A meeting of the Board of Directors of Bajaj Finserv Limited (BFS) was held today to consider and approve the results for Q1 FY25.
Details about BFS, the businesses carried by its subsidiaries, its group structure and GAAP followed, are included at the end of this release.
Highlights-Q1FY25 v/s Q1 FY24
Consolidated total income – ₹31,480 crore v/s ₹23,280 crore, 35% up
Consolidated profit after tax (See note below) – ₹2,138 crore v/s ₹1,943 crore, 10% up
Bajaj Finance, consolidated profit after tax – ₹3,912 crore v/s ₹3,437 crore, 14% up
General insurance, profit after tax – ₹576 crore v/s ₹415 crore, 39% up
Life insurance, net new business value (NBV) – ₹104 crore v/s ₹94 crore, 11% up
“All figures under ind AS except for general and life insurance which are as per Indian GAAP “NBV is the net present value of the future profits associated with new business written during the period
Q1 FY25 was a strong quarter for growth across all our major businesses. Risk metrics, however, varied across segments and our companies focused on balancing risk with growth.
Finance and insurance businesses
· BAGIC recorded market leading growth of 24% in gross written premium to ₹ 4,761 crore excluding bulky tender-driven crop and government health business growth was strong at 22%. Its profit after tax increased by 39%
· BFL recorded increase in the customer franchise of 4.47 million and number of new loans booked of 10.97 million in 01 FY25. Its quarterly consolidated profit after tax increased by 14%, while its wholly owned subsidiary, BHFL recorded growth of 5% in profit after tax
· BALIC continues to record market beating growth of 26% in individual rated new business premium and growth of 11% in net new business value.
Emerging businesses
· BFS continues to grow its emerging businesses which include Bajaj Finserv Health, Bajaj Finsery Direct, Bajaj Finserv Asset Management and Bajaj Finserv Ventures. Losses from these businesses have increased but are as planned.
· Bajaj Finserv Health completed the acquisition of Vidal Healthcare including TPA after receipt of necessary approvals. The integration and upgrading of technology, policies and other aspects of business is in progress.
· Bajaj Finserv Asset Management recorded assets under management (AUM) of ₹ 12,053 crore as on 30 June 2024.