Driven by a near four-fold growth in underwriting profit, private sector Bajaj Allianz General Insurance today reported 11 per cent growth in net profit at Rs 260 crore for the three months to September.
Gross written premium grew 31 per cent to Rs 2,857 crore from Rs 2,179 crore a year ago, while its underwriting profits jumped nearly three times to Rs 138 crore from Rs 57 crore a year ago.
The company reported a healthy combined ratio of 88.8 per cent for the reporting period.
For the first half ending September 30, its net profit grew 29 per cent to Rs 473 crore from Rs 366 crore a year ago.
GWP rose 30 per cent to Rs 4,830 crore from Rs 3,706 crore a year ago, whereas its combined ratio was at 92 per cent.
The company's solvency ratio currently stands at 288 per cent, which is well above the normal regulatory requirement of 150 per cent.
The company reported an underwriting profit at Rs 150 crore for H1 from Rs 29 crore a year ago.
"All our innovations and initiatives ranging from better claims service to innovative products are focused towards improving the customer experience, this seems to be paying off well for the organization," Tapan Singhel, managing director and chief executive, Bajaj Allianz General said.
"Going forward, we will continue to focus on providing new innovative customer-centric products, high levels of customer service and grow in a sustainable and profitable manner," he said.
According to Singhel, the company "has been able to maintain strong growth with profitability due to the efficiency of our multi-channel distribution model, additional contributions from our new bank tie-ups, virtual offices spread throughout the country and increased contributions from all our retail lines of business."
The robust growth in underwriting profits can be attributed to our prudent underwriting decisions. Its digital thrust for an enhanced customer experience and better expense management have also been instrumental in improving profitability, he said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)