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View Claim Ledger →Bajaj Finserv — Q4 FY24
Bajaj Finserv reported a strong Q4 FY24 with consolidated total income up 36% YoY to INR 32,042 crore and PAT up 20% to INR 2,119 crore.
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Bajaj Finserv reported a strong Q4 FY24 with consolidated total income up 36% YoY to INR 32,042 crore and PAT up 20% to INR 2,119 crore. The general insurance arm (BAGIC) grew gross written premium 32% YoY, significantly outpacing industry growth of 10.9%, though the combined ratio weakened to 101.6% from 97.3% due to higher claims. Life insurance (BALIC) delivered individual rated premium growth of 17% on a high base, with NBV up 16% to INR 480 crore. Bajaj Finance continued its robust performance with 25% revenue growth and 21% PAT growth. Management highlighted market share gains in both insurance businesses and expressed optimism about sustained growth driven by favorable macros and regulatory tailwinds. Key risks include competitive intensity in motor insurance, potential regulatory changes on surrender charges, and the cyclical nature of tender-driven government health and crop businesses.
बजाज फिनसर्व ने चौथी तिमाही में शानदार प्रदर्शन किया। कुल आय 36% बढ़कर 32,042 करोड़ रुपये हो गई, और मुनाफा 20% बढ़कर 2,119 करोड़ रुपये रहा। इसकी जनरल इंश्योरेंस कंपनी (BAGIC) का प्रीमियम 32% बढ़ा, जो उद्योग की 10.9% वृद्धि से कहीं ज्यादा है। हालांकि, ज्यादा क्लेम के कारण इसका खर्च-आय अनुपात बिगड़कर 101.6% हो गया। लाइफ इंश्योरेंस (BALIC) में नए कारोबार का मूल्य 16% बढ़कर 480 करोड़ रुपये रहा। बजाज फाइनेंस ने 25% राजस्व और 21% मुनाफा बढ़ाया। कंपनी को बाजार हिस्सेदारी बढ़ने और अर्थव्यवस्था के अनुकूल होने से आगे भी अच्छी वृद्धि की उम्मीद है। जोखिमों में मोटर इंश्योरेंस में प्रतिस्पर्धा और सरकारी योजनाओं पर निर्भरता शामिल है।
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BAGIC Gross Written Premium Growth
32%
+21.1pp YoY
BAGIC grew GDPI 32.3% in Q4 vs industry 10.9%, gaining over 100bps market share to 8.3%.
BALIC Individual Rated Premium Growth
17%
+17pp YoY vs flat industry
BALIC grew IRP 17% in Q4 against flat industry and 2% private sector growth, on a high base.
BALIC New Business Value (NBV)
INR 480 crore
+16% YoY
NBV grew 16% in Q4 to INR 480 crore, reflecting operating leverage and scale benefits.
BAGIC Combined Ratio
101.6%
+440bps YoY
Combined ratio worsened to 101.6% from 97.3% due to higher claims, but full-year improved to 99.9%.
What Changed vs Last Quarter
NEW
BAGIC to maintain above-market growth with balanced profitability
Management expects continued market share gains driven by distribution expansion and prudent underwriting, but no specific growth target given.
NEW
BALIC to grow faster than industry with improving margins
Directionally, NBV margins expected to improve due to scale and cost efficiencies, though no specific numbers provided.
UPDATED
Bajaj Finserv Health to integrate Vidal acquisition in Q1 FY25
Acquisition completed in April 2024; integration and utilization of Vidal network to begin next quarter.
DROPPED
Bajaj Allianz Life to maintain market-leading growth
Management expects continued strong growth in IRNB, with focus on product mix and channel diversification.
DROPPED
Bajaj Allianz General to sustain above-industry growth
The company aims to grow faster than the industry in profitable segments, leveraging distribution expansion.
DROPPED
Bajaj Finance to resume digital card issuance soon
Deficiencies pointed out by RBI have been mostly cleared; disbursements expected to resume after regulatory approval.
NEW RISK
Motor TP pricing uncertainty
No price hike in motor third-party for years; frequency of accidents rising, and regulatory approval for hike is uncertain, especially in an election year.
NEW RISK
Dependence on tender-driven government health and crop business
Growth in government health and crop is tender-based and pricing-dependent; management may lose share if pricing becomes unfavorable.
NEW RISK
Persistency pressure in life insurance from older cohorts
37th month persistency dropped due to a specific partner bucket; 49th month may also be impacted, though overall persistency improving.
RISK GONE
Intense competition in motor insurance
Motor insurance growth slowed to 5% due to competitive pricing and conservative underwriting stance.
RISK GONE
Dependence on bank insurance partners
Banks may prioritize deposits over third-party products, pressuring bancassurance growth.
RISK GONE
Natural catastrophe claims impact
Frequent Nat Cat events increased combined ratio to 102.9% in Q3; core profitability remains strong.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24
Management expects NBV growth to sustain as par product mix improves and new bank partnerships contribute.
Mentioned in Q1 FY24, Q2 FY24
Analyst raised concern about sustainability of crop and government health business given competitive pricing and tender-based nature.
Fast read
Guidance and risk preview
Management expects continued market share gains driven by distribution expansion and prudent underwriting, but no specific growth target given.
No price hike in motor third-party for years; frequency of accidents rising, and regulatory approval for hike is uncertain, especially in an electi...
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