Bajaj Finserv - Covid-19 Update and Business Continuity Plan
BAGIC - Key Highlights
Q1 2020-21
BAGIC GWP de-grew by 19% in Q1 FY21 vs Industry de- growth of 6%;
BBAJAJ Allianz
During Q1 FY21, BAGIC's GWP ex-crop, GMC and Government health de - grew by 11.3% vs
Industry de growth of 7.1%. BAGIC has been cautious on Employer Employee Group health for
some time due to high loss ratios.
Combined ratio (COR) improved and stood at 97.6% in Q1 FY21 v/s 103.1% in Q1 FY20
Includes the impact of claims arising from Amphan and Nisarga Cyclone; Combined ratio excluding
NATCAT events stands at 95.2% (vs 101.6% in Q1 FY20)
Higher margin for adverse deviations provided in IBNR reserving due to Lockdown related
uncertainties.
Profit after tax for Q1 FY21 increased by 88% YoY to Rs.3,949 Mn vs Rs. 2,104 Mn in Q1 FY20
Gains from improved LR (68.1% in Q1 FY21 vs 72.8% in Q1 FY20), no impairment provisions and
lower expense ratio
During the quarter BAGIC has added new partners across different channels: Punjab and Sind Bank,
and Home Credit in Banca; Citroen in Motor Dealers and PayTm
*Industry growth excluding specialised insurers & standalone health. Source: Gl Council for Industry figures | GDPI: Gross Direct Premium Income
21View entire presentation