Comments
Bajaj Allianz General Insurance reported a 28 per cent rise in net profit to ₹145 crore for the quarter ended September 30, despite settling claims over ₹130 crores in Jammu and Kashmir.
The company reported a 19 per cent growth in revenue in the first half of the current fiscal, which is more than double the industry’s growth which stands at 9 per cent for the same period.
Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance said, “The rise in motor and health insurance business has helped us achieve a higher overall growth. Weather based crop insurance has also contributed substantially in the growth.”
The private general insurer has settled over 3,000 claims, paying ₹130 crore as the settlement amount to the claimants in the post-flood period in Jammu and Kashmir.
Singhel said the focus on digitisation and better expense management have been instrumental in achieving a higher net profit. The company has also added two new products to its health insurance portfolio and also launched an innovative cover in the home insurance segment.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.