total claim payout was around Rs 750 crore, of which around Rs 400 crore was due to natural catastrophes. The company received 2.31 lakh claims compared to the previous year's 1.45 lakh.

The gross written premium for the fiscal was Rs 1,285 crore, a 50 per cent growth from Rs 856 crore in the previous year.

"Going forward, the company's focus would continue to be on growth with underwriting profits and preparation for the free pricing scenario from 2007 onwards," said Mr Kamesh Goyal, CEO, Bajaj Allianz General Insurance.

Bajaj Allianz General has received `AAA' rating from ICRA for its claim paying ability.

More Stories on : Financial Performance | General Insurance

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