Bajaj Finserv on January 30 reported a net consolidated profit of Rs 1,782.02 crore for the December quarter of the financial year 2022-23, up 41.90 percent from Rs 1,255.79 crore in the year-ago period.
The revenue from operations came in at Rs 21,755.15 crore, rising 23.70 percent from Rs 17,586.74 crore in the corresponding quarter of the previous year, the company said in an exchange filing.
Bajaj Finserv is holding company for a number of businesses under the Bajaj brand including its lending and insurance businesses. Bajaj Finance is a listed subsidiary that has already announced its earnings.
Bajaj Allianz General Insurance Company Limited
BAGIC's gross written premium for the quarter increased by 29 percent to Rs 3,821 crore against Rs 2,959 crore in the same quarter, last year. Net earned premium increased by 8 percent year on year (YoY) to Rs 2086 crore. Profit after tax for the quarter came in at Rs 278 crore, down from Rs 304 crore in Q3FY22.
The claim ratio increased to 72.1 percent in Q3FY23 from 69.6 percent in Q3FY22. The increase in the claim ratio is mainly due to high inflation in motor and health claims partially offset by lower claims from commercial lines. From Q2FY23, it further improved by 3.4 percent in Q3FY23 due to better selection of business and normalisation of some aberrations such as high motor own damage loss ratios. The combined ratio stood at 100.3 percent.
Underwriting loss stood at Rs 40 crore versus a profit of Rs 5 crore a year ago.
Bajaj Allianz Life Insurance Company Limited
The new business premium for Q3FY23 stood at Rs 2,289 crore against Rs 2,377 crore in Q3FY22. Gross written premium increased 10 percent to Rs 4,504 crore from Rs 4,079 crore.
Shareholders' profit after tax stood at Rs 81 crore against Rs 88 crore in Q3FY22, mainly due to the new business strain arising out of strong growth in individual new business premium.
Assets Under Management (AUM) represented by total investments stood at Rs 89,466 crore as on December 31, 2022, up 8 percent fromRs 83,194 crore in the year-ago period.
