Bajaj Finserv’s consolidated revenue in Q3FY24 increased 34% to ₹29,038 crore from ₹21,755 crore, YoY.
“Bajaj Finserv Asset Management Ltd. received encouraging response to its mutual fund schemes, with assets under management (AUM) of ₹6,395 crore as on December 31, 2023,” the company said in a release.
Its life insurance gross written premium during the quarter ended December 2023 rose 21% YoY and 2.4% QoQ. Gross written general insurance premium was up 25% YoY and down 38% QoQ.
Here’s the performance of various subsidiaries of Bajaj Finserv during the quarter ended December 2023.
Bajaj Finance
Bajaj Finance recorded the highest ever quarterly increase in the customer franchise of 3.85 million and number of new loans booked of 9.86 million in Q3FY24. Its quarterly consolidated profit after tax increased by 22% while its wholly owned subsidiary BHFL recorded growth of 31% in profit after tax. Further, Bajaj Finance’s consolidated assets under management crossed a milestone of ₹300,000 crore in Q3FY24.
Assets Under Management (AUM) as on 31 December 2023 were ₹310,968 crore versus ₹230,842 crore as on 31 December 2022, an increase of 35%.
Gross Non-Performing Assets (NPA) and Net NPA as on December 31, 2023, stood at 0.95% and 0.37% respectively as against 1.14% and 0.41% as on December 31, 2022. Provisioning coverage ratio on stage 3 assets is 62%.
Also Read: Bajaj Finance share price cracks 5% after Q3 result; what should investors do?
Bajaj Allianz General Insurance Company Ltd (BAGIC)
Gross written premium for 03 FY24 increased by 19% to ₹4,536 crore as against ₹3,821 crore in Q3FY23. Net earned premium increased by 13% to ₹2,358 crore from ₹2,086 crore, YoY.
Net profit for the quarter increased by 3% to ₹281 crore from ₹278 crore, YoY, mainly on account of NATCAT claims and lower profit on sale of investments.
As on December 31, 2023, solvency ratio was 355%, which is well above the minimum regulatory requirement of 150%, Bajaj Finserv said.
Assets Under Management (AUM). represented by cash and investments as on December 2023 stood at ₹30,296 crore as compared to ₹25,977 crore as on December 2022 – an increase of 17%.
Also Read: Bajaj Fin watchful on rural B2C credit
Bajaj Allianz Life Insurance Company Limited (BALIC)
BALIC’s profit after tax during Q3FY24 increased by 33% to ₹108 crore from ₹81 crore, YoY. New business premium rose by 12% to ₹2,561 crore from ₹2,289 crore, YoY.
Net New Business Value (NBV), which is the key metric used to measure profitability of life insurance business, rose 20% to ₹251 crore from ₹210 crore, YoY.
Solvency ratio stood at a healthy 446% as on December 31, 2023, as against the minimum regulatory requirement of 150%, the company said.
Assets Under Management (AUM), represented by total investments rose 17% to ₹104,737 crore from ₹89,466 crore, YoY.
At 1:20 pm, Bajaj Finserv shares were trading 1.73% lower at ₹1,608.75 apiece on the BSE.
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Published: 30 Jan 2024, 01:20 PM IST