 "Bajaj Allianz General sees 37% rise in net profit")
Bajaj Allianz General Insurance has posted a 37 per cent rise in profit after tax to Rs 562 crore for FY15. The company reported a 16 per cent growth in revenue to Rs 5,305 crore during the year.
The company reported settled claims worth Rs 962 crore owing to Nat Cat losses due to the floods in Jammu and Kashmir and the tropical cyclone Hudhud in eastern India. Their combined ratio stood at 96.7 per cent.
ALSO READ: Earthquake panic leads to surge in insurance enquiries
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, "We are happy to clock a higher than industry growth of 16%, this was fueled by rise in our retail health and home portfolio. Weather based crop insurance was a significant contributor towards this growth as well."
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