Bajaj Finserv just shared big news about its insurance companies. The company announced strong results for the financial year ending March 31, 2024. This includes the fourth quarter (Q4) numbers too. Get ready to see some impressive growth!
Their key businesses, like lending and insurance, showed solid performance. Bajaj Finserv is a major player in the finance world. You might know them for their insurance brands.
Bajaj Allianz Life Insurance Shows Big Growth
Bajaj Allianz Life Insurance (BALIC) had a great year. Their New Business Premium (NBP) grew a lot. It hit Rs 1,691 crore in Q4 FY24. That’s a 27% jump in premium income. This shows many new people chose their plans.
For the whole financial year, Gross Written Premium (GWP) also climbed. It went up 20% to Rs 14,352 crore. The company manages a huge amount of money. Their Assets Under Management (AUM) reached Rs 1,05,860 crore. This is a 26% increase from last year. This strong growth means they are doing well. It also shows more people trust them with their life savings.
The value of new business, called NBV, also rose. It was up 15% in Q4 FY24. For the full year, it grew by 13%. These numbers tell a story of success. You can learn more about Bajaj Finserv’s overall operations on Wikipedia.
Strong Performance for Bajaj Allianz General Insurance
Bajaj Allianz General Insurance (BAGIC) also posted good results. Their Gross Written Premium (GWP) increased by 20%. This was Rs 4,606 crore in Q4 FY24. For the full financial year, GWP reached Rs 17,210 crore. That’s a 19% rise over the year before.
The company also improved its combined ratio. This number shows how well an insurer is managing its costs. It improved to 99.9% for FY24. This is better than 103.5% in the previous year. A lower ratio is better. It means they are managing claims and expenses well.
Bajaj Allianz General also made an underwriting profit. This profit was Rs 139 crore in Q4 FY24. This shows their core insurance business is making money. Strong underwriting is key for any insurance firm. These figures highlight the current health of both Bajaj Finserv’s insurance arms. The financial sector often uses terms like Gross Written Premium. You can understand more about this term at Investopedia.
What do these numbers mean for you? They show Bajaj Finserv’s insurance parts are growing. They are handling more customers and money. This makes them a solid player in the market right now. Their performance signals confidence in India’s financial growth too.
