Bajaj Allianz General FY21 results: Net profit soars 33% to Rs. 1,330 cr
Bajaj Allianz General Insurance, which has just completed 20 years of operations and never reported any annual losses. While it has reported a massive 33.2 percent growth in net profit at Rs. 1,330 crore for the year to March 2021 compared to that of Rs. 999 crore in the previous year.
However, for the quarter ended March, net income declined by 10.3 percent to Rs. 277 crore from Rs. 303 crore. While gross written premium grew 5 percent to Rs. 2,787 crore, from Rs. 2,655 crore. But, premium income inched down 1.6 percent to Rs. 12,624 crore in FY21, from Rs. 12,833 crore in FY20.
While the company said that Rs. 237 crores of the Rs. 1,330 crore net income is underwriting profit. The key measure of an insurance company. But for the fourth quarter, the same plunged to a mere Rs. 6 crores from Rs. 159 crore in last year. In FY20, the company had an underwriting loss of Rs. 11 crores, he said.
Assets under management rose 23.5 percent to 23,150 crores from Rs. 18,746 crore in FY20, Singhel said. Since the beginning of operations on May 2, 2001, the Pune-based company has never reported losses. Tapan Singhel, the managing director & chief executive of Bajaj Allianz General Insurance said.
Adding for FY21 we booked a net profit of Rs. 1,330 crore and an underwriting profit of Rs. 237 crore. Which is a 20.3 per cent return on equity for the year. Our revenue stood at Rs. 12,634 crore in FY21, Singhel said. The solvency ratio stood at 345 percent, up from 254 percent in FY20, as against the regulatory mandate of 150 percent.
Today, Bajaj Allianz general employs 9,000 across over 1,000 locations, over and gas over 80,000 agents, over 240 bancassurance partners, and close to 9,000 motor-dealer partners. From a product perspective, Bajaj Allianz is a part of the various government schemes like Pradhan Matri Jan A royal Yojana, etc.