Elevated credit costs in unsecured MSME and two/three-wheeler segments
BFL's net losses and provisions were up 19% YoY, with credit costs elevated in MSME and two/three-wheeler segments, though management is cutting volumes.
BAJAJFINSV / Q2-FY26 / risks
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Bajajfinsv · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
GST ITC impact on life insurance margins
The loss of input tax credit on GST is expected to impact NBM by ~450bps annualized if unmitigated. Management is working on mitigation but impact may persist for two quarters.
Motor OD loss ratio spike
Motor OD loss ratio increased to 71% in Q2, above historical trends. Management termed it a quarterly blip but it bears watching.
General insurance combined ratio above 100%
Combined ratio stood at 102.3% (101.4% ex-one-off), impacted by upfront acquisition costs for long-term motor policies. Management expects it to remain near 100%.