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View Claim Ledger →Bajaj Finserv — Q1 FY24
Bajaj Finserv reported a strong Q1 FY24 with consolidated PAT up 48% YoY to INR 1,943 crore and total income up 47% to INR 23,280 crore.
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Bajaj Finserv reported a strong Q1 FY24 with consolidated PAT up 48% YoY to INR 1,943 crore and total income up 47% to INR 23,280 crore. The general insurance arm (BAGIC) posted a combined ratio of 100.7% (vs 104.6% last year) driven by lower loss ratios in motor and commercial lines, while life insurance (BALIC) grew individual WRP by 15% despite a high base. Bajaj Finance continued its momentum with AUM growth of 32% and record low GNPA of 0.87%. Management highlighted strong distribution expansion in BAGIC and product mix normalization in BALIC post-Q1 tactical shifts. Key risks include intensifying competition in crop insurance due to EoM arbitrage and potential flood claims in Q2 from North Indian rains.
बजाज फिनसर्व ने पहली तिमाही में शानदार प्रदर्शन किया। कंपनी का कुल मुनाफा 48% बढ़कर 1,943 करोड़ रुपये हो गया, और कुल आय 47% बढ़कर 23,280 करोड़ रुपये पहुंच गई। बजाज आलियांज जनरल इंश्योरेंस का क्लेम खर्च अनुपात पिछले साल से बेहतर हुआ, जिससे उनका कुल खर्च कम हुआ। बजाज आलियांज लाइफ इंश्योरेंस ने नए प्रीमियम में 15% बढ़ोतरी दर्ज की। बजाज फाइनेंस का कर्ज पोर्टफोलियो 32% बढ़ा और खराब कर्ज रिकॉर्ड निचले स्तर 0.87% पर रहा। कंपनी ने कहा कि फसल बीमा में प्रतिस्पर्धा बढ़ रही है और उत्तर भारत की बारिश से दूसरी तिमाही में बाढ़ के क्लेम आ सकते हैं।
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Intensifying competition in crop insurance
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Read Transcript →Quarter Snapshot
Combined Ratio (BAGIC)
100.7%
-390bps YoY
Improved from 104.6% in Q1 FY23, driven by lower claims in motor and commercial lines.
Individual WRP Growth (BALIC)
15%
+15% YoY
Against industry growth of 2% and private players' 8%, gaining market share.
Bajaj Finance AUM
INR 270,000 Cr
+32% YoY
Total AUM as of June 30, 2023, driven by strong loan growth and customer acquisition.
BAGIC Motor Market Share (New Car)
9%
+200-500bps YoY
Up from 4-7% in Q1 FY23, aided by two-wheeler tie-ups and rural expansion.
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Guidance and risk preview
Management expects absolute NBV to grow at a similar pace as historical 24% rolling 12-month growth, with margins stabilizing around 15%.
Private players are aggressively bidding for crop insurance to utilize EoM allowances, potentially compressing margins for BAGIC.
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