The insurer posted an underwriting loss of Rs 146 crore in the March quarter
Private general insurer Bajaj Allianz General Insurance posted a 55.6 percent year-on-year (YoY) dip in its March quarter (Q4) at Rs 83 crore on account of an underwriting loss.
Compared to an underwriting profit of Rs 30 crore in Q4FY18, the non-life insurer posted an underwriting loss of Rs 146 crore in Q4FY19. The combined ratio for the quarter stood at 103.9 percent compared to 93.4 percent in the same quarter previous fiscal.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said: “In a year which saw the industry growth dropped from 17 percent to about 12 percent, Bajaj Allianz General Insurance witnessed a growth of 17 percent (in gross written premium) which is over the market."
The company saw a 17 percent YoY rise in gross written premium to Rs 11,097 crore in FY19. The combined ratio stood at 96.7 percent in FY19 from 92.3 percent in FY18.At the end of FY19, the assets under management stood at Rs 17,237 crore, up 16.3 percent YoY.
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