Total expenses rose 25.29% year on year (YoY) to Rs 20,730.70 crore in the quarter ended 30 September 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 28% increase to Rs 3,551 crore as against Rs 2,781 crore in Q2 FY23, led by robust AUM growth, higher net interest income and better asset performance.

Total income grew 34% to Rs 13,382 crore in the quarter ended 30 September 2023 from Rs 9,974 crore posted in Q2 FY23.

Gross NPA and Net NPA as on 30 September 2023 stood at 0.91% and 0.31% respectively as against 1.17% and 0.44% as on 30 September 2022. Provisioning coverage ratio on stage 3 assets is 66%. BFL holds a management and macro-economic overlay of Rs 740 crore as on 30 September 2023.

Assets under management (AUM) as on 30 September 2023 was Rs 290,264 crore as compared with Rs 218,366 crore as on 30 September 2022, an increase of 33%.

Capital adequacy ratio (including Tier-II capital) as on 30 September 2023 stood at 23.19%. The Tier-I capital stood at 21.88%.

Bajaj Allianz General Insurance Company's (BAGIC) gross written premium for Q2 FY24 jumped 53% to Rs 7,298 crore from Rs 4,781 crore in Q2 FY23. Excluding tender-driven crop and government health insurance premium, BAGIC's gross written premium increased by 21% YoY to Rs 3,747 crore in Q2 FY24.

Claim ratio increased to 78% in Q2 FY24 as against 75.5% in Q2 FY23. The increase in claim ratio was largely attributable to higher mix of crop and government health business and higher claims due to heavy rains & cyclone related claims.

Profit after tax for Q2 FY24 stood at Rs 468 crore as against Rs 336 crore in Q2 FY23.

As on 30 September 2023, solvency ratio was 352%, which is well above the minimum regulatory requirement of 150%.

Assets under management (AUM), represented by cash and investments as on 30 September 2023 stood at Rs 29,511 crore as compared to Rs 26,052 crore as on 30 September 2022, an increase of 13%.

Bajaj Allianz Life Insurance Company's (BALIC) new business premium for Q2 FY24 stood at Rs 2,821 crore as against Rs 2,235 crore in Q2 FY23, a increase of 26%. Renewal premium for Q2 FY24 was Rs 2,517 crore, an increase of 31% on YoY basis.

Shareholders' profit after tax during Q2 FY24 grew 21% to Rs 193 crore from Rs 159 crore in Q2 FY23.

Gross written premium for Q2 FY24 rose 28% to Rs 5,338 crore from Rs 4,155 crore in Q2 FY23.

Net new business value (NBV), which is the metric used to measure profitability of life insurance businesses, increased by 25% to Rs 237 crore in Q2 FY24.

The solvency ratio stood at a healthy 466% as on 30 September 2023 as against the minimum regulatory requirement of 150%. Assets under management (AUM), represented by total investments stood at Rs 98,700 crore as on 30 September 2023, registering a growth of 14%.

Shares of Bajaj Finserv rose 0.87% to currently trade at Rs 1,572.50 on the BSE.