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Bajaj Finserv, the holding company for various financial businesses such as lending and insurance under the Bajaj Group, has posted 41 per cent growth in its consolidated net profit at ₹826 crore during the quarter ending June 30, 2018. The net profit in the year-ago period stood at ₹584 crore.
The company’s consolidated income grew 16 per cent to ₹8,771 crore in the first quarter of fiscal 2018-19 from ₹7,536 crore in the corresponding period last year.
Bajaj Finserv is the parent company for listed entity Bajaj Finance (BFL) and unlisted entities – Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).
Bajaj Finance, an NBFC, posted an 81 per cent year-on-year growth in PAT at ₹836 crore during the quarter and the assets under management (AUM) grew by 35 per cent at ₹93,314 crore. Its general insurance arm Bajaj Allianz General Insurance saw a 25 per cent growth in gross written premium, excluding crop insurance, at ₹2,419 crore. The company said that it will remain cautious on the crop insurance business since the reinsurance commissions are much lower.
Talking to BusinessLine , Bajaj Finserv’s CFO S Sreenivasan said that the company’s tie-ups with various banks for the bancassurance business is paying off and, in the next two-three years, it will be the engine of growth for the company.
Bajaj Allianz Life Insurance’s new business premium for Q1 in FY19 was ₹721 crore, compared to ₹683 crore a year ago. The renewal premium saw a 36 per cent increase y-o-y at ₹640 crore in the first quarter.
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