Q2 2026 Bajaj Finserv Ltd Earnings Call Transcript
Key Points
- Bajaj Finserv Ltd (BOM:532978) reported a consolidated total income growth of 11% to INR 37,400 crores compared to the same quarter last year.
- The company's consolidated profit after tax increased by 8% to INR 2,244 crores, with a healthy profit growth of 12% when excluding MTM movements from insurance subsidiaries.
- Bajaj General Insurance outperformed the market with a 9% increase in gross written premium and a 13.6% growth excluding the 1/n impact.
- Bajaj Life Insurance reported a significant 50% increase in VNB to INR 367 crores and an expansion in new business margins to 17.1% from 10.8% last year.
- Bajaj Finance achieved a strong AUM growth of 24% and a profit after tax increase of 23% to INR 4,948 crores.
- The company's underwriting loss increased to INR 92 crores from INR 48 crores last year, with a combined ratio of 102.3% impacted by higher acquisition costs.
- Bajaj Life Insurance's profit after tax decreased significantly to INR 13 crores from INR 148 crores last year, largely due to a GST-related impact of INR 112 crores.
- The net losses and provisions for Bajaj Finance increased by 19%, with elevated credit costs in the 2- and 3-wheeler and MSME segments.
- Bajaj Markets experienced a planned degrowth in top line revenue from INR 164 crores to INR 90 crores due to system migration issues.
- The motor business in Bajaj General Insurance showed a divergence in OD and TP growth, with concerns about the sustainability of the current loss ratio.
Ladies and gentlemen, good day, and welcome to Bajaj Finserv Limited Q2 FY26 Analyst Conference Call hosted by JM Financial Limited. (Operator Instructions) Please note, that this conference is being recorded.
I now hand the conference over to Mr. Raghvesh from JM Financial. Thank you, and over to you, sir.
Thank you, Neerav. Good evening, everyone, and welcome to the Q2 FY26 Earnings Conference Call of Bajaj Finserv Limited. First, I would like to thank the management of Bajaj Finserv for giving us the opportunity to host this call. As always, we'll have opening comments from the management team, post which we'll open the floor for Q&A.
From the management side today, we have Mr. S. Sreenivasan, President Insurance and Special Projects, Bajaj Finserv Limited. Mr. Ramandeep Sahni, CFO, Bajaj Finserv Limited; Mr. Tapan Singhel, MD and CEO; Bajaj General Insurance Limited, Mr. Tarun Chugh, MD and CEO, Bajaj Life Insurance Limited, Mr. Anckur Anil Kanwar, CFO, Bajaj
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