The non-bank finance company’s consolidated revenues climbed 10 per cent year-on-year to Rs 15,960.7 crore. In the year ago quarter, the company had reported consolidated net profit of Rs 1,125.6 crore on revenues of Rs 14,560.7 crore.
The company’s general insurance business’ net profit jumped 73 per cent on year to Rs 330 crore. At the same time, the life insurance company’s net profit fell 17 per cent on year to Rs 118.6 crore.
Bajaj Allianz General Insurance’s robust solvency, large asset under management in relation to its premium, prudent underwriting, stable management team and strong brand positions among the peers should help it withstand the crisis and take advantage of opportunities once the crisis has passed, Bajaj Finserv said.
The company’s performance was hurt by the weakness in the largest business Bajaj Finance. Bajaj Finance earlier today reported 29.5 per cent year-on-year decline in net profit to Rs 1,048.5 crore.
Q3 was marked by a granular business recovery in Bajaj Finance, significant improvement in risk metrics and tracking implementation on business transformation plan, Bajaj Finserv said.