Mumbai, July 10 Bajaj Allianz Life Insurance Company has posted a loss of Rs 3 crore in the first quarter of 2008-09, against a profit of Rs 31 crore in the previous year.

The company’s new business premium rose by 16 per cent at Rs 764 crore (Rs 658 crore). Dragged down by an increase in underwriting losses, Bajaj Allianz General Insurance Company Ltd’s profit after tax fell by 46 per cent in the first quarter to Rs 7 crore, against Rs 13 crore in the corresponding quarter the previous year.

The company has an underwriting loss of Rs 24 crore, against a profit of Rs 3 crore in the corresponding period last year. “The major reason for this is the increase in the loss ratio arising mainly out of certain large losses in the first two months of the year,” said a press release from the company.

Bajaj Auto


Pulled down by an increase in expenditure, Bajaj Auto Finance’s profit after tax fell by 27 per cent to Rs 3.01 crore in the first quarter, against Rs 4.11 crore a year ago. The company’s total disbursements and deployments decreased by 15 per cent to Rs 632 crore (Rs 743 crore).

Bajaj Finserv Ltd’s standalone profit increased by 43 per cent at Rs 10 crore against Rs 7 crore in the previous year. Bajaj Finserv Ltd is the holding company having stake in Bajaj Allianz Life Insurance Company (74 per cent), Bajaj Allianz General Insurance Company Ltd (74 per cent) and Bajaj Auto Finance Ltd (40.53 per cent).
 
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