Bajaj Allianz General Insurance posted its after-tax profit at Rs 747 crore for the first half of 2022-23, from Rs 788 crore in the first half of 2021-22. The non-bank financial company’s gross written premium rose 5% to Rs 7,900 crore in the revised half year from Rs 7,529 a year ago.
Assets under management (AUM) of NBFC, represented by cash and investments, stood at Rs 26,052 crore as of September 30, 2022, compared to Rs 24,070 crore a year ago, an increase of 8 %. Excluding tender-driven harvest and government health insurance premium, BAGIC’s gross written premium increased by 16% to Rs 6,097 crore in the first half of 2022-23 from Rs 5,261 crore in the first half of 2022-23. first semester 2021-22.
The combined ratio, which measures the performance of insurance activities, stood at 102% in H1/2022-23 compared to 100.5% in H1/2021-22. A significant sequential improvement was seen in the September quarter 2022-2023, with the combined ratio dropping to 99.8%, even with the one-time impact of the court order regarding the 2020 harvest season of Osmanabad kharif, the company said.
Bajaj Finserv Chairman and Chief Executive Officer, Sanjiv Bajaj, said in the company’s statement, “Rising policy rates have resulted in an increase in the cost of funds for lenders. The general insurance industry has been characterized by intense price competition in the automotive segment, while the life insurance sector recorded growth of 19 percent in new business quoted by individuals.In this environment, our businesses continued to do well .(ANI)
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