Bajaj Allianz General Insurance reported a 28 per cent rise in net profit to Rs 145 crore for the quarter ended 30th September, despite settling claims over Rs 130 crore 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 Rs 130 crore as the settlement amount to the claimants in the post-flood period in Jammu and Kashmir.

Singhel said the focus on digitization and better expense management have been instrumental in achieving a higher net profit.

The company has also added 2 new products to its health insurance portfolio and also launched an innovative cover in the home insurance segment.

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