Bajaj Allianz General Insurance Registers 52.6% Growth In Q2FY24

Bajaj Allianz General Insurance has reported financial results with its Gross Written Premium (GWP) or revenue witnessing a growth of 52.6 per cent to Rs 7,298 crore for Q2 FY24 and by 40.9 per cent to Rs 11,132 crore in H1 FY24.

The company reported a Net Profit or Profit After Tax(PAT) of Rs 468 crore with a growth of 39.3 per cent for Q2 FY24 and Rs 883 crore with a growth of 18.2 per cent for H1 FY24.

Bajaj Allianz also reported a combined ratio of 95.3 per cent for Q2 FY24 and 97.6 per cent for H1 FY24 which serves as a testament to the Indian insurance industry.

The company's solvency ratio has risen to 352 per cent, far exceeding the regulatory requirement of 150 per cent. Additionally, the Profit Before Tax (PBT) has surged to Rs 626 crore in Q2 FY24, reflecting a remarkable growth of 39 per cent, and Rs 1,181 crore for H1 FY24, with a growth of 18 per cent.

“With a strong solvency ratio, claims ratio, and a healthy combined ratio, we have solidified our position as one of the most profitable general insurers in the nation. At Bajaj Allianz, we are not just in the business of insurance; we are in the business of ensuring a financially secure future for every Indian," said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.