Money & Banking

Strong showing by subsidiaries lifts Bajaj Finserv net 37% in Q2

Our Bureau Mumbai | Updated on March 12, 2018

Sanjiv Bajaj, ManagingDirector, Bajaj Finserv.

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Bajaj Finserv, the financial services holding company of the Bajaj group, reported a 37 per cent rise in consolidated second quarter net profit at Rs 217 crore (Rs 158 crore in the year-ago period), helped by strong performance of its subsidiary companies.

The consolidated figures include performance of five subsidiaries — Bajaj Finance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, Bajaj Financial Solutions and Bajaj Allianz Financial Distributors.

In the July-September quarter, the total income grew 41 per cent to Rs 1,008 crore (Rs 714 crore).

Bajaj Allianz Life reported a net profit of Rs 88 crore (Rs 54 crore in the year-ago period).

The gross premium written in the life insurance segment dipped slightly to Rs 1,592 crore (Rs 1,679 crore), mainly dragged down by a fall in renewal premium.

“The dip in new-premium written in life insurance business has turned the corner,” Sanjiv Bajaj, Managing Director, said.

The new premium written in the life insurance segment rose 15.4 per cent to Rs 651 crore. Net profit in the general insurance segment grew 22 per cent to Rs 78 crore (Rs 64 crore).

Gross premium written in the general insurance segment grew 20 per cent to about Rs 976 crore in the quarter under review (Rs 811 crore).

Shares of the Pune-based company, closed at Rs 868.85, down 0.38 per cent on the Bombay Stock Exchange.

>satyanarayan.iyer@thehindu.co.in

Published on October 19, 2012

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