Q4FY2026 - Bajaj Finserv

• Life insurance segment maintained strong momentum with Gross Written Premium (GWP) increasing ~21% YoY to Rs. 11,199 crore.
• Value of New Business (VNB) rose 29% YoY to Rs. 709 crore, with margins expanding ~240 bps to 24.5%. This improvement was driven by a favorable product mix—specifically a 67% YoY increase in the retail protection mix—alongside cost optimization and the successful recalibration of the BALIC 2.0 strategy.
• Margin growth is particularly impressive given that it absorbed a ~500 basis point headwind from GST changes, which has now been ~90% mitigated on an exit basis, leaving only a small, embedded structural impact of 30-40 basis points.
• General Insurance GWP remained stable at Rs. 4,322 crore as the company executed a calibrated pullback in the motor and crop segments. Excluding these areas, growth reached a healthy 8.3%.
• The firm’s full-year combined ratio of ~101.9% (non-1/N basis) remains industry-leading, particularly when compared to the broader sector's sharp deterioration to ~121%.
• Bajaj Finance achieved a significant milestone, with AUM crossing the Rs. 5 lakh crore mark (+22% YoY) alongside stable asset quality and easing credit cost pressures. Bajaj Housing Finance maintained its growth trajectory with a 23% YoY increase in AUM and reported pristine asset quality.
• The company's new business verticals continue to scale effectively, The AMC segment saw strong traction, with average AUM growing 52% YoY to ₹30,627 crore. Bajaj Finserv Health sustained its expansion, reporting a 41% YoY increase in transactions.