Bajaj Finserv (BAJAJFINSV) Q3 24/25 earnings summary

Executive summary

• Consolidated total income for Q3 FY25 rose 10% year-over-year to ₹32,042 crore, with profit after tax up 3% to ₹2,231 crore; nine-month revenue reached ₹97,226 crore and PAT was ₹6,456 crore.

• Adjusted for unrealized mark-to-market gains/losses, profit after tax grew 23% for the quarter and 13% for the nine months year-over-year.

• Strong business performance across general insurance, life insurance, NBFC, housing finance, and digital businesses.

• Leadership transitions announced, including new CFOs for Bajaj Allianz General Insurance and Bajaj Finserv Limited.

• Regulatory and accounting changes impacted reported insurance metrics but not underlying profitability.

Financial highlights

• BAGIC's gross premium grew 46% to ₹6,626 crore; profit after tax up 39% to ₹400 crore; combined ratio improved to 101.1%.

• BALIC's gross return premium increased 16% to ₹6,361 crore; profit after tax up 106% to ₹222 crore, aided by a tax reversal; AUM up 17% to ₹1,22,023 crore.

• Bajaj Finance Q3 PAT up 18% year-over-year; AUM up 28% to ₹3,98,043 crore; ROE at 19.08%.

• Bajaj Housing Finance Q3 PAT up 25% year-over-year; AUM up 26% to ₹1,08,314 crore; capital adequacy at 27.86%.

• Bajaj Finserv Health completed 2.3 million health transactions in Q3 FY25; Q3 revenue was ₹234 crore.

Outlook and guidance

• Focus on sustainable, profitable growth, balanced product mix, and maintaining strong solvency margins (>300% for both insurance subsidiaries).

• Continued investment in technology, digital platforms, and customer experience.

• Agency channel in life insurance expected to take a few more quarters to regain growth momentum after product and regulatory changes.

• Credit life business is expected to recover and grow in sync with or better than the industry.

• Emphasis on risk management, capital efficiency, and regulatory compliance.