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Bajaj Finserv, the holding company of the financial services business of the Bajaj group, has reported a 15 per cent growth in its net profit for October – December (Q3FY21) at Rs 1,290 crore, compared to Rs 1,126 crore in the corresponding period of FY20.
The consolidated total income of the company rose 9.61 per cent to Rs 15,961 crore in Q3FY21, compared to Rs 14,561 crore in Q3FY20.
It holds a little over 52 per cent in the consumer finance giant Bajaj Finance, 74 per cent in Bajaj Allianz general insurance, and Bajaj Allianz life insurance.
The general insurance arm of the company reported a 73 per cent rise in net profit at Rs 330 crore in Q3FY21, compared to Rs 191 crore in Q3FY20. The gross premium underwritten by the general insurer rose 11 per cent to Rs 3,392 crore. Furthermore, the insurer has reported an underwriting profit to the tune of Rs 27 crore in the reporting quarter versus an underwriting loss of Rs 87 crore in the corresponding period of FY20.
The combined ratio of the insurer stood at 93.6 per cent in Q3FY21. A combined ratio is a measure of profitability used by an insurance company to gauge how well it is performing in its daily operations. A ratio below 100 percent indicates that the company is making an underwriting profit, while a ratio above 100 percent means that it is paying out more money in claims that it is receiving from premiums.
Bajaj Finserv Q3 Net Profit up 15% at Rs 1,290 Crore
