Bajaj Finserv announced on Friday that its consolidated net profit increased 39% year over year to Rs.1,557 crore (YoY). The company’s overall revenue increased to 20,803 crore, up more than 16% from the same quarter a year earlier. Following the release of the Q2 results, shares of Bajaj Finserv were trading more than 1% lower at Rs.1,705 per share on the BSE.
According to Bajaj Finserv, the gross written premium of Bajaj Allianz General Insurance Company Limited (BAGIC), excluding bulky tender-driven crop and government health business, increased by 13%. As it produced a combined ratio under 100%, its underwriting performance improved.
Bajaj Finserv Limited’s (BFS) consolidated results showed an all-time high quarterly profit, the company added, adding that Bajaj Allianz Life Insurance Company Limited (BALIC) continued its excellent performance and recorded growth of 32% in individual rated new business premium and recorded a 4.0 percent growth in new business value.
“While the economic conditions improved significantly, inflationary pressures remained throughout H1 FY23. The general insurance sector was characterised by intense price competition in the motor segment. while the life insurance sector recorded muted growth of 5% in individual rated new business. In this environment. our companies continued to do well,” said the company.
The Authorized Share Capital of Bajaj Finserv Limited rose from Rs.100 crore to Rs.200 crore. In addition to issuing one fully paid bonus equity share with a face value of one against one equity share with a face value of one rupee each, the company completed the subdivision of equity shares or stock split of face value of five rupees each to one rupee each.
The Bajaj Group’s financial services activities are housed under Bajaj Finserv, a holding company with an emphasis on lending, asset management, wealth management, and insurance services.
Through its 52.49% ownership in Bajaj Finance Limited (BFL) and its 74% ownership in two unlisted companies, Bajaj Finserv participates in the life, general, and health insurance industries. BAGIC, short for Bajaj Allianz General Insurance Company, and BALIC, short for Bajaj Allianz Life Insurance Company (BALIC).
