Bajaj Finserv Ltd

Meeting Details

• Date: Thursday, 20 August 2026; Time: not disclosed.
• Type: Group meetings with institutional investors; Mode: In-person.
• Organizer: Bajaj Finserv Limited.
• Venue: Pune, Maharashtra.
• Purpose: Investor interactions; discussions limited to publicly available information.
• Key participants: not disclosed.

Meeting Details

• Date: 12 August 2026; In-person interaction with institutional investors at Emkay Confluence - 2026, Mumbai.
• Event/ organiser: Emkay Confluence - 2026.

Purpose

• Purpose: Interaction with group of institutional investors/funds.

Bajaj General Insurance Limited – July 2026 and YTD premiums

• July 2026 gross direct premium underwritten: Rs 2,102 crore.
• July 2025 monthly gross direct premium: Rs 2,375 crore.
• Cumulative to July 2026: Rs 8,143 crore.
• Cumulative to July 2025: Rs 7,272 crore.
• Data provisional and subject to statutory audit.

Bajaj Life Insurance Limited – July 2026 new business metrics

• Total new business for month ended 31 July 2026: Rs 1,386.17 crore.
• Individual single premium: Rs 136.49 crore (July 2026).
• Individual non-single premium: Rs 664.64 crore (July 2026).
• Group single premium: Rs 530.13 crore (July 2026).
• Total up to 31 July 2026: Rs 5,062.96 crore.

Financial Performance

• Consolidated total income: INR 42,037 crore, up 19% YoY.
• Consolidated PAT: INR 6,297 crore, up 18% YoY.
• GWP for Bajaj General: INR 5,789 crore, up 11.3%.
• Q1 combined ratio: 104.7%; old-basis 103.9%.
• Bajaj Life VNB: INR 271 crore, up 87%; NB Margin 15.9%.
• Life GWP growth: 35%; renewal premiums up about 18%.
• Life AUM: INR 143,744 crore, up ~10%.
• Insurance solvency: Life 285%, General 254%.
• Bajaj Finance: new loans 1.61 crore; AUM INR 5,46,944 crore; NTI INR 15,224 crore.
• Bajaj Finance PAT: INR 6,081 crore; opex/NTI 33.4% vs 33.1%.
• Bajaj Housing Finance: PAT INR 715 crore; AUM up 24%; NII INR 968 crore.
• Housing GNPA 0.29%; NNPA 0.12%; CAR 21.59%.

Insurance and Lending Update

• General Insurance GWP growth supported by non-motor lines; motor pricing pressures noted.
• Health-related losses higher due to government health mix; combined ratio elevated.
• Life insurance: retail weighted premium INR 1,474 crore; retail protection up 60% YoY.
• Group protection grew 95% YoY; VNB uplift supported by mix and pricing.
• Life solvency at 285%; General solvency at 254%.
• Bajaj Finance remains strong on new loans and NII growth; asset quality stable.

Emerging Businesses and Strategy

• Bajaj Finserv Health: ~6 million health transactions; revenue degrew due to RBI-related restructuring.
• Health network: 130,000+ doctors; 15,000+ hospitals; 7,000+ labs.
• Bajaj Markets disbursement: INR 2,269 crore; 103 partners; revenue INR 107 crore (+32%).
• Asset Management AUM: INR 31,444 crore; up 26%; SIP book +66%; SIP folios +69%.
• Alternate investments: PMS launched; next quarter real estate and AI AIF expected.
• Board approved setting up a reinsurance company; regulatory approvals to follow.

Guidance and Ind AS Transition

• IRDAI-forbearance: Ind AS adoption effective 1 April 2027 for insurance subsidiaries.
• Pro forma numbers to be provided; long-term Third-Party liabilities to be discounted.
• Onerous contracts under Ind AS may require upfront losses; potential capital calls discussed.
• Riders: ~22% of NOPs have riders; term riders 33–34% of term plans.
• Direct break-even expected in Q3 or Q4 this year; Health break-even in FY2028.
• Asset Management target: INR 1 lakh crore AUM in 3 years.

Q&A Takeaways

• Supreme Court motor TP ruling: management expects limited impact; reserves buffered; awaiting price hikes.
• Bajaj Markets: lending mix remains diversified; personal loans prominent; risk metrics improving.
• Motor own-damage: cycles exist; company uses risk-based selection and tactical shifts.
• Rider strategy: pass-through pricing via riders; 22% NOPs with riders; mix evolution ongoing.
• Ind AS transition: one-year forbearance; potential disclosures post-clarifications from regulator.
• Reinsurance: reinsurance company setup under consideration; regulatory approvals needed.

Meeting Details

• Date and time: 31 July 2026 at 5:15 p.m. IST.
• Type and mode: earnings conference call, virtual group meeting.
• Event: earnings conference call for the quarter ended 30 June 2026.
• Key participants: Company Secretary and other management presenters.
• Purpose: discuss quarterly results for the quarter ended 30 June 2026.
• Recording/presentation: audio recording on website; presentation shared with Exchanges.

AGM Details

• 19th AGM held on 31 July 2026 at 12:15 PM IST via VC/OAVM.
• Quorum met with 1,157 attendees engaging through VC.

Ordinary Business

• To adopt standalone and consolidated financial statements for the year ended 31 March 2026.
• Dividend of ₹1.50 per equity share approved.
• Rajiv Bajaj unable to attend; retires by rotation; not seeking re-appointment.

Special Business

• Re-appointment of KKC & Associates LLP as statutory auditors; remuneration to be fixed.
• Remuneration payable to Dhananjay V Joshi & Associates, Cost Auditor, for FY2027 ratified.

Voting / Post-AGM

• e-voting results and Scrutiniser’s report to be filed with stock exchanges within two working days.

Business Overview

• Diversified financial services group with NBFC, life and general insurance, housing, health, and digital platforms.
• Long-range strategy (2025-30) prioritizes AI, marketplace platforms, and cross-sell growth.
• IFRS 17 tailwinds expected from 1 April 2027 for insurance businesses.

Operational Highlights

• Q1 FY2027 consolidated revenue USD 4,448m; PAT USD 666m; owners' PAT USD 331m.
• Bajaj Finance Q1: Total Income USD 1,611m; PAT USD 643m; AUM USD 57,878m.
• BHFL capital adequacy stood at 21.47% as of 30 Jun 2026.
• Solvency margins remain robust; capital adequacy well above regulatory requirements.
• Bajaj Markets: 221+ million yearly traffic; 270k paying customers; USD 720m loan run-rate.
• Bajaj Finserv Health: 130k+ doctors on platform; 15k+ hospitals; 24 million OPD transactions annually.

Financial Performance

• Net worth (consolidated) USD 8,768m; surplus funds (standalone) USD 351m.
• FY2026: All-time high consolidated revenue and PAT for BFS.
• Bajaj Life Q1 FY2027: VNB up 86.6%; VNB USD 29m; RWRP 15.9%; PAT USD 156m.
• Bajaj Finance Q1 FY2027: Total Income USD 1,611m; PAT USD 643m; AUM USD 57,878m; GNPA 0.39%; NNPA 0.50%.

Capital Structure & Liquidity

• BHFL capital adequacy ratio stood at 21.47% as of 30 June 2026.
• Group solvency margins remained robust; company-level 254% solvency in Q1 FY2027.
• External capital raised since Apr 2021: USD 2,095m; net capital generated: USD 937m.
• Dividends paid since Apr 2021: USD 1,590m.

Strategic Priorities & Outlook

• Long-range aspiration to FY30: customer franchise 200-220m; cross-sell 120-130m; locations 4,600-4,900.
• IFRS 17 tailwinds from 1 Apr 2027; discounting of claims and deferral of acquisition expenses.
• AI-first platform focus: InsureAI, FINAI; Bajaj Markets as a digital BFSI marketplace.
• Digitalization: cloud-based platforms, 360° customer view, end-to-end partner integration.

Risks & Mitigation

• External macro environment risks investment income; GST impact, partially offset by yield curve benefits.
• Risks mitigated by diversified product mix, prudent underwriting, strong reinsurance, and group ERM.

Governance & Leadership

• Robust governance across group; board committees for customer protection; succession planning.
• ESG: responsible investments target >80% across portfolios; governance and risk controls reinforced.
• Bajaj Beyond CSR: USD 530m committed, targeting 20 million beneficiaries; focus on youth skilling.

Business Overview

• Diversified financial services group across lending, insurance, asset management, and health tech.
• Core segments: NBFC lending (BFL), housing finance (BHFL), general and life insurance.
• Digital marketplace Bajaj Finserv Direct and Bajaj Markets drive growth.
• Strategic emphasis on AI, digital platforms, and six Emerging Businesses verticals.

Operational Highlights

• Consolidated revenue ₹42,037 crore; YoY growth 19.1%.
• PAT (consolidated) ₹6,297 crore; up 18.2% YoY.
• PAT attributable to owners ₹3,132 crore; up 12.3%.
• Bajaj Finance Q1: AUM ₹546,944 crore.
• New loans booked 1.61 crore.
• New customers added 51 lakh.
• BHFL AUM ₹149,624 crore; GNPA 0.29%, NNPA 0.12%.
• Bajaj General GWP ₹5,789 crore; CoR 104.7%; solvency 254%.
• Bajaj Life GWP ₹7,399 crore; VNB ₹271 crore; VNB up 86.6%.
• Bajaj Life NBM 15.9%.
• IFRS17 tailwinds expected for Bajaj General from Apr 2027.

Financial Performance

• Total revenue growth 19.1% YoY to ₹42,037 crore.
• PAT (consolidated) ₹6,297 crore; PAT attributable to owners ₹3,132 crore.
• Standalone net worth ₹11,586 crore; consolidated net worth ₹82,862 crore.
• Surplus funds (standalone) ₹3,321 crore.
• MTM gains and GST impact influenced quarterly PAT.
• Capital adequacy as of 30 Jun 2026: BHFL 22%, BFL 21%, Life 285%, General 254%.
• Excess consolidated capital ₹43,425 crore.
• External capital raised since Apr 2021 ₹19,801 crore; net capital generated ₹9,118 crore; dividends ₹16,951 crore.

Capital Structure & Liquidity

• Solvency margins as of 30 Jun 2026: BFL 21%, Life 285%, General 254%, BHFL 22%.
• Excess capital across group: ₹43,425 crore.
• Net capital generated since Apr 2021: ₹9,118 crore; external capital raised: ₹19,801 crore.
• Dividends paid since Apr 2021: ₹16,951 crore.

Strategic Priorities & Outlook

• AI-first growth across six verticals; BFL 3.0 and FIN AI 3.0.
• Expansion into GCC and US markets for technology services.
• Bajaj Markets to be a leading AI-enabled BFSI marketplace.
• IFRS17 tailwinds for Bajaj General from 1 Apr 2027.
• Digital adoption strength, ~90% overall; customer/distributor engagement via data analytics.

Risks & Mitigation

• IFRS17 implementation from Apr 2027 may alter claims discounting and acquisition costs.
• Pricing pressure in motor; GST impact on Life and retail.
• External macro environment impacting capital gains and profitability.

Governance & Leadership

• Robust governance with ESG metrics and board committees; responsible investments above targets.
• Group talent development, succession planning, and cross-company capability building.
• Digital governance and data security initiatives across the platform ecosystem.

Financial results

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Results prepared under Ind AS; limited review reports issued with unmodified opinions.

ESOP share issuance

• Approved issue of 15,11,358 equity shares of Re 1 to Bajaj Finserv ESOP Trust.
• Pari-passu with existing shares; at applicable grant prices.
• Under amended Bajaj Finserv ESOP Scheme and SEBI SBEB Regulations 2021.

Re-insurance initiative

• Approved pursuing re-insurance business through a subsidiary to be incorporated.
• Subject to IRDAI and other regulatory approvals.

ESOP issuance

• Equity shares of Re 1 face value, pari passu with existing shares.
• Primary issuance to Bajaj Finserv ESOP Trust to meet employee option exercises.
• Total 15,11,358 shares; aggregate issue size Rs 196.08 crore.
• Issue price per share not disclosed; aggregate Rs 196.08 crore at grant prices.
• Bajaj Finserv ESOP Trust to receive shares for employee options.