Bajaj Allianz Life Insurance Company Limited (BALIC) has posted a loss of Rs 3 crore for the period ended June 30, 2008, as compared to a profit of Rs 31 crore in the corresponding period of the previous year. The policyholder surplus is Rs 67 crore, as against Rs. 71 crore for the previous year's corresponding quarter and the shareholder loss stands at Rs 70 crore, as compared to the loss of Rs 40 crore for the same period last year. During the quarter, intense competition amongst private players has resulted in increased payouts of commission to agents. BALIC has adopted a wait and watch policy and not increased commissions to safeguard long-term profitability, a company statement said.
The gross written premium was Rs 1,847 crore in the first quarter 2008-09, as compared to Rs 1,060 crore in the first quarter 2007-08, a growth of 74%. New business premiums was Rs 764 crore in the first quarter, as compared to Rs 658 crore in the same quarter last year, showing a growth of 16%.
The company's overall market share for the period ended May 31, 2008 was 5.98%, as compared to 5.57% in the same time last year.
Bajaj Allianz General Insurance Company Limited has reported a PAT of Rs 7 crore in the first quarter 2008-09, as against Rs 13 crore during the first quarter 2007-08. The company had an underwriting loss of Rs 24 crore in the first three months of 2008-09, as against a profit of Rs 3 crore in the same period last year. The major reason for this is the increase in the loss ratio arising out of certain large losses in the first two months of the year, a company statement said.
Due to heavy discounting in corporate lines, the company's focus has shifted towards retail. Motor insurance constituted 57% of the total portfolio, property and engineering 18%, as against 27% in the same period last year. The gross written premiums was Rs 734 crore in this quarter.
Source: The Financial Express
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