Bajaj Allianz Life Insurance said its net profit increased 91% to Rs369 crore for the September 2010 quarter from Rs193 crore during the same period last year.
The company has cited reduction in fixed expenses and growth in assets under management (AUM) as the reasons for this rise.
During the first half to end-September, its new business premium increased to Rs1,511 crore from Rs1,441 crore, a year ago.
However, its gross written premium (GWP) fell to Rs4,151 crore from Rs4,521 due to dip in renewal premiums, a company's spokesperson said.
Bajaj Allianz General Insurance net profit increased 22% to Rs66 crore from Rs54 crore in the year-ago period. According to the company, strong auto sales, capital expenditure by corporates and strong economic conditions have lead to an increase in profits. The GWP collected by the company rose to Rs1,420 crore from Rs1,218 crore.
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