Srinagar, May 14: Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance, India’s leading private insurers in their respective fields, have emerged as the most profitable insurers in 2009-10.
 The Bajaj Allianz Life Insurance has posted a profit of Rs. 427 crore in 2009-10 as against Rs. 41 crore in the previous year.
 After distribution of surplus from the revenue account among the shareholders, the profit stands at Rs 417 crore.
 In addition to the distribution of surplus to the shareholders, there has been a transfer of Rs. 125 crore from Funds for Future Appropriation (including Rs. 110 crore is on account of release from “Reserve for Lapsed unit linked policies unlikely to be revived”).
 The total Shareholders’ profit after tax stands at Rs. 542 crore, the company in an e-mail to Greater Kashmir said.
 Bajaj Allianz General Insurance posted a profit before tax (PBT) of Rs. 180 crore in 09-10 as against Rs.150 crore for the year 08-09 and the profit after tax (PAT) was Rs. 121 crore as against Rs. 95 crore in 08-09.
 Bajaj Allianz Life Insurance grew by 7% to garner Gross Written Premium (GWP) of Rs.11,420 crore with a new business premium of Rs. 4,451 crore and Renewal premium of Rs. 6,969 crore in 09-10 as compared to Rs.10,624 in 08-09 (New business premium of Rs. 4491 crore and renewal premium of Rs. 6133 crore).
 Gross Written Premium (GWP) of Bajaj Allianz General Insurance shrunk by 5.0% to Rs. 2516 crore in 09-10 from Rs. 2649 crore in the last financial year 2007-08, due to the company’s decision not to enter the rat race of “buying” market share by indiscriminate pricing. Despite this, Bajaj Allianz General Insurance maintained its number two position amongst private players in the General Insurance industry.

Lastupdate on : Fri, 14 May 2010 21:30:00 Makkah time
Lastupdate on : Fri, 14 May 2010 18:30:00 GMT
Lastupdate on : Sat, 15 May 2010 00:00:00 IST