Financial results – Q4 and FY18
Highest ever annual profit . Fourth time in a row !
A meeting of the Board of Directors of Bajaj Finserv Limited was held today to consider and approve the results for Q4 and FY18.
The Board of Directors recommended a dividend of ` 1.75 per share – 35% (previous year – 35%). The total amount of dividend and tax thereon amounts to ` 27.85 crore (previous year ` 27.85 crore).
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 54.99% holding in Bajaj Finance Limited (BFL), a Nifty 50 company 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).
From 2 April 2018, BFS too was included in the benchmark Nifty 50 index. BFL was included in the Nifty 50 index from 29 September 2017.
Yet again, BFL and BAGIC have had record years – BFL recorded its highest ever revenue and profit after tax while BAGIC registered its highest ever gross written premium and profit after tax. BALIC also stabilised to produce growth with profits. Consequently, the consolidated total revenue and profit after tax are also the highest ever.
Highlights – Q4 FY18 v/s Q4 FY17
Highlights – FY18 v/s FY17
Summary of consolidated results is given in Annexure A.
A synopsis on the quarterly performance of the individual companies is given below:
BFL enjoyed yet another strong year of performance aided by a diversified product mix, robust volume growth, prudent operating cost and effective risk management, continuing to deliver outstanding results quarter after quarter.
Bajaj Housing Finance Limited (BHFL), a 100% housing finance subsidiary of Bajaj Finance, which started its operations in July 2017 has become fully operational from February 2018. Its AUM as of 31 March 2018 stood at ₹ 3,589 crore.
Consolidated AUM of BFL as on 31 March 2018 increased by 40% to ` 84,033 crore from ` 60,196 crore as on 31 March 2017.
Summary of financial results is given in Annexure B.
BAGIC continues to be amongst the most profitable general insurance companies.
During Q4 FY18, BAGIC wrote crop insurance of ` 580 crore v/s ` 464 crore in Q4 FY17.
Consequently, overall gross written premium for Q4 FY18 increased by 22% to ` 2,764 crore v/s ` 2,260 crore in Q4 FY17.
Summary of financial results and key ratios is given in Annexure C.
BALIC has continued its focus towards selling more individual regular premium policies. BALIC’s rated individual new business premium grew by 23% in Q4 FY18 as against industry growth of 10%.
Summary of financial results is given in Annexure D.
For the first time since their incorporation, the Boards of BAGIC and BALIC have declared dividends of 100% and 70% respectively. BFS will receive dividend of ` 82 crore and ` 78 crore from them respectively in FY2019 after approval by the shareholders of BAGIC and BALIC.
Annexure B – Summary financial results of BFL(standalone)
Annexure C – Summary financial results of BAGIC
Annexure D – Summary financial results of BALIC
* Rated new business premium = 100% of Regular premium + 10% of Single premium policies sold.
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