Total expenses increased by 23.94% year on year (YoY) to Rs 19,086.35 crore in the quarter ended 31 March 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 52.49% 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 30.5% surge in consolidated net profit to Rs 3,158 crore in Q4 FY23 over Q4 FY22, mainly led by robust AUM growth, higher net interest income and better asset performance.
Total income for Q4 FY23 rose by 31.68% to Rs 11,363 crore from Rs 8,629 crore posted in Q4 FY22.
Gross NPA and Net NPA as on 31 March 2023 stood at 0.94% and 0.34% respectively as against 1.60% and 0.68% as on 31 March 2022. Provisioning coverage ratio on stage 3 assets is 64%. BFL holds a management and macro-economic overlay in provisions of Rs 960 crore as on 31 March 2023.
Assets under Management (AUM) grew 25% to Rs 247,379 crore as on 31 March 2023 as against Rs 197,452 crore as on 31 March 2022.
Capital adequacy ratio (including Tier-II capital) as on 31 March 2023 stood at 24.97%. The Tier-I capital stood at 23.20%.
Bajaj Allianz General Insurance Company's (BAGIC) gross written premium for Q3 FY23 increased 14.12% to Rs 3,766 crore from Rs 3,300 crore in Q4 FY22. Excluding tender-driven crop and government health insurance premium, BAGIC's gross written premium increased by 17% YoY to Rs 3,345 crore in Q4 FY23.
Claim ratio slipped to 66.4% in Q4 FY23 as against 68.8% in Q4 FY22. The decrease in claim ratio is attributable to lower claims in motor, health and some commercial lines. Combined ratio stood at 97.3% in Q4 FY23 as against 98.3% in Q4 FY22.
Profit after tax for Q4 FY23 stood at Rs 322 crore as against Rs 248 crore in Q4 FY22.
As on 31 March 2023, solvency ratio was 391%, which is well above the minimum regulatory requirement of 150%.
Assets under Management (AUM), represented by cash and investments as on 31 March 2023 stood at Rs 27,809 crore as compared to Rs 24,633 crore as on 31 March 2022, an increase of 13%.
Bajaj Allianz Life Insurance Company's (BALIC) new business premium for Q4 FY23 stood at Rs 3,297 crore as against Rs 3,236 crore in Q4 FY22, an increase of 2% due to lower group fund business. Renewal premium for Q4 FY23 was Rs 3,137 crore, an increase of 26% on YoY basis.
Shareholders' profit after tax during Q4 FY23 tumbled 45.8% to Rs 26 crore from Rs 48 crore in Q4 FY22, mainly due to the new business strain arising out of strong growth in individual new business premium.
Gross written premium for Q4 FY23 increased by 12.5% to Rs 6,434 crore from Rs 5,719 crore in Q4 FY22.
Net new business value (NBV), which is the metric used to measure profitability of life insurance businesses, increased by 35% to Rs 415 crore in Q4 FY23.
The solvency ratio stood at a healthy 516% as on 31 March 2023 as against the minimum regulatory requirement of 150%. Assets under Management (AUM), represented by total investments rose 6% Rs 90,584 crore as on 31 March 2023 as against Rs 85,623 crore as on 31 March 2022.
Bajaj Finserv reported 40.8% jump in consolidated net profit to Rs 6,417.28 crore on a 19.9% increase in total income to Rs 82,072.01 crore in FY23 over FY22.
The company's board has recommended a dividend of Rs 0.80 per share. The said dividendwill be credited/dispatched on or about Friday, 28 July 2023 or Saturday, 29 July 2023.