Bajaj Finserv Ltd on Tuesday reported its fiscal third quarter profit at Rs 2,157.67 crore, up 21.1 per cent in comparison to Rs 1,782.02 crore during the third quarter of FY23. It posted revenue from operations at Rs 29,038.43 crore, up 33.5 per cent on-year as against Rs 21,755.15 crore during the corresponding quarter of previous year. The company’s life insurance gross written premium was up 21 per cent on-year and the gross written general insurance premium went up by 25 per cent YoY.
Bajaj Finserv Asset Management Ltd received encouraging response to its mutual fund schemes, with assets under management (AUM) of Rs 6,395 crore as on 31 December 2023.
Q3 performance of subsidiary companies
Bajaj Finserv said that amidst the favourable macro- economic conditions throughout the quarter, the companies have consistently delivered strong operating performance.
Bajaj Finance Limited (BFL) 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 Q3 FY24. It reported net total income for Q3FY24 at Rs 9,298 crore, up 25 per cent as against Rs 7,438 crore in Q3FY23. Profit after tax for the quarter increased by 22 per cent to Rs 3,639 crore vs Rs 2,973 crore in Q3FY23 and its wholly owned subsidiary BHFL recorded growth of 31 per cent in profit after tax. Further, BFL’s consolidated assets under management crossed a milestone of Rs 300,000 crore in Q3FV24.
Bajaj Allianz General Insurance Company Limited (BAGIC)’s gross written premium for Q3FY24 increased by 19 per cent to Rs 4,536 crore vs Rs 3,821 crore in Q3FY23. Excluding tender-driven crop and government health insurance premium, BAGIC’s gross written premium increased by 20 per cent to Rs 3,707 crore in Q3FY24. Net earned premium increased by 13 per cent to Rs 2,358 crore for Q3FY24 as against Rs 2,086 crore in Q3FY23. Profit after tax for Q3FY24 increased by 3 per cent to Rs 281 crore as against Rs 278 crore in Q3FY23, mainly on account of NATCAT claims and lower profit on sale of investments.
Bajaj Allianz Life Insurance Company Limited (BALIC)’s new business premium for Q3FY24 increased by 12 per cent to Rs 2,561 crore in comparison to Rs 2,289 crore in Q3FY23. Renewal premium for Q3FY24 stood at Rs 2,903 crore as against Rs 2,215 crore in Q3FY23, posting an increase of 31 per cent. Assets Under Management (AUM) represented by total investments stood at Rs 104,737 crore as on 31 December 2023 vs Rs 89,466 crore as on 31 December 2022, recording an increase of 17 per cent.
