Financial results – Q2 FY17
Gross revenue 33% | Profit after tax 31%
A meeting of the Board of Directors of Bajaj Finserv Limited was held today to consider and approve the results for Q2 FY17.
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 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 9,250,000 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 – Q2 FY17 v/s Q2 FY16
Highlights – H1 FY17 v/s H1 FY16
Summary of consolidated results is given in Annexure A.
A synopsis on the performance of the individual companies is given below:
Despite relatively sluggish credit demand across the country, BFL has continued its stellar growth.
Summary of financial results is given in Annexure B.
BAGIC reported a robust performance in Q2 FY17, registering its highest ever quarterly gross written premium and profit after tax.
Summary of financial results and key ratios is given in Annexure C.
During the current year, BALIC has shifted its focus towards selling more individual regular premium. BALIC’s individual rated premium grew by 51% in Q2 FY17 as against the industry growth of 18%.
Summary of financial results is given in Annexure D.
27 October 2016
Annexure B – Summary financial results of BFL
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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