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Bajaj Finserv recorded a 26 per cent growth in net profit to ₹437 crore, up from ₹347 crore (on consolidated basis) in the same quarter in the previous year despite several challenges faced by its life insurance business. Total income from operations grew to ₹2,444 crore from ₹1,904 crore. Gross written premium for its life insurance business shrank to ₹1,225 crore in Q3 FY16, from ₹1,442 crore in Q3 FY15. However, the company’s gross written premium in its general insurance business grew to ₹2,070 crore from ₹1,486 crore.
S Sreenivasan, CFO, said: “Market conditions have not been great for private life insurers, with growth being flat. Growth unfortunately in life insurance is lagging. We are rebuilding our agency force and talking to banks for partnerships.
“On the general insurance business, we have settled most of the 6,400 motor claims that were filed after the Chennai floods. The automobile market has been up and down.”
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