Bajaj Finserv, a key player in the insurance sector has said that it has witnessed a 57.14 per cent rise in its consolidated profit to become Rs. 66 crore for the first quarter of FY 2011. This is higher than rs. 42 crore in the year ago period.

It is into the field of life as well as general insurance sector, something which is rarely seen in the Indian insurance companies.

The company has Bajaj Allianz Life Insurance Company Ltd (BALIC) as its subsidiary. It recorded an overall profit of Rs. 169 crore which means that the increase was for 148 per cent. Last year during this time the profit for the quarter stood at Rs. 68 crore.

On the growth front, the premium business increased by 4 per cent to end at Rs. 603 crore as compared to Rs. 578 crore in the same period of last year.

But even in this, a sharp decline was seen in the premium renewal side where it fell from Rs 1,423 crore to Rs. 1,242 crore. The reason has been mentioned as the surrendering of policies by policy holders as against 3 year-lock in period.