Bajaj Finserv shares jump over 2% after subsidiary Bajaj Allianz General Insurance reports strong numbers in August

Shares of Bajaj Finserv gained more than 2 per cent in morning trade on Friday, September 8, after a stellar performance by its subsidiary, Bajaj Allianz General Insurance Company, for the month of August.

In August, Bajaj Allianz General Insurance Company reported a robust Gross Direct Premium underwritten, amounting to Rs 1,677.87 crore, which increased by 64.3 per cent from Rs 1,021 crore reported in August 2022. For the cumulative period from April to August 2023, the company's Gross Direct Premium reached a substantial Rs 9,228.81 crore, the financial services provider said in a filing to the stock exchanges on Thursday.

The company’s total premium in August also increased by 38.4 per cent year-on-year to Rs 926 crore from Rs 669 crore in the corresponding period a year ago. Bajaj Allianz Life Insurance Company's total premium in the current financial year (FY24) from April to August stood at Rs 3,828.06 crore.

Bajaj Finserv share price

Bajaj Finserv stock has shown strong growth, delivering a return of 10.01 per cent over the past six months. Shares of the company were trading 1.54 per cent higher at Rs 1,542.75 apiece on BSE at 10:35 AM.

Domestic brokerage firms like KR Choksey and Sharekhan remain bullish on the company’s prospects. KR Choksey has a “buy” rating on the company and has a target price of Rs 1,850 on the stock. Sharekhan also has also assigned a “buy” rating on the stock, but with a lower target price of Rs 1,650.