Bajaj Finserv Q4 net flat

MUMBAI: Bajaj Finserv reported flat growth in consolidated profit during the fourth quarter of the financial year mainly due to dip in profits in its two insurance businesses.

Profit rose to Rs 535 crore as against Rs 518 crore in the correspondent period last year.

The NBFC reported 43% jump in net profit. However general insurance arm reported decline of 25% in profit to Rs 165 crore down from Rs 208 crore due to lesser amount of profit on sale of investments and inclusion of tax credits pertaining to earlier year. Life insurance saw profits fall to Rs 198 crore from Rs 232 crore.

General insurance company saw 31% rise in gross written premium to Rs 2,250 crore as against Rs 1,730 crore.The company made underwriting profit of Rs 35 crore, increase of 14% against underwriting profit of Rs 30 crore.

Life insurance company saw 5% drop in new business premium to Rs 1,146 crore.

Shares of the company fell 1.78% from previous close to Rs 4,473.80 on the Bombay Stock Exchange.