New Delhi [India], October 23 (ANI): Bajaj Allianz General Insurance has posted its revenue after tax at Rs 747 crore for the primary half of 2022-23, towards Rs 788 crore in H1 of 2021-22.
The non-banking finance firm’s gross written premium elevated by 5 per cent to Rs 7,900 crore within the reviewed half-yearly, towards Rs 7,529 within the year-ago interval.
The NBFC’s belongings underneath administration (AUM), represented by money and investments, stood at Rs 26,052 crore as on 30 September 2022, towards Rs 24,070 crore within the year-ago interval – a rise of 8 per cent.
Excluding tender-driven crop and authorities well being insurance premium, BAGIC’s gross written premium elevated by 16 per cent to Rs 6,097 crore in H1/2022-23 from Rs 5,261 crore in H1/2021-22.
The mixed ratio, which measures the efficiency of the insurance operations, stood at 102 per cent in H1/2022-23 towards 100.5 per cent in H1/2021-22.
Significant sequential enchancment was seen within the September quarter of 2022-23 with the mixed ratio shifting right down to 99.8 per cent even with one-time affect from the court docket order in respect to Osmanabad kharif 2020 crop season, the corporate mentioned.
Bajaj Finserv Chairman and Managing Director Sanjiv Bajaj mentioned within the firm assertion, “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.” (ANI)
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