'Bajaj Allianz GI to grow above industry average this fiscal'
Mumbai: Private general insurer Bajaj Allianz hopes to grow better than the industry average, which is likely to grow around 15 percent in this fiscal amid slowdown, a top official has said.
"In the backdrop of falling auto sales and weak IIP numbers among others, the industry is likely to grow at around 15 percent this fiscal. We hope to grow a little better than the industry average," Bajaj Allianz General Insurance Managing Director and Chief Executive Tapan Singhel told PTI.
In the last fiscal, the industry grew around 19 percent, while the premium growth by Bajaj Allianz was around 21 percent during this period.
Talking on profitability, Singhel said though the numbers are yet to be compiled, the company would witness higher profit in FY13 compared to FY12.
"Our profitability will be better than last fiscal," he said, adding that underwriting profit for the general insurance is at a sound position.
He also said investment income was also better for the last fiscal.
Referring to the recent decision of insurance regulator Irda to raise motor premium by around 20 percent, Singhel said the insurers should be free to determine the premium for the benefit of customers.
Bajaj Allianz is the joint venture between German based Allianz group and Bajaj Finserv in which 74 percent of stake is held by the later.