Consolidated Financial Performance

  • Consolidated total income: ₹43,416 crores, growing 17% YoY
  • Consolidated profit after tax: ₹5,952 crores, growing 25% YoY
  • Consolidated PAT attributable to owners: ₹2,758 crores, growing 23% YoY

Bajaj General Insurance Performance

  • Gross Written Premium (GWP): ₹7,056 crores, growing 10% YoY (21% growth excluding crop and government health business)
  • Health segment growth: 31% YoY
  • Motor segment growth: 18% YoY
  • Underwriting loss: ₹115 crores (vs ₹92 crores YoY)
  • Combined ratio: 104.5% (102.3% YoY)
  • Combined ratio excluding NATCAT: 102%
  • Combined ratio excluding NATCAT and 1/n regulations: 101.4%
  • PAT: ₹420 crores (vs ₹517 crores YoY)
  • NATCAT claims impact: ₹75 crores net
  • Capital reduction impact (buyback/dividend): ₹50 crores
  • Annualized ROE at 200% solvency: 16.2%
  • AUM: ₹36,313 crores (vs ₹34,974 crores YoY)
  • Solvency ratio: 230%

Bajaj Life Insurance Performance

  • Retail weighted received premium: ₹1,942 crores, growing 5% YoY
  • Retail protection growth: 51% YoY, contributing 11% to retail business
  • Group protection growth: 81% YoY
  • VNB: ₹512 crores, growing 40% YoY
  • New Business Margin (NBM): 21.6% (vs 17.1% YoY), expansion of 4.5%
  • Rolling 12-month NBM: 20.8%
  • GWP growth: 23% YoY including 17% renewal premium growth
  • PAT: ₹55 crores (vs ₹13 crores YoY, impacted by one-time GST of ₹112 crores last year)
  • AUM: ₹146,322 crores, up 11% YoY
  • Solvency ratio: 255%
  • Commenced operations in GIFT City in October 2026
  • Expected to start retail business with IndusInd Bank from Q3 FY2027

Lending Businesses Performance

Bajaj Finance Limited

  • New loans booked: 1.34 crores, growing 11% YoY
  • AUM: ₹584,000 crores, growing 26% YoY
  • Net total income: ₹15,974 crores, growing 23% YoY
  • PAT: ₹6,367 crores, growing 29% YoY
  • Opex to net total income ratio: 33% (flat YoY)
  • Expected opex ratio improvement: 25-40 bps in FY2027 through AI implementation
  • Loan losses and provisions: ₹2,166 crores (vs ₹2,080 crores YoY)
  • Includes macroeconomic provision: ₹340 crores
  • Loan losses to AUF ratio: 1.56% (vs 1.88% YoY)
  • Gross NPA: 1.06%
  • Net NPA: 0.42%
  • Capital adequacy: 20.3% as of 30 September 2026
  • Board approved capital raise on 1 October 2026: ₹11,700 crores through QIP + ₹5,800 crores through preferential issue of warrants to Bajaj Finserv

Bajaj Housing Finance Limited

  • AUM surpassed ₹1.5 lakh crores, growing 25% YoY
  • Home loans growth: 22% YoY
  • Loan against property growth: 26% YoY
  • LRD growth: 39% YoY
  • Developer finance growth: 13% YoY
  • Net interest income: ₹1,055 crores, growing 10% YoY
  • Opex to net total income: 19.1% (vs 19.7% YoY)
  • Gross NPA: 29 bps
  • Net NPA: 12 bps
  • PAT: ₹757 crores, growing 18% YoY
  • Capital adequacy: 21.2% as of 30 September 2026

Emerging Companies Performance

Bajaj Finserv Health Limited

  • Healthcare transactions: 5.7 million during quarter
  • Revenue degrowth due to RBI circular impact on NBFC business conduct
  • Provider network: 130,000+ doctors, 32,000+ hospitals, 10,000+ lab touch points

Bajaj Markets (Bajaj Finserv Direct Limited)

  • Disbursements: ₹2,535 crores (vs ₹2,269 crores Q1, ₹1,549 crores YoY)
  • Unique partner count: 106
  • Operating revenue: ₹120 crores, growing 45% YoY
  • Expected quarterly breakeven: Q4 FY2027

Bajaj Asset Management Limited

  • AUM: ₹35,760 crores, growing 24% YoY (crossed ₹40,000 crores milestone during quarter)
  • Rank: 26th among Indian mutual funds
  • Equity mix: 60%
  • Non-group AUM: 91% of total
  • SIP book growth: 42% YoY
  • SIP folios growth: 41% YoY

Other Emerging Businesses

  • ALTs business: Commenced PMS operations and first close of real estate AIF
  • Reinsurance business: Filing for necessary IRDAI approvals in process

Regulatory Updates

  • Insurance companies transitioning to Ind AS from 1 April 2027
  • IRDAI consultation paper on insurance distribution economics under review
  • Companies providing feedback to regulators
  • Management supports customer-centric initiatives despite potential short-term impacts

Capital Requirements Outlook

  • Bajaj Finserv Direct: Expected breakeven Q4 FY2027, no material capital needed
  • Bajaj Health: <₹200 crores consumption FY2027, reducing thereafter
  • Asset Management: ₹300 crores till breakeven (expected FY2029 at ₹90,000-100,000 crores AUM)
  • Reinsurance: ₹500 crores over 2-3 years
  • ALTs business: ₹1,100 crores sponsor capital
  • Total requirement: <₹2,000 crores over 18 months
  • Current surplus: ₹4,700 crores plus dividend inflows

Q&A Highlights

  • General insurance health loss ratio increase due to tender business mix change
  • NATCAT events occur every 2-3 years with net impact not exceeding ₹100 crores
  • Life insurance agency growth slowdown due to strategic focus on protection products
  • Persistency dips attributed to market conditions and specific non-par product cohorts
  • Distribution reform impact expected to be manageable across both insurance businesses
  • Motor TP commission changes may not significantly impact business volume due to mandatory nature
  • Hospital payment standardization initiatives could help control health insurance claims costs