The life insurance industry, which has witnessed a slowdown this year, will see a revival in top-line growth in the third quarter of this year, said Mr Sanjiv Bajaj, Managing Director, Bajaj FinServ.
Bajaj Finserv is the holding company and the financial services and insurance business arm of the Bajaj Group.
“We are looking to revitalise the agency and the bancassurance channels for the insurance business. Since April, we have added over 10,000 new active agents. We see them bringing in additional business now in the third quarter this year,” added Mr Bajaj.
Bajaj Finserv, which reported its second quarter results on Wednesday, has more than doubled its profits to Rs 158 crore from Rs 69 crore in the corresponding previous-year period.
GROWTH IN SUBSIDIARIES
The strong results in the second quarter of this year are attributed to the robust numbers reported by its subsidiary companies.
The profit from Bajaj Allianz Life Insurance surged by 48 per cent to Rs 295 crore from Rs 199 crore, while Bajaj General Insurance's profit surged by 83 per cent to Rs. 64 crore from Rs 35 crore.
BAJAJ FINANCE
Bajaj Finance Ltd, the lending arm of Bajaj Finserv, has also reported a jump in profit by 64 per cent to Rs 87 crore from Rs 53 crore. Bajaj Finance's Assets Under Management (AUM) has crossed the Rs 10,000-crore mark and stood at Rs 10,071 crore as on September 30, 2011, as against Rs 7,571 crore as on September 30, 2010.
Shares of the company gained Rs 15.3, or 2.9 per cent, to settle at Rs 543.55. The total volume of shares traded on the BSE was 101,571.
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