New Delhi, July 31 -- Bajaj Finserv Ltd will enter the reinsurance business through a wholly owned subsidiary after its board approved the proposal on Thursday, subject to regulatory approvals, the company said in an exchange filing.

"Subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI) and other authorities, the Board has granted its approval for pursuing re-insurance business through a subsidiary of the Company to be incorporated," the company said in the filing on Friday.

The announcement accompanied Bajaj Finserv's June-quarter results. Consolidated net profit rose 18.2% year-on-year to Rs.6,297 crore, while revenue from operations increased 19.1% to Rs.42,037 crore.

Bajaj Finserv already h...