Bajaj Allianz Gen Insurance profit up 37% to Rs 562 cr in FY15

This, despite settling claims worth Rs 962 crore on account of floods in J&K and Hudhud cyclone on Andhra Pradesh

Bajaj Allianz General Insurance has reported 37 per cent rise in net profit at Rs 562 crore for 2014-15 despite settling claims worth Rs 962 crore on account of floods in J&K and Hudhud cyclone on Andhra Pradesh.

The non-life insurer had earned a net profit of Rs 409 crore in the previous fiscal 2013-14.

The company reported 16 per cent growth in revenue to Rs 5,305 crore last fiscal ended March 31, 2015.

Despite heavy natural catastrophe losses, Bajaj Allianz recorded the best ever performance in terms of premium and profits and demonstrated the ability to absorb large losses without impairing the financial security, the company's MD Tapan Singhel said.

It settled over 28,000 claims, paying Rs 962 crore as the settlement amount to the claimants in the post floods in J&K and the Hudhud cyclone.

Gross written premium of the company increased by 16 per cent to Rs 5,301 crore compared to Rs 4,584 crore in the previous fiscal.

Underwriting profit recorded a significant increase to Rs 83 crore as against the loss of Rs 2 crore a year ago.

Investment and other income for during the year rose by 18 per cent to Rs 694 crore from Rs 589 crore in 2013-14.