Bajaj Finserv arm gross direct premium grows 3% YoY in Aug'24

Bajaj Allianz Life Insurance Company's total premium aggregated to Rs 952.52 crore for the month of August 2024, up 2.82% as against Rs 926.41 crore recorded in the same period a year ago.

Individual non-single premium were at Rs 585.87 crore (up 22.23% YoY) in August 2024. Individual single premium amounted to Rs 74.14 crore (up 28.67% YoY) and Group yearly renewable premium added up to Rs 54.70 crore (up 141.93% YoY) in the month of August 2024. However, Group single premium dropped 35.18% YoY to Rs 237.81 crore during the period under review.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.45% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

The company's consolidated net profit jumped 10.04% to Rs 2,137.70 crore on 35.22% increase in total income to Rs 31,480.14 crore in Q1 FY25 over Q1 FY24.

The scrip added 0.23% to currently trade at Rs 1,861 on the BSE.

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