Business Daily from THE HINDU group of publications
Saturday, Jun 24, 2006
Business Daily from THE HINDU group of publications Saturday, Jun 24, 2006 |
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Money & Banking
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General Insurance Reinsurance to BAG's rescue L. N. Revathy
Coimbatore , June 23 Bajaj Allianz General is looking at improving the growth in underwriting profit. The Chief Executive Officer, Mr Kamesh Goyal, told Business Line that the company would strive for a higher underwriting profits vis-à-vis premium growth. It reported a 52 per cent increase in its premium income and 10 per cent rise in its profit last year. "Though we managed to book profits, it was not much because of the unexpectedly large flood claims. It was close to Rs 1,000 crore. Mumbai floods alone cost us Rs 350 crore (in claims settlement). Good reinsurance arrangement helped us tide past the situation. "We also brought down our management expenses considerably by investing in IT systems. Though the investment in technology started to happen three years ago, we actually started perceiving the return on this investment now,'' Mr Goyal said. The company plans to focus on geographical expansion, target higher profitability and growth in underwriting profit and overall improvement in business performance during the current year.
Branch expansion
Its branch network is expected to reach 100 from 65 at present. In certain places such as Bangalore, New Delhi and Mumbai, Bajaj Allianz General is planning to establish more than one branch. In keeping pace with its expansion plans, the company started increasing its headcount through campus recruitment.
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