Bajaj General Insurance Arm Underwrites Rs 1,365 Crore As Premium, Life Insurer Rs 659 Crore
Bajaj Allianz General Insurance underwrote a cumulative gross direct premium of Rs 15,781 crore during April–November 2024, reflecting its robust market position and growth strategy.
Bajaj Finserv branch in Mahableshwar. (Source: NDTV Profit)
Bajaj Finserv Ltd. on Monday released provisional figures for the company's subsidiaries—Bajaj Allianz General Insurance Co. and Bajaj Allianz Life Insurance Co.—for the month of November as well as the April–November period of the current financial year.
The NBFC stated that its subsidiary Bajaj Allianz General Insurance Co. had underwritten gross direct premium of Rs 1,364.67 crore in the month of November, according to an exchange filing. In the eight-month period ending November 2024, its general insurance arm had underwritten a gross direct premium of Rs 15,781.54 crore.
For Bajaj Allianz Life Insurance Co., the total new business premium figure for November stood at Rs 659.35 crore. For the whole April–November period, the company had underwritten a total new business premium of Rs 7,449.08 crore.
Giving a breakup of the total new business premium for November, the private life insurer’s filing stated that its individual single premium totalled Rs 31.73 crore, while the individual non-single premium added up to Rs 407.95 crore.
The life insurer underwrote a total of Rs 193.90 crore as a group single premium for the preceding month and had underwritten a group yearly renewable premium of Rs 25.77 crore.
The company added that it has also conveyed the same information to the Insurance Regulatory and Development Authority of India, as well as the General Life Insurance Council and the Life Insurance Council.
Earlier, in an October exchange filing, Bajaj Finserv had stated, "Allianz has indicated to Bajaj that given its strategic priorities, it is actively considering an exit from the life and general insurance joint ventures."
For the quarter ended Sept. 2024, consolidated net profit of Bajaj Finserv Ltd. rose 8% year-on-year to Rs 2,087 crore. Total income during the same period had risen 30% to Rs 33,704 crore.
Shares of Bajaj Finserv Ltd. closed 0.13% higher at Rs 1,638.05 apiece on the BSE, compared to a 0.25% decline in the benchmark Sensex.
