Bajaj allianz gets IAAA rating by ICRA

Pune, May 8: Bajaj Allianz General Insurance Company Ltd, one of the leading private general insurance company registered a 50 per cent growth over the previous year of Rs 856 crore registering a gross premium income of Rs 1285 crore(excluding service tax)for the year 2005-2006.

CEO of Bajaj Allianz General Insurance Kamesh Goyal said,'' The net profit of the company has grown to Rs 51.6 crore compared to the previous year's profit of Rs 47 crore. The compnay has issued over 3.9 million policies in the fiscal 2005-2006.'' He informed that the company has also received ''IAAA'' rating by the ICRA for its Claim Paying Ability. The rating indicates the highest claims paying ability and a fundamentally strong position.

The prospect of meeting policy holder obligations is the best, he said adding that for the future the company's focus would continue to be on growth with underwriting profits and to prepare for the free pricing scenario from 2007 onwards.

UNI