Bajaj Allianz Nov Update: General insurance gross direct premium at ₹1,324.67 crore – CNBC TV18
Bajaj Finserv Ltd on Monday (December 9) announced a robust premium performance by its unlisted insurance subsidiaries, Bajaj Allianz General Insurance Company Ltd and Bajaj Allianz Life Insurance Company Ltd, for November 2024.
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Bajaj Allianz General Insurance reported gross direct premiums underwritten of ₹1,364.67 crore for November, with the cumulative premium for the financial year up to November reaching ₹15,781.54 crore.
Bajaj Allianz Life Insurance recorded total new business premiums of ₹659.35 crore for November, contributing to ₹7,449.08 crore for the period from April to November 2024.
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The performance included ₹31.73 crore from individual single premiums, ₹407.95 crore from individual non-single premiums, ₹193.90 crore from group single premiums, and ₹25.77 crore from group yearly renewable premiums.
Bajaj Finserv’s net profit rose by 8% to ₹2,097 crore in the second quarter of FY25, compared to ₹1,929 crore in the same period last year. The company’s revenue from operations surged 30%, reaching ₹33,704 crore, up from ₹26,023 crore year-on-year (YoY).
The general insurance segment of Bajaj Finserv recorded a profit after tax (PAT) of ₹494 crore, marking a 6% YoY growth from ₹468 crore. The company attributed its success to growth across its major businesses while balancing risk in different segments.
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Bajaj Finance, a group company of Bajaj Finserv, contributed significantly with a 13% rise in profit after tax to ₹4,000 crore. The company also demonstrated strong customer acquisition, adding 3.98 million customers and booking 9.69 million new loans during the quarter. Bajaj Housing Finance Ltd, the housing finance arm, also posted strong results with a 21% growth in profit after tax.
Shares of Bajaj Finserv Ltd ended at ₹1,638.05, up by ₹2.20, or 0.13%, on the BSE.
(Edited by : Shoma Bhattacharjee)
