Bajaj Finserv reports 42% higher net profits for Q3FY23

Bajaj Finserv, the holding company of Bajaj NBFC and the Bajaj Insurance business, reported 41.9% higher net profit at Rs 1,782 crore for Q3FY23. For the December 2022 quarter, the revenues from operations came in 23.7% higher at Rs 21,755 crore. Overall, the group saw good traction in the insurance business as well as in the NBFC business. Bajaj Finance is the listed subsidiary of Bajaj Finserv.

 

Bajaj Allianz General Insurance Company (BAGIC) saw gross written premiums (GWP) up 29% at Rs 3,821 crore for the Q3FY23 quarter. This also resulted in the net earned premium rising 8% at Rs 2,086 crore for the December 2022 quarter. However, the profit for the general insurance business for the quarter was actually down 8% yoy at Rs 278 crore.

 

There was a sharp spike in the claim ratio from 69.6% to 72.1% in the quarter. Combined ratio for the insurer stood at 100.3%, while the underwriting loss stood at Rs 40 crore for the quarter. Let us quickly turn to the life insurance business of Bajaj Allianz. New business premium NBP was lower by 4% yoy at Rs 2,289 crore while the gross premiums were up 10% at Rs 4,504 crore for Q3FY23. 

 

As of the close of December 2022, the total Assets Under Management (AUM). stood at Rs 89,466 crore and this marks an 8% increase on yoy basis.

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