Bajaj Finserv consolidated PAT slips 2.63% to Rs 1,256 cr in Q3

Diversified financial services firm Bajaj Finserv Ltd (BFS) on Thursday reported a 2.63 per cent decline in its consolidated profit after tax at Rs 1,256 crore in the quarter ended December 31, 2021.

In the year-ago period, the same stood at Rs 1,290 crore.

The company said under Ind AS, its insurance subsidiaries -- Bajaj Allianz Life Insurance Ltd (BALIC) and Bajaj Allianz General Insurance Ltd (BAGIC) -- have chosen to hold a large part of the equity securities portfolio at fair value through profit and loss account.

Profit after Tax (PAT) includes unrealised Mark-To-Market (MTM) losses on equity investments measured at fair value through profit and loss of BALIC and BAGIC of Rs 38 crore in Q3 FY22 as compared to MTM gains of 384 crore in Q3 FY21, as per the company's investor presentation submitted to the stock exchanges.

The company's consolidated total income stood at Rs 17,620 crore in the latest December quarter compared to Rs 15,961 crore in the year-ago period.

Bajaj Finance reported an 85 per cent jump in consolidated profit after tax at Rs 2,125 crore. The same stood at Rs 1,146 crore in the corresponding quarter of previous fiscal.

The rise in profit was mainly on account of robust Assets Under Management (AUM) growth, higher net interest income and better asset performance, it said in a release.

The AUM increased by 26 per cent to Rs 181,250 crore as at December 31, 2021. In the year-ago period, the same stood at Rs 143,550 crore.

Bajaj Allianz General Insurance Company's profit after tax declined to Rs 304 crore in the third quarter of this fiscal compared to Rs 330 crore in Q3 FY21.

Its gross written premium stood at Rs 2,959 crore in Q3 FY2022 as against Rs 3,392 crore in Q3 FY21. The claims ratio increased to 69.6 per cent in Q3 FY22 from 66.6 per cent in the year-ago period.

Bajaj Allianz Life Insurance Company's new business premium stood at Rs 2,377 crore in the latest December quarter compared to Rs 1,706 crore in Q3 FY21. Its renewal premium for Q3 FY22 was Rs 1,702 crore as against Rs 1,441 crore in the same period a year ago.