bajaj group

The combined ratio was below 100 per cent indicating improvement in underwriting performance. Its assets under management (AUM) also hiked 7 per cent during the September quarter to Rs 86,907 crore YoY. The general insurance unit’s AUM went up by 8 per cent to Rs 26,052 crore YoY whereas the gross written premium for Q2 went down by 5 per cent to Rs 4,781 crore YoY

Bajaj Finserv consolidated profit after tax jumped 39 per cent year-on-year (YoY) to Rs 1,557 crore in the September quarter, on 20 October. It gave a rise to total income by 16 per cent YoY to Rs 20,803 crore in Q2.

Bajaj Finserv, being the holding company to various financial services businesses of the Bajaj group said that if the bulky tender-driven crop and government health business of Bajaj Allianz General Insurance is kept aside, its gross written premium went up by 13 per cent

The combined ratio was below 100 per cent indicating improvement in underwriting performance, said the company during an exchange filing. Th premium of individually-rated new business saw growth by 32 per cent to Rs 1,072 crore whereas group protection new business surged by 5 per cent to Rs 517 crore in Q2.

The net New Business Value (NBV), was witnessed a prominent increase of 40 per cent to Rs 190 crore in Q2 on YoY basis. Its assets under management (AUM) also hiked 7 per cent during the September quarter to Rs 86,907 crore YoY. NBV is the metric which is used to measure the profitability of a life insurance business.

The Profit After Tax (PAT) of its general insurance arm surged 21 per cent YoY to Rs 336 crore, whereas its life insurance unit’s PAT increased by 53 per cent to Rs 159 crore YoY. The general insurance unit’s AUM went up by 8 per cent to Rs 26,052 crore YoY whereas the gross written premium for Q2 went down by 5 per cent to Rs 4,781 crore YoY.

The company said that its general insurance sector was characterised by intense price competition in the motor segment. Meanwhile its life insurance sector reported slow growth of 5 per cent in individual rated new business. Their companies still grew in such environment. Bajaj Finance announced its quarterly numbers on 20 October. It is the lending company of the Bajaj Finserv group which recorded its highest-ever quarterly with a jump of 88 percent keeping consolidated profit after tax to Rs 2,781 crore.