on Friday reported a 39% year-on-year (YoY) jump in its consolidated profit after tax to Rs 1,557 crore in the September quarter. Its total income increased 16% YoY to Rs 20,803 crore in Q2.

Bajaj Finserv, which is the holding company for the various financial services businesses of the Bajaj group, said Bajaj Allianz General Insurance’s gross written premium excluding bulky tender-driven crop and government health business grew by 13%. Its underwriting performance improved as it recorded a combined ratio below 100%, the company said in an exchange filing.

The individual-rated new business premium grew 32% to Rs 1,072 crore and the group protection new business increased 5% to Rs 517 crore in Q2. The Net New Business Value (NBV), which is the metric used to measure the profitability of a life insurance business, was significantly higher at Rs 190 crore in Q2, an increase of 40% on a YoY basis. Its AUM increased 7% YoY during the September quarter to Rs 86,907 crore.

The general insurance arm’s PAT rose 21% YoY to Rs 336 crore while the life insurance unit’s PAT jumped 53% YoY to Rs 159 crore. The general insurance unit’s assets under management (AUM) increased 8% YoY to Rs 26,052 crore while the gross written premium for Q2 decreased by 5% YoY to Rs 4,781 crore.

“The general insurance sector was characterized by intense price competition in the motor segment. While the life insurance sector recorded muted growth of 5% in individual rated new business. In this environment, our companies continued to do well,” the company said.

Bajaj Finance, the lending company of the Bajaj Finserv group, announced its quarterly numbers yesterday. It recorded its highest-ever quarterly consolidated profit after tax of Rs 2,781 crore, a jump of 88% YoY.

“Consequently, BFS’ consolidated results reflected an all-time high quarterly profit,” Bajaj Finserv (BFS) said in the filing

Bajaj Finserv has a 52.49% stake in Bajaj Finance and 74% holding in two unlisted subsidiaries – Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC).

After the announcements of the quarterly results, shares of the holding company were trading 1.5% lower at Rs 16,99.30 on BSE.

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By Dipak

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