Total expenses spiked 40.51% year on year (YoY) to Rs 2,551.4 crore in the quarter ended 30 June 2024.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.45% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

Bajaj Finance (BFL) recorded 14% increase in consolidated net profit to Rs 3,912 crore in Q1 FY25 as against Rs 3,437 crore in Q1 FY24. Loan loss provisions increased to Rs 1,685 crore in the first quarter of FY25 as compared with Rs 995 crore posted in Q1 FY24.

Total income for Q1 FY25 rose 24% to Rs 10,418 crore from Rs 8,397 crore posted in Q1 FY24.

Gross NPA and Net NPA as on 30 June 2024 stood at 0.86% and 0.38% respectively as against 0.87% and 0.31% as on 30 June 2023. Provisioning coverage ratio on stage 3 asset s is 56%.

Assets under Management (AUM) grew 31.13% to Rs 3,54,192 crore as on 30 June 2024 as against Rs 2,70,097 crore as on 30 June 2023.

Capital adequacy ratio (CRAR) (including Tier-II capital) as on 30 June 2024 stood at 21.65%. The Tier-I capital was at 20.73%.

Bajaj Allianz General Insurance Company's (BAGIC) gross written premium for Q1 FY25 increased 24% to Rs 4,761 crore from Rs 3,834 crore in Q1 FY24. Excluding tender-driven crop and government health insurance premium, BAGIC's gross written premium increased by 22% YoY to Rs 4,664 crore in Q1 FY25.

Claim ratio increased to 77.1% in Q1 FY25 as against 74.3% in Q1 FY24. The increase in claim ratio is mainly attributable to few large commercial claims. Combined ratio stood at 103.7 % in Q1 FY25 as against 100.7% in Q1 FY24.

Profit after tax for Q1 FY24 stood at Rs 576 crore, up 39% as compared with Rs 415 crore in Q1 FY24.

As on 30 June 2024, solvency ratio was 311%, which is well above the minimum regulatory requirement of 150%.

Assets under Management (AUM), represented by cash and investments as on 30 June 2024 stood at Rs 31,651 crore as compared to Rs 28.611 crore as on 30 June 2023, an increase of 11%.

Bajaj Allianz Life Insurance Company's (BALIC) new business premium for Q1 FY25 stood at Rs 2,541 crore as against Rs 2,159 crore in Q1 FY24, a increased of 17.69%. Renewal premium for Q1 FY25 was Rs 2,477 crore, an increase of 30.43% on YoY basis.

Shareholders' profit after tax during Q1 FY25 declined 37.41 % to Rs 97 crore from Rs 155 crore in Q1 FY24, due to new business strain, higher expense overruns and change in product mix.

Gross written premium for Q1 FY24 increased 24% to Rs 5,018 crore from Rs 4,058 crore in Q1 FY24.

Net new business value (NBV), which is the metric used to measure profitability of life insurance businesses, up by 10.63% to Rs 104 crore in Q1 FY25.

The solvency ratio stood at a healthy 399% as on 30 June 2024 as against the minimum regulatory requirement of 150%. Assets under Management (AUM), represented by total investments increased 23% Rs 1,16,966 crore as on 30 June 2024.

Shares of Bajaj Finserv slipped 3.02% to currently trade at Rs 1,569 on the BSE.