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Bajaj Allianz General Insurance reports 37% rise in net profit

Bajaj Allianz General Insurance Company has reported a 37 percent rise in the net profit at Rs 562 crore in 2014-15.

The company has recorded an underwriting profit of Rs 83 crore in Financial Year 2015 as compared to a loss of Rs 2 crore of Financial Year 2014.

Bajaj Allianz has continued with its good performance in spite of the two major catastrophes in FY15 which includes Jammu and Kashmir floods and the tropical cyclone Hudhud in the eastern parts of Country.

The managing director and chief executive of Bajaj Allianz General Insurance Company, Tapan Singhel said, “We are having 85 percent of our business in retail and remaining in corporates as of now.  We have a market share of 23 percent in Jammu and Kashmir and 40 percent in Srinagar alone and we had paid Rs 1,000 crore while settling 28,000 claims in the flood-hit region and we had also paid Rs 150 crore for settlement of 300 claims in Hudhud case.”

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