Bajaj Finserv on Friday reported a consolidated net profit of Rs 1,929 crore for the quarter ended September 2023, up 24% from a year ago.
Revenue from operations in the same period increased 25% to Rs 26,023 crore. The same stood at Rs 20,803 crore in the same period of last year.
Against the backdrop of upbeat macroeconomic conditions, Bajaj Finserv said its subsidiaries recorded a strong operating performance in the second quarter.
Bajaj Finance, in which Bajaj Finserv holds a 52.4% stake, recorded 28% growth in its consolidated net profit at Rs 3,551 crore, led by robust AUM growth, higher net interest income, and better asset performance.
Its assets under management (AUM) was Rs 2.9 lakh crore, as of 30 September 2023, showing an increase of 33%. This includes AUM of Rs 81,215 crore of BHFL.
Bajaj Allianz General Insurance
The general insurance subsidiary Bajaj Allianz General Insurance saw its net profit rise by 39% to Rs 468 crore in the September 2023 quarter.
Its gross written premium for the quarter increased 53% to Rs 7,298 crore. Excluding tender-driven crop and government health insurance premiums, Bajaj Allianz’s gross written premium rose 21% to 3,747 crore.
The net premium earned stood at Rs 2,250 crore in the reporting period, compared with Rs 1,852 crore a year ago.
The claim ratio increased to 78% in the second quarter versus 75.5% a year ago, mainly due to a higher mix of crop and government health business and higher claims due to heavy rains and cyclone-related claims.
Underwriting profit came in at Rs 37 crore for the quarter as against a loss of Rs 18 crore in the second quarter.
Bajaj Allianze Life Insurance
Bajaj Allianze Life Insurance’s profit after tax during second quarter increased by 21% to Rs 193 crore. Gross written premium for the same period rose 28% at Rs 5,338 crore.
New Business Value (NBV), which is the metric used to measure the profitability of life insurance business, was at Rs 237 crore in the second quarter, registering an increase of 25%.
The solvency ratio stood at a healthy 466%, as on 30 September 2023 as against the minimum regulatory requirement of 150%.
On Friday, Bajaj Finserv shares were trading 1.56% higher at Rs 1,584.30 on NSE.
