Good underwriting profit helped Bajaj Allianz General Insurance Company report a 37 per cent rise in net profit at Rs 562 crore in 2014-15, despite settling huge claims arising from the Jammu and Kashmir floods last year.
The company recorded an underwriting profit of Rs 83 crore in FY15 as against a loss of Rs 2 crore in FY14.
In spite of two major catastrophes in FY15, including Jammu and Kashmir floods and the tropical cyclone Hudhud in eastern parts of the country, Bajaj Allianz continued with its good performance.
The claim ratio stood of the insurer improved to 71.9 per cent in 2014-15 as against 72.3 per cent in FY14. The company's gross written premium for FY15 increased by 16 per cent to Rs 5,301 crore as against Rs 4,584 crore in FY14.
With an investment portfolio of Rs 7,859 crore in 2014-15, the investment and other income for FY15 increased by 18 per cent to Rs 694 crore against Rs 589 crore a year ago.
Combined ratio of the company stood at 96.7 per cent in FY15 as against 98.1 per cent in FY14. As on 31 March 2015, solvency ratio of the company stood at 182 per cent, which is well above the normal regulatory requirement of 150 per cent.
"We are having 85 per cent of our business in retail and remaining in corporates as of now. We have a market share of 23 per cent in Jammu and Kashmir and 40 per cent in Srinagar alone and we had paid Rs 1,000 crore while settling 28,000 claims in the flood-hit region and we had also paid Rs 150 crore for settlement of 300 claims in Hudhud case," Bajaj Allianz General Insurance Company managing director and chief executive Tapan Singhel told PTI.
The company plans to open 600 virtual offices in the current fiscal.
"We already have got 240 branches in brick and mortar form. However, we plan to open 600 virtual offices in the current fiscal and 170 out of them have already come out," he said.
