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Bajaj Allianz General FY18 net up 26.51% at Rs 921 crore

Press Trust of India  |  Mumbai 

Bajaj General Insurance today reported 26.51 per cent growth in net profit for the year 2017-18, at Rs 921 crore compared to the previous year.

In 2016-17, the private general insurer's net profit stood at Rs 728 crore, the company said in a statement here.

The underwriting profit of the company soared by 359 per cent to Rs 293 crore in FY18 against Rs 64 crore in the previous year as a result of a risk based pricing and prudent underwriting philosophy.

The Gross Written Premium (GWP) of the company increased by 23.4 per cent to Rs 9,487 crore in FY18, compared to Rs 7,687 crore in FY17.

Bajaj has substantially improved its combined ratio to 92.3 per cent in FY18 against 96.8 per cent during the previous year.

"Our focus continues to remain on strong growth with high levels of customer service and profitability. The continued focus on our such as motor, health and along with increasing footprint in newer geographies across the country through all our distribution channels and tie-ups have been key drivers for the company's overall growth," Bajaj General Insurance said.

Insurance has settled close to 11 lakh claims and serviced more than 1.3 crore policies in 2017-18.

The company's solvency ratio rose to 276 per cent as against the regulatory demand of a minimum 150 per cent.

is a joint venture between global and India's diversified Bajaj Finserv.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 16:30 IST