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Bajaj Allianz General Insurance, on Thursday, posted a fall of more than 55 per cent in net profit to ₹83 crore in the fourth quarter of 2018-19.
The private sector insurer had registered a net profit of ₹187 crore in the fourth quarter of 2017-18. It also made an underwriting loss of ₹146 crore for the January to March 2019 quarter, against a profit of ₹30 crore in the same period a year ago.
Natural calamities
The drop in profit was primarily attributed to natural calamities and crop insurance. Its gross written premium rose 23 per cent to ₹3,402 crore in the fourth quarter of the fiscal, from ₹2,764 crore in the same period of the previous fiscal.
For the full financial year 2018-19, the insurer’s net profit fell 15.3 per cent to ₹780 crore, from ₹921 crore in 2017-18.
It, however, booked an underwriting profit of ₹18 crore in 2018-19.
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