Bajaj Allianz General Insurance, the second-largest player and most-profitable general insurer in the industry, posted a 27 per cent increase in net profit at Rs. 921 crore for FY2017-18, compared to Rs. 728 crore in the previous year.
The gross written premium (GWP) of the company increased by 23.4 per cent to Rs. 9,487 crore in FY18. Underwriting profit soared more than four-fold to Rs. 293 crore, against Rs. 64 crore in the previous year.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Co, said this was the result of its consistent riskbased pricing and prudent underwriting philosophy. Acknowledging an improvement in the overall market, he said that the general insurance industry, on its part, has been more careful about price discipline in the past year.
He said that the company’s experience with crop insurance had been positive so far. The company will neither be underweight nor overweight on any sector, he emphasised.
The company’s combined ratio improved to 92.3 per cent in FY18 against 96.8 per cent during the previous year. Its solvency ratio rose to 276 per cent against a regulatory minimum of 150 per cent, signifying its sound claims-paying ability.
