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Net profit of Bajaj Allianz General Insurance grew 29.8 per cent to Rs 728 crore in 2016- 17 from Rs 564 crore in the previous fiscal.
In a statement today, the private non-life insurer said its gross written premium (GWP) expanded 30.3 per cent to Rs 7,687 crore in fiscal 2017 from Rs 5,901 crore a year ago.
The company reported an underwriting profit of Rs 62 crore in the reporting year and said it was due to its prudent underwriting philosophy.
The company has steadily improved its combined ratio to 96.8 per cent in FY17 from 99.3 per cent a year ago, which it said, reflected its sound financial health.
Profit before tax (PBT) grew 39.7 per cent to Rs 1,078 crore in FY17 from Rs 771 crore a year ago. The incurred loss ratio came down to 70.4 per cent from 72.3 per cent due to better underwriting discipline and claims management.
The company's solvency ratio currently stands at 2.61 as against the regulatory requirement of 1.50.
"At Bajaj Allianz, we remained focused on building our digital as well as distribution capabilities to produce innovative customer-centric solutions and improve our reach. A rise in premium from our new bank tie-ups as well as personal lines and agriculture insurance portfolios were instrumental for the top line growth," Tapan Singhel, managing director and chief executive, said.
"Our multi-channel distribution model, which includes consistent and significant contributions from not only our existing channel partners but also our digital offices spread throughout the country further fuelled this growth.
"The company's digital thrusts for an enhanced customer experience and better expense management helped in improving profitability," he added.
The company settled 9 lakh claims and serviced close to 1 crore policies in fiscal 2017. Going forward, the focus will be to further improve penetration by taking insurance solutions to newer tier 2 and 3 towns through digital offices and bank tie-ups, he said.
At the same time, the company will continue to introduce digital interfaces to transform customer's insurance experience, Singhel said.