The company posted a 32.68% rise in net profit to Rs 4470.46 crore on 11.48% rise in total income to Rs 60,591.57 crore for the year ended March 2021 (FY21) over year ended March 2020 (FY20).

Bajaj Finserv participates in the financing business through its 52.74% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz life Insurance Company Limited (BALIC). Bajaj Housing Finance Limited (BHFL), which does mortgage business, is also a wholly-owned subsidiary of Bajaj Finance.

Bajaj Finance total income for Q4 FY21 stood at Rs 6855 crore, down by 5.2% from Rs 7231 crore in Q4 FY20. Profit after tax for Q4 FY21 increased by 42% YoY to Rs 1,347 crore from Rs 948 crore posted in Q4 FY20. Pre-provision profitability remained strong and adequate to cover expected credit losses.

Assets Under Management (AUM) as on 31 March 2021 was at Rs 1,52,947 crore as compared to Rs 1,47,153 crore as on 31 March 2020, a registering a rise of 4%. This includes AUM of Rs 38,871 crore of its housing finance subsidiary, BHFL, which recorded a growth of 19% over the AUM as on 31 March 2020.

Gross NPA and Net NPA (ECL Stage 3), recognized as per extant RBI prudential norms and provisioned as per Expected Credit Loss method, as on 31 March 2021 stood at 1.79% and 0.75% respectively. Stage 1 and 2 assets provisioning stood at 1.81% as against approximately 1% during pre-pandemic condition.

Bajaj Allianz General Insurance Company (BAGIC) posted a 10.2% fall in profit after tax to Rs 273 crore for Q4 FY21 from Rs 304 crore in Q4 FY20. Gross written premium for Q4 FY21 increased by 5% to Rs 2,787 crore from Rs 2655 crore reported in Q4 FY20. Gross written premium excluding crop insurance for Q4 FY21 increased by 10% to Rs 2,663 crore. Net earned premium for Q4 FY21 was Rs 1,794 crore as compared to Rs 1,972 crore in Q4 FY20, due to higher charge for unearned premium reserve which will get released in FY22. Claim ratio increased to 64.3% in Q4 FY21 from 62.1% in Q4 FY20, mainly due to strengthening of reserves for third party motor claims.

As on 31 March 2021, solvency ratio was 345%, which is well above the minimum regulatory requirement of 150%. Assets under Management (AUM), represented by cash and investments as on 31 March 2021 stood at Rs 23,150 crore as against Rs 18,746 crore on 31 March 2020, representing a healthy increase of 23%.

Bajaj Alliance Life Insurance Company (BALIC) profit after tax during Q4 FY21 increased significantly to Rs 234 crore from Rs 38 crore in Q4 FY20, mainly due to higher capital gains. The life insurance company's new business premium for Q4 FY21 was at Rs 2493 crore as compared to Rs 1,519 crore in Q4 FY20, recording an increase of 64% Y-o-Y. Renewal premium for Q4 FY21 was at Rs 2,008 crore compared to Rs 1,610 crore in Q4 FY20, recording an increase of 25%. Gross written premium for Q4 FY21 increased by 44% to Rs 4,501 crore from Rs 3,129 crore in Q4 FY20.

Assets Under Management (AUM), represented by total investments increased by 32% to Rs 73,773 crore as on 31 March 2021 from Rs 56,085 crore as on 31 March 2020, reflecting an impact of rebound in equity markets as well as strong inflows.

With regards to COVID-19, the company said, "India is swamped by a massive second wave of COVID-19 with daily infection rates of the kind not seen in the first wave. It is difficult to predict how long this second wave will last and with what intensity; and when will it subside to manageable levels. Risk of this is expected to remain elevated in Q1 and Q2 of FY22. With strong solvency, well above the required capital supported by healthy liquidity, continued focus on risk and collections, digitised processes and improved cost structures, we are in a better shape than we were last year to face any adverse event."

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group.