Bajaj Allianz General Insurance has posted its profit after tax at Rs 747 crore for the first half of 2022-23, against Rs 788 crore in H1 of 2021-22.
Excluding tender-driven crop and government health insurance premium, BAGIC’s gross written premium increased by 16 per cent to Rs 6,097 crore in H1/2022-23 from Rs 5,261 crore in H1/2021-22.
The combined ratio, which measures the performance of the insurance operations, stood at 102 per cent in H1/2022-23 against 100.5 per cent in H1/2021-22.
Significant sequential improvement was seen in the September quarter of 2022-23 with the combined ratio moving down to 99.8 per cent even with one-time impact from the court order in respect to Osmanabad kharif 2020 crop season, the company said.
Bajaj Finserv Chairman and Managing Director Sanjiv Bajaj said in the company statement, “Increase in policy rates has resulted in higher cost of funds for lenders. The general insurance sector was characterised by intense price competition in the motor segment, while the life insurance sector recorded growth of 19 per cent in individual-rated new business. In this environment, our companies continued to do well.”
