Bajaj Allianz FY15 profit up 37% at Rs 562 crore

Bajaj Allianz General Insurance on Tuesday reported a 37 percent jump in net profit at Rs 562 crore for 2014-15 in spite of natural calamity claims due to floods in Jammu and Kashmir and cyclone Hudhud.

The company settled a record 28,000 claims of Rs 962 crore on account of the flood fury in Jammu and Kashmir and the cyclone on the eastern coast.

"The company reported a 37 percent rise in profit after tax to Rs 562 crore in financial year 2014-15, despite settling claims worth Rs 962 crore owing to 'Nat Cat' losses due to the floods in Jammu and Kashmir and the tropical cyclone Hudhud," Tapan Singhel, MD and CEO Bajaj Allianz General Insurance told reporters here.

The company had a profit of Rs 409 crore in 2013-14. "Notwithstanding the heavy losses the company recorded the best ever performance in terms of premium and profits and demonstrated the ability to absorb large losses without impairing the financial security," he added.

Describing the year as a "particularly challenging", in view of the Nat Cat losses especially in Jammu and Kashmir, Singhel said, "A complete plan was put in place and executed in the most difficult conditions ensuring speedy and hassle --free relief to our customers by adopting innovative procedures for quick settlement of the claims".

The company registered a growth of 16 percent in revenue for 2014-15 with profits increasing by 90 percent in the last three years, he added. Bajaj Allianz General Insurance is a joint venture between Allianz SE, the world's leading insurer, and Bajaj Finferv Limited.