The Hindu Business Line : Bajaj Allianz General Insurance full-year net rises 46%

Mumbai May 12 Bajaj Allianz General Insurance Company has reported a 46 per cent growth in net profit in 2006-07 at Rs 76 crore against Rs 52 crore in the previous year.

The company's profit before tax jumped to Rs 117 crore against Rs 82 crore in the year-ago period.

Bajaj Allianz General registered a growth of 40 per cent in gross written premium at Rs 1,803 crore (Rs 1,285 crore). Around 47 per cent of the premium came from motor insurance, 21 per cent from property insurance, 10 per cent from engineering insurance while the rest came from health and travel insurance.

The company settled a total of 2.84 lakh claims amounting to Rs 723 crore. In 2005-06, the company had paid claims worth Rs 750 crore.

Performance

Mr Kamesh Goyal, CEO, Bajaj Allianz General, said: "Our focus has and will continue to be maintaining the right balance between growth and profitability. We are happy we increased our market share to 7.1 per cent".

In 2006-07, Bajaj Allianz General increased its branch network from 75 to 155 while staff strength jumped from 1,992 to 3,000.

Notably, Bajaj Allianz General is among the few to make an underwriting profit in the non-life insurance industry, having made an underwriting profit of Rs 25 crore in the recently-concluded fiscal, slightly higher than the previous year's Rs 23 crore. In 2005-06, the four public sector non-life companies together made an underwriting loss of Rs 3,948 crore.

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