Bajaj Allianz General Insurance today said its net income rose 28 per cent to Rs 145 crore in the quarter to September despite settling claims worth over Rs 130 crore in Jammu & Kashmir during the reporting period.
The private insurer reported a 29 per cent growth in gross written premium in the second quarter ended September 30 to Rs 1,475 crore.
"The rise in motor and health insurance business has helped us achieve better overall growth. Weather-based crop insurance has also contributed substantially. We are looking forward to maintain this momentum for the rest of the fiscal," Bajaj Allianz General Insurance Managing Director and Chief Executive Tapan Singhel said.
"We have settled 3,423 claims out of around 5,000 received from the Kashmir flood victims, paying Rs 145 crore as of October 20," he said.
"We expect to grow our business by 16-17 per cent by the end of the fiscal, which is more than the industry's projected growth of 10-12 per cent."
The company also added two new products to its health insurance portfolio apart from launching a scheme in the home insurance segment. These new products have further added to the revenue of the company, Singhel said.
