NewsEarningsBajaj Finserv Reports 11% Revenue Growth to INR 37,400 Crores in Q2 FY26, Driven by Strong Insurance PerformanceBajaj Finserv Reports 11% Revenue Growth to INR 37,400 Crores in Q2 FY26, Driven by Strong Insurance Performance
Bajaj Finserv's Q2 FY26 results show strong growth with consolidated total income up 11% to INR 37,400.00 crores and PAT increasing 8% to INR 2,244.00 crores. Insurance subsidiaries drove growth, with Bajaj Life Insurance achieving a record 50% VNB growth and Bajaj General Insurance seeing a 9% increase in GWP. The company is managing short-term profitability pressures from recent GST changes and remains confident about future growth prospects.
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Bajaj Finserv has reported a robust financial performance for the second quarter of fiscal year 2026, with consolidated total income growing by 11% to INR 37,400.00 crores, up from INR 33,700.00 crores in the same quarter last year. The company's profit after tax (PAT) also saw an 8% increase, reaching INR 2,244.00 crores compared to INR 2,087.00 crores in Q2 FY25.
Strong Performance Across Insurance Subsidiaries
The company's growth was primarily driven by the strong performance of its insurance subsidiaries. Notably, Bajaj Life Insurance Limited achieved its highest-ever Value of New Business (VNB) of INR 367.00 crores, marking a significant 50% growth. The New Business Margin (NBM) expanded to 17.1%, up from 10.8% in the same quarter last year.
Bajaj General Insurance Limited also demonstrated resilience, with a 9% increase in Gross Written Premium (GWP) to INR 6,413.00 crores. Excluding the impact of new accounting regulations, the growth was a healthy 13.6%.
Financial Highlights
| Metric | Value | YoY Growth |
|---|---|---|
| Consolidated Total Income | INR 37,400.00 crores | 11% |
| Consolidated Profit After Tax | INR 2,244.00 crores | 8% |
| Bajaj Life Insurance VNB | INR 367.00 crores | 50% |
| Bajaj Life Insurance NBM | 17.1% | Up from 10.8% in Q2 FY25 |
| Bajaj General Insurance GWP | INR 6,413.00 crores | 9% (13.6% excluding regulatory impacts) |
Insurance Segment Performance
Bajaj Life Insurance Limited
- Retail protection grew by 71%
- Group protection grew by 23%
- Overall Gross Written Premium grew by 28%
- AUM reached INR 1,32,060.00 crores
Bajaj General Insurance Limited
- Combined ratio stood at 102.3% (101.4% excluding regulatory impact)
- Profit after tax for the quarter was INR 517.00 crores, up 5% YoY
- AUM as of September 30, 2025, was INR 35,000.00 crores
Impact of GST Changes
The recent GST exemptions on retail life and health insurance premiums are expected to make insurance more affordable and accessible. However, the withdrawal of input tax credit has created short-term pressure on profitability. Bajaj Finserv is confident in managing this impact over the next couple of quarters.
Outlook
S. Sreenivasan, President of Insurance and Special Projects at Bajaj Finserv Limited, commented on the results: "Our insurance businesses continue to outperform the market both on top line and bottom line. We remain committed to driving profitable growth and creating sustainable value while prioritizing the interests of our policyholders."
The company's diversified business model and focus on preferred business segments have enabled it to maintain strong growth despite market challenges. With a robust capital position and innovative product strategies, Bajaj Finserv is well-positioned to capitalize on the growing insurance market in India.
As the company navigates through regulatory changes and market dynamics, it remains focused on long-term value creation for its stakeholders. The management expressed confidence in the company's ability to adapt to changes and maintain its growth trajectory in the coming quarters.
Historical Stock Returns for Bajaj Finserv
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.73% | -1.77% | -0.14% | +2.09% | +28.76% | +182.51% |
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