Bajaj Finserv gains as subsidiary Bajaj Allianz reports good numbers in Feb

Bajaj Finserv rose 1.41% to Rs 1,573.40 after its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for February 2023 was at Rs 1,294.80 crore, recording a growth of 38.52% year on year.

Gross direct premium underwritten in the current financial year up to February 2023 stood at Rs 18,809.96 crore, up 32.3% YoY.

Bajaj Allianz Life Insurance Company's total premium aggregated to Rs 1,050.03 crore for the month of February 2024, up 12.92% as against Rs 929.88 crore recorded in the same period a year ago.

Individual non-single premium were at Rs 607.07 crore (up 34.49% YoY) in February 2023. However, Individual single premium amounted to Rs 42.07 crore (up 5.44% YoY), Group single premium aggregated to Rs 372.31 crore (down 9.19% YoY) and Group yearly renewable premium added up to Rs 28.58 crore (down 0.1% YoY) in the month of February 2024.

For the period from April 2023 to February 2024, Bajaj Allianz's total premium was Rs 9,539.55 crore, up 5.28% from Rs 9,060.83 recorded in the similar period last fiscal.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.45% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

The company's consolidated net profit jumped 21.08% to Rs 2,157.67 crore on a 33.47% increase in total income to Rs 29,038.43 crore in Q3 FY24 over Q3 FY23.

Powered by Capital Market - Live News