A meeting of the Board of Directors of Bajaj Finserv Limited was held today to consider and approve the results for Q4 and FY16.
An interim dividend of ` 1.75 per equity share (35%) was declared on 9 March 2016 and paid on 23 March 2016. The said amount is to be treated as final dividend for FY16. The total amount of dividend for FY16 is ` 27.85 crore, same as previous year.
During the year, Bajaj Finserv Limited (BFS) became a Core Investment Company (CIC) under the regulations of the Reserve Bank of India. It 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 57.28% 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). BFS holds 925,000 warrants convertible into equity shares of BFL on or before 1 December 2016. When exercised, the holding of BFS in BFL will increase from 57.28% to 58%.
The results of these companies are reflected in the consolidated results of the Company.
Highlights – Q4 FY16 v/s Q4 FY15
Highlights – FY16 v/s FY15
* See note C (iv)
Summary of consolidated results is given in Annexure A.
Bajaj Finance Limited and Bajaj Allianz General Insurance Limited have recorded their second successive highest annual profit after tax; so did Bajaj Finserv Limited on a consolidated basis.
A synopsis on the performance of the individual companies is given below:
Despite relatively sluggish credit demand across the country, BFL has performed extraordinarily well and has been able to continue the stellar growth that it has been delivering over the past few years.
Summary of financial results is given in Annexure B.
The conditions remain tough in the general insurance industry. Despite this, BAGIC has performed well. BAGIC is ranked 2nd among all private sector general insurers in terms of its top-line and 1st in profits.
Summary of financial results and key ratios is given in Annexure C.
BALIC’s growth has been positive, though lower than the industry. With savings rates being lower than the historical peaks, growth has tended to favour bank-sponsored insurance companies who have a natural advantage of bundling insurance with their loan and savings products through bancassurance. Even so, BALIC has performed creditably.
Summary of financial results is given in Annexure D.
Annexure B – Summary financial results of BFL
Annexure C – Summary financial results of BAGIC
Annexure D – Summary financial results of BALIC
* Policyholders’ distributable surplus has been transferred to shareholders’ account on quarterly basis in FY16 as against on annual basis till FY15. Consequently, the numbers for the quarter are not comparable.
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