Bajaj Allianz Life Apr-Jun business profit up 2.86% to Rs 2.87 bln

Contify Banking – Wed 18 Jul, 2012 11:39 PM IST

New Delhi: Indian private sector life insurer Bajaj Allianz Life Insurance Co's fiscal first quarter (Apr-Jun) business profit rose 2.86% to Rs 2.87 billion from Rs 2.79 billion in the same period a year ago.

Gross written premium in the three months to June 30 fell 12.75% to Rs 12.11 billion from Rs 13.88 billion in the corresponding period previous fiscal year, the company said in a statement Tuesday.

However, the company's new business premium income rose 28% to Rs 4.84 billion during the quarter, against Rs 3.78 billion in the same period a year ago.

Its solvency ratio was at a healthy 560% as on June 30, 2012, against the minimum regulatory requirement of 150%.

The insurer's total investment was at Rs 393.33 billion as on June 30, 2012.

Bajaj Allianz Life Insurance is a joint venture between India's Bajaj Finserv Ltd and Germany-based financial services provider Allianz SE.

Copyright 2012 Contify.com, distributed by Contify.com

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