Bajaj Finserv on Thursday reported a 3% year-on-year (YoY) rise in its consolidated profit to Rs 2,231 crore for the December quarter, compared with Rs 2,157.67 crore in the year-ago period, primarily driven by the performance of its lending arm Bajaj Finance. Revenues rose 10% to Rs 32,042 crore.
Bajaj Finserv is the holding company for the financial services businesses under the Bajaj group. It has 51 stake in Bajaj Finance and 74% holding two unlisted insurance subsidiaries – Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
Bajaj Finance on Wednesday reported a 17% growth in profit to Rs 4,246 crore. The net profit of Bajaj Allianz General Insurance Company (BAGIC) increased 39% to Rs 400 crore. Bajaj Finance contributed Rs 2,180 crore to Finserv’s profit, while BAGIC’s contribution was Rs 192 crore. Bajaj Allianz Life Insurance posted a loss of Rs 40 crore and the emerging business segment incurred a loss of Rs 95 crore. Bajaj Finserv’s standalone profit for the quarter under review stood at Rs 10 crore.
The emerging businesses include Bajaj Finserv Health, Bajaj Finserv Direct, Bajaj Finserv Asset Management and Bajaj Finserv Ventures.
Assets under management of Bajaj Finserv stood at Rs 17,434 crore for the latest quarter.
BAGIC’s gross written premium for Q3 surged 46% to Rs 6,626 crore. However, excluding tender-driven crop and government health insurance premiums, gross written premium fell 2% to Rs 3,639 crore. The claims ratio increased to 77.7%, from 72.9% in Q3FY24, due to elevated claims in the health sector.
For Bajaj Allianz Life, the new business premium rose 8% to Rs 2,761 crore while the individual-rated new business premium remained flat at Rs 1,549 crore. The group protection new business grew 10% to Rs 609 crore and the renewal premium increased 24% to Rs 3,600 crore. The gross written premium for Q3FY25 rose 16% to Rs 6,361 crore.
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