Bajaj Finserv today recorded nearly three-fold fly in net profit at Rs 34.88 crore for the quarter ended December 31, 2009, from the same period previous financial.
Diversified financial services company had a net profit of Rs 12 crore in the same quarter a year ago.
Bajaj Finserv Managing Director Sanjiv Bajaj said, Income from operations rose to Rs 119.25 crore for the third quarter, next to Rs 85.85 crore in the same period a year ago.
When asked whether such high productivity could be replicated in the last quarter, Bajaj said, “We expect the development to continue in the current quarter as well. I won’t put any number.” Life Insurance business of the group posted Rs 154 crore profit in the third quarter against Rs 30 crore in the same quarter a year ago, registering 413 per cent increase, he said.
At the same time, vehicle finance arm Bajaj Auto Finance posted 145 per cent course in net profit at Rs 27 crore compared with Rs 11 crore in the same qaurter previous financial.
Shares of Bajaj Finserv these days closed at Rs 342.95 on the BSE, down 2.11 per cent from its previous close.
This has been an excellent quarter for Bajaj Auto Finance aided by healthy volume growth during the festive season, lower cost of funds, better operating cost management and development in portfolio quality across businesses, Bajaj said.
On the individual basis, however, the firm posted a net profit of Rs 4.05 crore for the December quarter, down 63.34 per cent from Rs 11.05 crore in the December quarter of FY’09.
During the nine months ended December 2009, Bajaj Finserv posted a profit of Rs 121 crore. In the same period a year ago the company had posted a loss of Rs 36 crore.
During the said period of 2009-10 life insurance firm Bajaj Allianz Life Insurance Company recorded Rs 347crore profit, against Rs 4 crore profit in the same period of the previous financial while non-life arm Bajaj Allianz General Insurance Co’s profit jumped by 69 per cent at Rs 83 crore.
Bajaj Auto Finance’s profit rose by 237 per cent at Rs 64 crore against Rs 19 crore in the same period 2008 09.
During the quarter ended December 31, 2009, the auto finance arm deployed Rs 1,210 crore against Rs 612 crore during the same quarter of the before year, an increase of 97 per cent.
Total income for the quarter was Rs 250 crore against Rs 158 crore during the same quarter of a year ago.
Friday, January 29, 2010
Thursday, January 7, 2010
LIC, Bharti AXA & HDFC Standard represent IrDA
Apex insurance controller Insurance Regulatory & Development Authority (Irda) has said, on the rural sector front, all 21 life insurers have satisfied their obligations, except HDFC Standard.
The number of policies underwritten by them in the rural sector as a per cent of the total policies underwritten in the year 2008-09 was as per the obligations appropriate to them.
However, Life Insurance Corporation (LIC) is non-compliant with its obligations in the rural sector as it underwrote a lower number of policies, than the arranged 25 % during 2008-09.
In case of social sector obligations, all the 21 private life insurance companies fulfilled their obligations during 2008-09. The number of lives covered by them in the social sector was above the fixed obligations. LIC Policy complied with its social sector obligations and covered more lives than the prescribed 20 lakh for 2008-09.
In case of general insurance industry for the rural sector, obligations division out of the 15 private sector non-life insurers except Bharti AXA Insurance & Apollo DKV, all others met their rural sector obligations in 2008-09.
The gross direct premium underwritten by them in the sector, as a percentage of total premiums underwritten in 2008-09, was above the approved terms.
All the four public sector insurers have complied with the rural sector obligations for 2008-09, with 7% of the quantum of Insurance business carried by them for the period.
In case of social sector obligations, all private sector non-life insurers, except Bharti AXA & Apollo DKV, met their obligations for the period.
Meanwhile, as on March 31, 2008, there were 1,017 complaints pending with the authority for want of resolution by Life Insurance Companies.
During 2008-09, Irda received 1,794 complaints, out of which 481 were related to LIC and 1,313 to private sector insurers. While private life insurers have resolved 83.47% of the complaints registered, LIC has resolved 84.05% of the complaints filed against it with the authority.
458 complaints were still pending with the insurance companies as on March 31 last year.
The number of policies underwritten by them in the rural sector as a per cent of the total policies underwritten in the year 2008-09 was as per the obligations appropriate to them.
However, Life Insurance Corporation (LIC) is non-compliant with its obligations in the rural sector as it underwrote a lower number of policies, than the arranged 25 % during 2008-09.
In case of social sector obligations, all the 21 private life insurance companies fulfilled their obligations during 2008-09. The number of lives covered by them in the social sector was above the fixed obligations. LIC Policy complied with its social sector obligations and covered more lives than the prescribed 20 lakh for 2008-09.
In case of general insurance industry for the rural sector, obligations division out of the 15 private sector non-life insurers except Bharti AXA Insurance & Apollo DKV, all others met their rural sector obligations in 2008-09.
The gross direct premium underwritten by them in the sector, as a percentage of total premiums underwritten in 2008-09, was above the approved terms.
All the four public sector insurers have complied with the rural sector obligations for 2008-09, with 7% of the quantum of Insurance business carried by them for the period.
In case of social sector obligations, all private sector non-life insurers, except Bharti AXA & Apollo DKV, met their obligations for the period.
Meanwhile, as on March 31, 2008, there were 1,017 complaints pending with the authority for want of resolution by Life Insurance Companies.
During 2008-09, Irda received 1,794 complaints, out of which 481 were related to LIC and 1,313 to private sector insurers. While private life insurers have resolved 83.47% of the complaints registered, LIC has resolved 84.05% of the complaints filed against it with the authority.
458 complaints were still pending with the insurance companies as on March 31 last year.
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