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.