Total expenses spiked 47.69% year on year (YoY) to Rs 18,157.41 crore in the quarter ended 30 June 2023.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.45% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

Bajaj Finance (BFL) recorded 32% increase in consolidated net profit to Rs 3,437 crore in Q1 FY24 over Q1 FY23, led by robust AUM growth, higher net interest income and better asset performance.

Total income for Q1 FY24 rose 35% to Rs 12,501 crore from Rs 9,286 crore posted in Q1 FY23.

Gross NPA and Net NPA as on 30 June 2023 stood at 0.87% and 0.31% respectively as against 1.25% and 0.51% as on 30 June 2022. Provisioning coverage ratio on stage 3 assets is 65%. BFL holds a management and macro-economic overlay in provisions of Rs 840 crore as on 30 June 2023.

Assets under Management (AUM) grew 32% to Rs 270,097 crore as on 30 June 2023 as against Rs 204,018 crore as on 30 June 2022.

Capital adequacy ratio (including Tier-II capital) as on 30 June 2023 stood at 24.61%. The Tier-I capital stood at 23.01%.

Bajaj Allianz General Insurance Company's (BAGIC) gross written premium for Q1 FY24 increased 23% to Rs 3,834 crore from Rs 3,119 crore in Q1 FY23. Excluding tender-driven crop and government health insurance premium, BAGIC's gross written premium increased by 27% YoY to Rs 3,834 crore in Q1 FY24.

Claim ratio slipped to 74.3% in Q1 FY24 as against 77.9% in Q1 FY23. The decrease in claim ratio is attributable to lower claims in motor, health and some commercial lines. Combined ratio stood at 100.7% in Q1 FY24 as against 104.6% in Q1 FY23.

Profit after tax for Q1 FY24 stood at Rs 415 crore as against Rs 411 crore in Q1 FY23.

As on 30 June 2023, solvency ratio was 388%, which is well above the minimum regulatory requirement of 150%.

Assets under Management (AUM), represented by cash and investments as on 30 June 2023 stood at Rs 28,611 crore as compared to Rs 25,362 crore as on 30 June 2022, an increase of 13%.

Bajaj Allianz Life Insurance Company's (BALIC) new business premium for Q1 FY24 stood at Rs 2,159 crore as against Rs 2,917 crore in Q1 FY23, a decrease of 25.9%. Renewal premium for Q1 FY24 was Rs 1,899 crore, an increase of 31% on YoY basis.

Shareholders' profit after tax during Q1 FY24 grew 25% to Rs 155 crore from Rs 124 crore in Q1 FY23.

Gross written premium for Q1 FY24 decreased 7.12% to Rs 4,058 crore from Rs 4,369 crore in Q1 FY23.

Net new business value (NBV), which is the metric used to measure profitability of life insurance businesses, declined by 30.37% to Rs 94 crore in Q1 FY24.

The solvency ratio stood at a healthy 475% as on 30 June 2023 as against the minimum regulatory requirement of 150%. Assets under Management (AUM), represented by total investments rose 15% Rs 95,317 crore as on 30 June 2023.

Shares of Bajaj Finserv rose 0.81% to currently trade at Rs 1,638.85 on the BSE.