Bajaj Finserv gains as insurance subsidiaries release June provisional figures

So far this year, the stock of Bajaj Finserv declined over 6 percent, underperforming benchmark Nifty 50 index that jumped over 11 percent during the same period

Shares of Bajaj Finserv gained marginally by 0.6 percent to Rs 1,578 per share in early trade on July 9 after its subsidiaries Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance Company announced their provisional figures for June.

So far this year, the stock of Bajaj Finserv declined over 6 percent, underperforming benchmark Nifty 50 index that jumped over 11 percent during the same period. Earlier, Bajaj Finserv had hit 52-week high of Rs 1,741 apiece on December 15, 2023.

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In an exchange filing, the company said that Bajaj Allianz General Insurance reported a gross direct premium underwritten at Rs 1,234 crore for the month of June, while it stood at Rs 4,716 crore for the April-June period.

On the other hand, the total new business premium for Bajaj Allianz Life Insurance was at Rs 1,082 crore in June and Rs 2,539 crore in the June-ended quarter.

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Bajaj Finserv is likely to report Q1FY25 results on July 24, 2024. In the March-ended quarter, the company reported a 20 percent on-year rise in consolidated net profit at Rs 2,119 crore, on the back of strong growth clocked by Bajaj Finance.

The company's total consolidated income rose 35.6 percent on-year to Rs 32,041.93 crore. The board also recommended a dividend of Rs 1 per share - 100 percent on face value of Rs 1.

For Bajaj Allianz General Insurance, the company's net profit net increased by 18 percent on-year to Rs 380 crore in Q4FY24 and gross written premium climbed by by 32 percent YoY to Rs 4,962 crore.

Meanwhile, Bajaj Allianz Life Insurance gross written premium rose by 27 YoY percent to Rs 8,183 crore in Q4FY24 and profit after tax increased to Rs 106 crore, as compared to Rs 26 crore in a similar period last year.

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