Bajaj Finserv on Thursday reported a consolidated net profit of Rs 1,769 crore for the March quarter of FY23, a 31 per cent growth compared to Rs 1,346 crore in the same quarter of the previous year. The company’s total income for Q4 of FY23 increased by 32 per cent to Rs 11,363 crore, compared to Rs 8,629 crore in Q4 of FY22, primarily driven by robust asset under management (AUM) growth, higher net interest income, and better asset performance.
The total revenue from operations came in at Rs 23,624.61 crore, rising 25.25 per cent from Rs 18,861.67 crore reported in the corresponding quarter last fiscal.
The company’s profit after tax increased by 30 per cent to Rs 3,158 crore for the reporting quarter. BFL’s AUM as on March 31, 2023, stood at Rs 247,379 crore, an increase of 25 per cent compared to Rs 197,452 crore as on March 31, 2022.
Bajaj Finserv serves as the holding company for Bajaj Group’s insurance, lending, and distribution enterprises.
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Bajaj Allianz General Insurance Company Limited (BAGIC)
BAGIC reported a 14 per cent increase in gross written premium for Q4 of FY23, reaching Rs 3,766 crore, excluding tender-driven crop and government health insurance premium, which increased by 17 per cent to Rs 3,345 crore compared to Rs 2,871 crore in Q4 of FY22. The company’s net earned premium for Q4 of FY23 was Rs 1,990 crore, and the claim ratio decreased to 66.4 per cent, attributable to lower claims in motor, health, and some commercial lines. BAGIC’s solvency ratio as on March 31 2023 was 391 per cent, well above the minimum regulatory requirement of 150 per cent. Profit after tax for Q4 of FY23 stood at Rs 322 crore versus Rs 248 crore.
Bajaj Allianz Life Insurance Company Limited (BALIC)
Bajaj Allianz Life Insurance Company Limited (BALIC) reported a 13 per cent increase in gross written premium for Q4 of FY23, reaching Rs 6,434 crore, while the new business premium for Q4 of FY23 stood at Rs 3,297 crore, a 2 per cent increase compared to Q4 of FY22 due to lower group fund business. BALIC’s individual-rated new business premium was Rs 1,992 crore in Q4 of FY23, a growth of 48 per cent compared to Rs 1,347 crore in Q4 of FY22.
Net new business value (NBV), which is the metric used to measure the profitability of life insurance businesses, increased by 35 per cent to Rs 415 crore in Q4 of FY23 compared to Rs 308 crore in Q4 of FY22.