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View Claim Ledger →Bajaj Finserv — Q4 FY26
Bajaj Finserv's Q4 FY26 consolidated results were impacted by temporary MTM losses on insurance investment portfolios due to geopolitical tensions.
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Bajaj Finserv's Q4 FY26 consolidated results were impacted by temporary MTM losses on insurance investment portfolios due to geopolitical tensions. Reported revenue grew 6% YoY to INR 38,508 crore and PAT grew 5% to INR 2,539 crore, but excluding MTM, revenue growth was 14% and PAT growth 24%. Bajaj General Insurance saw muted GWP growth due to tactical reduction in crop and motor, with combined ratio elevated at 113.6% due to timing variances. Bajaj Life Insurance reported retail WR premium growth of 9.7% and VNB growth of 29%, with NBM expanding to 24.5%. Lending subsidiaries Bajaj Finance and Bajaj Housing Finance delivered strong AUM growth of 22% and 23% respectively. Emerging businesses like Bajaj Finserv Health grew revenue 41%, while Bajaj Markets revenue declined due to platform migration. Management guided for improved growth in life insurance and a path to breakeven for Bajaj Markets and Bajaj Finserv Health. Key risk: persistency dips in life insurance and elevated competitive intensity in general insurance could pressure profitability.
बजाज फिनसर्व की चौथी तिमाही के नतीजों पर भू-राजनीतिक तनावों के कारण बीमा निवेश पोर्टफोलियो में अस्थायी नुकसान का असर पड़ा। कुल आय 6% बढ़कर 38,508 करोड़ रुपये और मुनाफा 5% बढ़कर 2,539 करोड़ रुपये रहा। लेकिन अस्थायी नुकसान को हटाकर देखें तो आय 14% और मुनाफा 24% बढ़ा। बजाज जनरल इंश्योरेंस का प्रीमियम कम बढ़ा क्योंकि उसने फसल और वाहन बीमा में कटौती की। बजाज लाइफ इंश्योरेंस का नया प्रीमियम 9.7% और मुनाफा 29% बढ़ा। बजाज फाइनेंस और बजाज हाउसिंग फाइनेंस ने कर्ज में 22-23% वृद्धि दर्ज की। हेल्थ और मार्केट्स जैसे नए कारोबार में मिलाजुला प्रदर्शन रहा। कंपनी का कहना है कि लाइफ बीमा में सुधार होगा और नए कारोबार घाटे से बाहर आएंगे।
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Persistency decline in life insurance
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Read Transcript →Quarter Snapshot
Bajaj General Combined Ratio (Full Year, Old Basis)
101.9%
N/A
Full year combined ratio on old basis remains healthy at 101.9%, among the best in the industry.
Bajaj Life VNB Margin
24.5%
+2.4pp YoY
VNB margin expanded to 24.5% from 22.1% last year, driven by product mix and cost optimization.
Bajaj Finance AUM
INR 5,09,975 Cr
+22% YoY
AUM crossed INR 5 lakh crore milestone, with strong growth across all segments.
Bajaj Finserv Health Transactions
6.5M
+23% YoY
Healthcare transactions grew to 6.5 million from 5.3 million last year, with revenue up 41%.
What Changed vs Last Quarter
NEW
Bajaj Life Insurance expects better growth than H2 FY26
Management indicated growth in H2 FY26 should be exceeded in FY27, driven by new bancassurance partners and agency channel recovery.
NEW
Bajaj Finserv Health targets operating breakeven in ~24 months
Based on current trajectory, the health business expects to reach operating breakeven within two years.
NEW
Bajaj Markets expects breakeven by end of FY27
With platform migration complete and new revenue structures, Bajaj Markets aims to break even by the end of the current fiscal year.
UPDATED
Bajaj Finserv AMC to launch PMS and AIF within 1.5 years
AMC is actively considering PMS and SIF/AIF products, with launches expected in the next 1.5 years.
DROPPED
Life insurance VNB margin expansion to continue, but taper
Management expects margin expansion to continue but at a slower pace due to base effects; GST impact pushed back margin targets by 2-3 quarters.
DROPPED
Bajaj Markets revenue growth to resume from Q4 FY26
Revenue growth expected to resume from Q4 onwards after software migration to SFDC is completed in Q3.
DROPPED
Bajaj Life setting up pension fund and GIFT City branch
Process of regulatory approvals initiated for a pension fund management business and a branch in GIFT City.
NEW RISK
Elevated competitive intensity in general insurance
Industry combined ratio deteriorated 6-7% YoY; Bajaj General reduced exposure to crop and motor due to pricing pressures.
NEW RISK
Uncertainty around IFRS 17 transition
Management cited lack of clarity on assumptions and tax implications, leading to forbearance request. Transition delayed to FY28.
NEW RISK
Bajaj Markets revenue degrowth due to platform migration
Revenue declined to INR 95 crore from INR 129 crore YoY due to planned migration and DLG compliance. Recovery expected in FY27.
RISK GONE
Motor OD loss ratio elevated due to pricing pressure and GST impact
Motor own-damage loss ratios remain high across the industry due to IDV reduction from GST and rising repair costs; pricing correction may take time.
RISK GONE
General insurance underwriting loss widened despite improved combined ratio
Underwriting loss increased to INR 137 crore from INR 43 crore last year, impacted by labor code charge and higher acquisition costs on new business.
RISK GONE
Competition intensity in fire and commercial lines leading to pricing softness
Fire insurance pricing has softened due to good loss ratios and no major catastrophes, which could pressure margins if loss ratios revert.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q3 FY25
Allianz's intention to exit the JV is at preliminary stage; no details provided, creating strategic uncertainty.
Mentioned in Q3 FY25, Q4 FY25
After a muted H1 due to high base and agency channel reset, growth is expected to recover in the second half of FY26.
Mentioned in Q2 FY25, Q4 FY25
Management expects VNB margin expansion to accelerate, with benefits from cost actions and product mix fully playing out by FY27, but visible from H2 FY26.
Mentioned in Q2 FY26, Q3 FY26
Underwriting loss increased to INR 137 crore from INR 43 crore last year, impacted by labor code charge and higher acquisition costs on new business.
Mentioned in Q2 FY26, Q3 FY26
Motor own-damage loss ratios remain high across the industry due to IDV reduction from GST and rising repair costs; pricing correction may take time.
Fast read
Guidance and risk preview
Management indicated growth in H2 FY26 should be exceeded in FY27, driven by new bancassurance partners and agency channel recovery.
Persistency dips observed across the industry and Bajaj Life, partly due to early gratification products.
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