Bajaj Finserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42 crore for the quarter ended June 30, 2009. It had posted a loss of Rs 36 crore in the corresponding period last year.
The group’s life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest contributor to the firm’s income. Bajaj Allianz has posted a profit of Rs 68 crore in the June quarter. In the year-ago quarter, it had posted a loss of Rs 3 crore.
Gross written premium for the quarter rose 40 per cent to Rs 2,001 crore as against Rs 1,847 crore in the corresponding period last year. Renewal premium, too, increased to Rs 1,423 crore as against Rs 1,018 crore in the quarter ended June 30, 2008. However, new business premium fell 42.28 per cent to Rs 577 crore.