On Tuesday, Bajaj Finserv reported its earnings for the quarter ended September 2022. The net sales at INR 20,803.22 crore in September 2022, up by 15.52% from INR 18,008.22 crore in September 2021. The Quarterly Net Profit stood at INR 1,556.93 crore in September 2022, up by 38.75% from INR 1,122.13 crore in September 2021.
The individual-rated new business premium grew 32% to INR 1,072 crore and the group protection new business increased 5% to INR 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 INR 190 crore in Q2, an increase of 40% on a YoY basis. Its AUM increased 7% YoY during the September quarter to INR 86,907 crore.
The general insurance arm’s PAT rose 21% YoY to INR 336 crore while the life insurance unit’s PAT jumped 53% YoY to INR 159 crore. The general insurance unit’s assets under management (AUM) increased 8% YoY to INR 26,052 crore while the gross written premium for Q2 decreased by 5% YoY to INR 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 INR 2,781 crore, a jump of 88% YoY.