Total revenue 28% | Profit after tax 13%
A meeting of the Board of Directors of Bajaj Finserv Limited was held today to consider and approve the results for Q2 FY18.
Bajaj Finserv Limited (BFS) is the holding company for the various financial services businesses under the Bajaj group. It serves millions of customers in the financial services space by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection and income protection in the form of life and health insurance and retirement and savings solutions.
BFS participates in the financing business through its 55.13% holding in Bajaj Finance Limited (BFL) and in the protection business through its 74% holding in Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). During the quarter, BFL completed raising of capital from Qualified Institutional Buyers, consequent to which the shareholding of BFS reduced from 57.80% to 55.13%.
The results of these subsidiaries are reflected in the consolidated results of the Company.
Highlights – Q2 FY18 v/s Q2 FY17
ü Consolidated total revenue – ` 7,561 crore v/s ` 5,920 crore 28%
ü Consolidated profit after tax – ` 652 crore v/s ` 576 crore 13%
ü Bajaj Finance, profit after tax – ` 557 crore v/s ` 408 crore 37%
ü General insurance, profit after tax – ` 260 crore v/s ` 234 crore 11%
ü Life insurance, shareholders’ profit after tax – ` 186 crore v/s ` 202 crore
Highlights – H1 FY18 v/s H1 FY17
ü Consolidated total revenue – ` 14,105 crore v/s ` 11,150 crore 27%
ü Consolidated profit after tax – ` 1,307 crore v/s ` 1,113 crore 17%
ü Bajaj Finance, profit after tax – ` 1,159 crore v/s ` 832 crore 39%
ü General insurance, profit after tax – ` 473 crore v/s ` 366 crore 29%
ü Life insurance, shareholders’ profit after tax – ` 382 crore v/s ` 446 crore
Summary of consolidated results is given in Annexure A.
A synopsis on the performance of the individual companies is given below:
Despite slow credit demand across the industry, BFL has continued its stellar growth.
iii) Assets under management stood at ` 72,139 crore as on 30 September 2017 v/s ` 52,332 crore as on 30 September 2016 – an increase of 38%.
Summary of financial results is given in Annexure B.
During the quarter, BAGIC reported one of its best combined ratio and possibly the best in General insurance industry. It recorded its highest ever quarterly gross written premium and profit after tax in Q2 FY18.
iii) Net earned premium for Q2 FY18 stood at ` 1,589 crore v/s ` 1,240 crore in Q2 FY17 – an increase of 28%.
vii) Claim ratio improved to 67.9% in Q2 FY18 v/s 71.6% in Q2 FY17.
viii) Combined ratio improved to 88.8% in Q2 FY18 v/s 94.3% in Q2 FY17.
Summary of financial results and key ratios is given in Annexure C.
BALIC has continued its focus towards selling more individual regular premium. BALIC’s rated individual new business premium grew by 32% in Q2 FY18 as against industry growth of 23%.
iii) Gross written premium stood at ` 2,016 crore in Q2 FY18 v/s ` 1,447 crore in Q2 FY17 – an increase of 39%.
Summary of financial results is given in Annexure D.
During the quarter, Bajaj Finance Limited raised ` 4,500 crore through Qualified Institutional Placement from Qualified Institutional Buyers by issuing equity shares of face value ` 2 each at a premium of ` 1,688 per share.
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