Bajaj Finserv said that its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for September 2024 was at Rs 1,689.17 crore, recording a decline of 7.59% year on year (YoY).
Bajaj Allianz Life Insurance Company's total premium aggregated to Rs 1,052.42 crore for the month of September 2024, down 8.26% as against Rs 1,147.23 crore recorded in the same period a year ago.
Individual non-single premium were at Rs 663.05 crore (up 34.02% YoY) in September 2024. Individual single premium amounted to Rs 62.69 crore (up 30.93% YoY) and Group yearly renewable premium added up to Rs 20.46 crore (up 30.73% YoY) in the month of September 2024. However, Group single premium dropped 48.01% YoY to Rs 306.22 crore during the period under review.
Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.45% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
The company's consolidated net profit jumped 10.04% to Rs 2,137.70 crore on 35.22% increase in total income to Rs 31,480.14 crore in Q1 FY25 over Q1 FY24.
The scrip declined 0.13% to currently trade at Rs 1,877.45 on the BSE.
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