ICRA assigns iAAA to Bajaj Allianz

New Delhi, May 29 (UNI) Credit rating agency ICRA today assigned an iAAA rating to Bajaj Allianz General Insurance Company Ltd indicating highest claims paying ability and fundamentally strong position.

The rating takes into consideration Bajaj Allianz's strong parentage, its favourable capitalisation level, underwriting and reinsurance strategy, satisfactory underwriting performance and the high growth prospects for the general insurance business in the country.

Bajaj Allianz General Insurance Company Ltd is a joint venture between Bajaj Auto Ltd and the Allianz Group, with the former presently holding 74 per cent of the paid up capital of Rs 1.10 billion as on March 31, 2006.

For the year ended March 31, 2006, the company reported a net profit of Rs 515.7 million.

UNI CS PV DS1530