New Delhi: Indian private sector non-life insurer Bajaj Allianz General Insurance Co's fiscal first quarter (Apr-Jun) net profit rose 66% to Rs 650 million as compared to Rs 390 million in the same period a year ago.
The company's gross written premium increased 18% to Rs 9.4 billion during three months to June 30 as compared to Rs 7.98 billion in the corresponding period a year ago, it said in a statement Tuesday.
The general insurer's net earned premium in the quarter rose 14% to Rs 6.01 billion from Rs 5.27 billion in the same duration previous fiscal.
The company's combined ratio excluding motor pool losses improved to 89.8% during the quarter from 96.7% in the year-ago period, while claims ratio improved by 8.4% to 56.6% from 65%, the statement added.
The insurer's cash and investments were valued at Rs 52.28 billion as on June 30, 2012.
Bajaj Allianz General Insurance is a joint venture between India's Bajaj Finserv Ltd and Germany-based financial services company Allianz SE.
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