GWP (General Insurance)
₹4,322 Cr
Flat YoY
Muted growth due to tactical reduction in crop and motor amid pricing pressure.
BAJAJFINSERV
Other
30 Apr 2026
Bajaj Finserv Ltd — Q4 FY26
Bajaj Finserv's Q4 FY26 consolidated results were impacted by temporary MTM losses from insurance investments, with reported revenue growth of 6% to ₹3,858 crore and PAT growth of 5% to ₹2,539 crore.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Bajaj Finserv's Q4 FY26 consolidated results were impacted by temporary MTM losses from insurance investments, with reported revenue growth of 6% to ₹3,858 crore and PAT growth of 5% to ₹2,539 crore. Excluding MTM, revenue grew 14% and PAT 24%. General insurance saw muted GWP growth due to tactical reduction in crop and motor amid pricing pressure, with combined ratio elevated at 113.6%. Life insurance showed strong VNB growth of 29% to ₹709 crore and NBM expansion to 24.5%, driven by protection and group business. Lending subsidiaries Bajaj Finance and Bajaj Housing Finance delivered robust AUM growth of 22% and 23% respectively. Emerging businesses like Bajaj Finserv Health grew revenue 41%, while Bajaj Markets saw planned degrowth due to platform migration. Management guided for improved growth in life insurance and break-even for Bajaj Markets by end of FY27. Key risk: persistency dips in life insurance and elevated claims in government health business could pressure profitability.
Key Numbers
VNB (Life Insurance)
₹709 Cr
+29% YoY
Strong growth driven by protection and group business, with NBM expanding to 24.5%.
AUM (Bajaj Finance)
₹5,09,975 Cr
+22% YoY
Crossed ₹5 lakh crore milestone, driven by diversified business model.
AUM (Bajaj Housing Finance)
Not disclosed
+23% YoY
Growth driven by home loans (18%), LAP (24%), and LRD (44%).
Management Guidance
Life insurance VNB margin trajectory positive
Management expects continued margin expansion driven by product mix shift towards term and protection, with term aspirational target of 10%+ of mix.
Management guidance marginsBajaj Markets break-even by end of FY27
The marketplace business aims to achieve break-even by the end of the current fiscal year, with revenues recovering post-platform migration.
Management guidance growthBajaj Finserv Health break-even in ~24 months
The health business expects to reach operating break-even in about two years, based on current growth trajectory of 40-50%.
Management guidance growthAMC break-even at ~₹1 lakh crore AUM
The asset management company expects to break even when AUM reaches approximately ₹1 lakh crore, with current equity mix at 59%.
Management guidance growthKey Risks
Persistency dips in life insurance
Persistency ratios declined across certain cohorts, in line with industry trends, which could impact future VNB if not reversed.
medium · management_commentaryElevated claims in government health business
Underwriting losses widened due to higher claims from government health schemes, though management considers it a timing variance.
medium · management_commentaryCompetitive intensity in motor and group health
Analyst raised concern about pricing pressure; management acknowledged but said they will reduce exposure where pricing is inadequate.
medium · analyst_questionRegulatory uncertainty on IFRS 17 transition
Management cited lack of clarity on IFRS 17 assumptions and tax implications, leading to forbearance request; could cause reporting volatility.
low · analyst_questionNotable Quotes
The buyback not only concludes the buyout of Allianz stake but it also is expected to strengthen the ROE of both the insurance subsidiaries going forward.
We can now clearly see that the benefits of our revamp strategy, Bajaj Life 2.0, are clearly visible in the financial outcomes.
We are a company which is there for 100 of years, it is not a company which we are looking at short term... it will always do proven underwriting.
Frequently Asked Questions
What was Bajaj Finserv's revenue in Q4 FY26?
Bajaj Finserv reported revenue of ₹38,494 Cr in Q4 FY26, representing a +6% change compared to the same quarter last year.
What guidance did Bajaj Finserv management give for FY27?
Life insurance VNB margin trajectory positive: Management expects continued margin expansion driven by product mix shift towards term and protection, with term aspirational target of 10%+ of mix. Bajaj Markets break-even by end of FY27: The marketplace business aims to achieve break-even by the end of the current fiscal year, with revenues recovering post-platform migration. Bajaj Finserv Health break-even in ~24 months: The health business expects to reach operating break-even in about two years, based on current growth trajectory of 40-50%. AMC break-even at ~₹1 lakh crore AUM: The asset management company expects to break even when AUM reaches approximately ₹1 lakh crore, with current equity mix at 59%.
What are the key risks for Bajaj Finserv in FY27?
Key risks include Persistency dips in life insurance — Persistency ratios declined across certain cohorts, in line with industry trends, which could impact future VNB if not reversed.; Elevated claims in government health business — Underwriting losses widened due to higher claims from government health schemes, though management considers it a timing variance.; Competitive intensity in motor and group health — Analyst raised concern about pricing pressure; management acknowledged but said they will reduce exposure where pricing is inadequate.; Regulatory uncertainty on IFRS 17 transition — Management cited lack of clarity on IFRS 17 assumptions and tax implications, leading to forbearance request; could cause reporting volatility..
Did Bajaj Finserv meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Bajaj Finserv Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.