BAJAJFINSV - Bajaj Finserv
📢 Recent Corporate Announcements
Bajaj Finserv has successfully completed the acquisition of the entire 26% equity stake previously held by Allianz SE in its insurance subsidiaries. Following a buyback offer where Allianz tendered its remaining 3% stake, the global partner has completely exited both Bajaj General and Bajaj Life Insurance. Consequently, Bajaj Finserv's direct stake has increased from 75.01% to 77.33%. The Bajaj Group, including promoter entities, now collectively owns 100% of these insurance businesses, allowing for full control and strategic flexibility.
- Allianz SE has completely exited its 26% stake in Bajaj General and Bajaj Life Insurance subsidiaries
- Bajaj Finserv's direct equity stake in both subsidiaries increased from 75.01% to 77.33%
- Bajaj Finserv along with its Promoter Group now collectively hold 100% equity in both insurance entities
- The final exit was executed via a buyback offer where Allianz tendered its remaining 3% stake
Bajaj Finserv has released the February 2026 business performance for its unlisted insurance subsidiaries. Bajaj General Insurance reported a monthly gross direct premium of ₹1,094.04 crore, bringing its year-to-date total to ₹21,794.23 crore. Bajaj Life Insurance recorded new business premium of ₹1,281.28 crore for the month, taking the FYTD (April-February) total to ₹12,302.32 crore. The life insurance segment's growth was notably supported by individual non-single premiums, which contributed ₹694.24 crore in February alone.
- Bajaj General Insurance Feb 2026 Gross Direct Premium stood at ₹1,094.04 crore
- Cumulative FYTD Gross Direct Premium for General Insurance reached ₹21,794.23 crore
- Bajaj Life Insurance New Business Premium for Feb 2026 was ₹1,281.28 crore
- Life Insurance FYTD New Business Premium totaled ₹12,302.32 crore
- Individual non-single premium was the largest contributor to Life Insurance new business in Feb at ₹694.24 crore
Bajaj Finserv Limited has announced the allotment of 27,36,768 equity shares of face value Re. 1 each to the Bajaj Finserv ESOP Trust. This allotment is part of the company's Employee Stock Option Scheme (BFS-ESOS) and follows a board decision made on February 4, 2026. The shares represent various grants issued between May 2020 and April 2025. The exercise prices for these grants range significantly from Rs. 470.21 to Rs. 2,049.7 per share.
- Total allotment of 27,36,768 equity shares to the Bajaj Finserv ESOP Trust.
- Shares issued at a face value of Re. 1 per share.
- Grant prices for the allotted shares range from Rs. 470.21 to Rs. 2,049.7.
- The allotment covers eight different grant cycles spanning from May 2020 to April 2025.
- The largest single grant portion in this allotment is 9,32,167 shares from the May 2020 cycle.
Bajaj Finserv reported a robust 24% YoY growth in consolidated total income to ₹39,708 crore for Q3 FY26. Adjusted PAT (excluding one-off labor code and ECL impacts) rose 32% to ₹2,936 crore, reflecting strong performance across lending and insurance segments. A key highlight was the completion of the 23% stake acquisition from Allianz SE in its insurance subsidiaries, bringing the group's stake to 97%. The life insurance arm showed significant improvement with a 59% jump in Value of New Business (VNB) and margins rising to 19%.
- Consolidated total income grew 24% YoY to ₹39,708 crore; Adjusted PAT grew 32% to ₹2,936 crore.
- Completed acquisition of 23% stake from Allianz SE in insurance subsidiaries on Jan 8, 2026, now holding 97%.
- Bajaj Life Insurance VNB surged 59% to ₹405 crore with New Business Margins (NBM) improving to 19%.
- Bajaj General Insurance maintained a healthy combined ratio of 97.9% and ROE above 22%.
- Bajaj Finance AUM grew 22.1% to ₹4,85,883 crore, despite a one-time accelerated ECL provision of ₹1,406 crore.
Bajaj Finserv has released the monthly business performance for its unlisted insurance subsidiaries for January 2026. Bajaj General Insurance reported a gross direct premium of ₹1,821.05 crore for the month, taking its year-to-date (YTD) total to ₹20,700.20 crore. Bajaj Life Insurance recorded new business premiums of ₹1,190.97 crore in January, with a cumulative YTD figure of ₹11,021.03 crore. These figures represent the ongoing operational scale of the company's core insurance verticals.
- Bajaj General Insurance Jan 2026 gross direct premium stood at ₹1,821.05 crore.
- Bajaj General Insurance cumulative YTD premium reached ₹20,700.20 crore.
- Bajaj Life Insurance Jan 2026 new business premium totaled ₹1,190.97 crore.
- Bajaj Life Insurance YTD new business premium (Apr-Jan) reached ₹11,021.03 crore.
- Individual non-single premium for Life Insurance was the largest monthly component at ₹632.83 crore.
Bajaj Finserv has informed the stock exchanges that the audio recording of its earnings conference call for the quarter and nine months ended December 31, 2025, is now available. The call was held on February 5, 2026, following the release of the company's financial results. This disclosure is part of the company's regulatory compliance under SEBI Listing Regulations. Investors can access the recording on the company's website to listen to management's commentary on the latest financial performance.
- Earnings conference call for Q3 FY2026 was conducted on February 5, 2026, at 10:00 a.m. IST.
- Audio recording of the proceedings is now accessible via the company's investor relations portal.
- The call focused on financial results for the quarter and nine-month period ending December 31, 2025.
- This follows the earlier submission of the investor presentation on February 4, 2026.
Bajaj Finserv delivered a strong operational performance in Q3 FY26 with consolidated revenue rising 23.9% to ₹39,708 crore. Adjusted PAT grew 31.6% to ₹2,936 crore, though reported PAT was flat at ₹2,229 crore due to ₹707 crore in one-time charges for accelerated ECL provisions and labor code adjustments. The company completed the acquisition of Allianz's 23% stake in its insurance subsidiaries, now holding 75.01% in both. Core subsidiaries Bajaj Finance and Bajaj Housing Finance maintained high AUM growth of 22% and 23% respectively.
- Consolidated Revenue increased 23.9% YoY to ₹39,708 crore for Q3 FY26.
- Adjusted PAT grew 31.6% to ₹2,936 crore, excluding one-time charges of ₹707 crore for ECL and labor codes.
- Bajaj Finance AUM grew 22.1% to ₹485,883 crore with a strengthened Provision Coverage Ratio (PCR) of 61%.
- Bajaj Life Insurance VNB surged 59.4% to ₹405 crore with record 16.4% new business margins.
- BFS successfully increased its stake in insurance subsidiaries to 75.01% following the exit of Allianz SE.
Bajaj Finserv's Board has approved the issuance of 27,36,768 equity shares to the Bajaj Finserv ESOP Trust to facilitate employee stock option exercises. The shares, with a face value of Re. 1 each, are being issued at an aggregate value of approximately Rs. 284.54 crore based on respective grant prices. This is a primary issuance, and the new shares will rank pari-passu with the existing equity shares of the company. Such issuances are standard practice for large Indian corporates to manage employee compensation and retention.
- Approval for issuance of 27,36,768 equity shares to the Bajaj Finserv ESOP Trust.
- Total issuance value amounts to approximately Rs. 284.54 crore.
- Shares are issued at a face value of Re. 1 each at respective grant prices.
- The issuance is a primary issue intended to meet the exercise of options by employees.
- New shares will rank pari-passu with existing equity shares in all respects.
Bajaj Finserv reported a standalone profit after tax of ₹0.62 crore for Q3 FY26, down from ₹10.69 crore in the same quarter last year. The company successfully completed the acquisition of Allianz SE's stake in its insurance subsidiaries on January 8, 2026, increasing its holding to 75.01% in both Bajaj General and Bajaj Life Insurance. Additionally, the company acquired the remaining 50% stake in Bajaj Financial Distributors for ₹12.50 crore, making it a wholly-owned subsidiary. The Board also approved the issuance of 27.36 lakh equity shares to the ESOP Trust.
- Standalone Total Income for Q3 FY26 stood at ₹71.04 crore versus ₹80.39 crore YoY.
- Standalone Profit After Tax (PAT) declined to ₹0.62 crore for the quarter ended December 31, 2025.
- Completed acquisition of 1.01% additional stake in insurance subsidiaries for ₹939.29 crore.
- Acquired 50% stake in Bajaj Financial Distributors Limited for ₹12.50 crore, terminating the Allianz JV.
- Board approved the issuance of 27,36,768 equity shares of Re. 1 face value to the ESOP Trust.
Bajaj Finserv reported a standalone profit of ₹0.62 crore for Q3 FY26, down from ₹10.69 crore in the previous year, largely due to the timing of dividend income from subsidiaries. A major strategic milestone was achieved with the completion of the acquisition of Allianz SE's stake in its insurance subsidiaries for ₹939.29 crore, raising its stake to 75.01%. Additionally, the company acquired the remaining 50% stake in Bajaj Financial Distributors, making it a wholly-owned subsidiary. The board also approved the issuance of 2.73 million equity shares to its ESOP trust.
- Standalone Total Income for Q3 FY26 stood at ₹71.04 crore versus ₹80.39 crore in Q3 FY25.
- Completed acquisition of additional stake in insurance arms for ₹939.29 crore; now holds 75.01% in both Life and General Insurance.
- Acquired 50% stake in Bajaj Financial Distributors Limited for ₹12.50 crore, making it a 100% subsidiary.
- Board approved the issuance of 27,36,768 equity shares of face value ₹1 to the Bajaj Finserv ESOP Trust.
- Standalone PAT for the nine-month period ended Dec 2025 reached ₹1,415.72 crore.
Bajaj Finserv Limited has announced the resignation of Shri Purav Jhaveri from his role as President - Investments, effective from the close of business hours on January 31, 2026. Shri Jhaveri is stepping down to pursue an external career opportunity. As a member of the Senior Management Personnel, his departure marks a transition in the company's investment leadership. The company has complied with SEBI Regulation 30 by disclosing this change to the stock exchanges.
- Shri Purav Jhaveri resigned as President - Investments effective January 31, 2026.
- The resignation is intended to allow the executive to pursue an external career opportunity.
- The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Bajaj Finserv Limited has announced its earnings conference call for the quarter and nine months ended December 31, 2025, scheduled for February 5, 2026, at 10:00 AM IST. The call will feature senior management from across the group, including the CFO of Bajaj Finserv and CEOs of the General Insurance, Life Insurance, Health, and Asset Management subsidiaries. This meeting is a standard procedure following the release of financial results to discuss performance and outlook with analysts and institutional investors. The session is being hosted by JM Financial Institutional Securities Limited.
- Conference call scheduled for Thursday, February 5, 2026, at 10:00 AM IST.
- Discussion will focus on financial results for the quarter and nine months ended December 31, 2025.
- Top leadership from Insurance, Health, and Asset Management verticals will be present for the Q&A.
- Universal dial-in numbers provided are +91-22-6280 1366 and +91-22-7115 8267.
- International toll-free access available for investors in the USA, UK, Singapore, and Hong Kong.
Bajaj Finserv Limited has successfully acquired the remaining 50% equity stake in Bajaj Financial Distributors Limited (BFDL) from its joint venture partner, Allianz SE. The transaction involved the purchase of 12,00,000 equity shares for a total consideration of INR 12.5 crore, making BFDL a wholly-owned subsidiary. Consequently, the joint venture agreement with Allianz SE for this entity has been terminated. Additionally, Bajaj Staffing Solutions Limited (BSSL) has now become an indirect wholly-owned subsidiary of the company.
- Acquired 12,00,000 equity shares representing the remaining 50% stake in BFDL
- Total purchase consideration for the acquisition is INR 12.5 crore
- BFDL and its subsidiary BSSL have become 100% owned subsidiaries of Bajaj Finserv
- Joint Venture agreement with Allianz SE for BFDL terminated effective 16 January 2026
Bajaj Finserv has filed its quarterly compliance certificate for the period ending December 31, 2025, as required by SEBI (Depositories and Participants) Regulations. The company's registrar, KFin Technologies, confirmed that all dematerialization requests were processed and confirmed within the statutory 15-day limit. The filing ensures that physical share certificates were properly mutilated and cancelled after being converted to electronic form. This is a standard administrative procedure to maintain accurate shareholding records and regulatory transparency.
- Compliance certificate issued for the quarter spanning October 1, 2025, to December 31, 2025.
- Confirmation that demat requests were handled within 15 days of receipt by the registrar.
- Security certificates were mutilated and cancelled immediately after due verification.
- Registrar KFin Technologies Limited verified the substitution of depository names in the register of members.
Bajaj Finserv, along with its promoter group companies, has successfully completed the acquisition of a 23% stake in its General and Life Insurance subsidiaries from Allianz SE for a total of ₹21,390 crore. This transaction increases the Bajaj Group's collective ownership to 97%, with Bajaj Finserv now holding a controlling 75.01% stake in both entities. The acquisition was funded entirely through internal accruals with no additional leverage, showcasing significant domestic capital strength. The remaining 3% stake held by Allianz is expected to be acquired via a buyback process by July 2026, marking a full transition to Indian ownership.
- Acquisition of 23% stake in Bajaj General and Bajaj Life Insurance for ₹12,190 Cr and ₹9,200 Cr respectively.
- Bajaj Finserv's direct stake in both insurance subsidiaries increases to 75.01%, ensuring full strategic control.
- Total Bajaj Group ownership reaches 97%, with the final 3% acquisition targeted by July 31, 2026.
- Transaction was fully funded by the Bajaj Group using domestic capital with zero leverage.
- Termination of the 24-year-old Joint Venture Agreement with Allianz SE effective January 8, 2026.
Financial Performance
Revenue Growth by Segment
Bajaj Finance (BFL) net total income grew 20% to INR 13,170 Cr. Bajaj General (BAGIC) Gross Written Premium (GWP) increased 9% to INR 6,413 Cr (13.6% growth excluding 1/n accounting impact). Bajaj Life (BALIC) GWP grew 28% driven by 30% renewal premium growth. Bajaj Health revenue grew 22%.
Geographic Revenue Split
The company maintains a pan-India presence with over 242,000 points of sale and 225,000 insurance agents across the country. Specific regional % splits are not disclosed in available documents.
Profitability Margins
Bajaj Life New Business Margin (NBM) expanded to 17.1% from 10.8% YoY. Bajaj General ROE remains above 20% (excluding surplus capital). Bajaj Finance PAT grew 23% to INR 4,948 Cr. Bajaj Life PAT fell 91% to INR 13 Cr due to a one-time INR 112 Cr GST impact.
EBITDA Margin
Core profitability for Bajaj Finance remains strong with a 23% PAT growth. Bajaj General combined ratio stood at 101.4%, flat YoY, impacted by higher acquisition costs in preferred business lines. Bajaj Life Value of New Business (VNB) grew 50% to INR 367 Cr.
Capital Expenditure
Bajaj Finserv has invested in 138 windmills with 65.2 MW aggregate capacity. The company launched a INR 5,000 Cr initiative 'Bajaj Beyond' for skilling 1 crore youth over 5 years. No specific quarterly CapEx INR value for Q2 FY26 was disclosed.
Credit Rating & Borrowing
Not disclosed in available documents; however, Bajaj Finance (BFL) and Bajaj Housing Finance (BHFL) are major subsidiaries with significant AUM of INR 4,62,000 Cr (up 24% YoY).
Operational Drivers
Raw Materials
Not applicable for financial services. Primary operational costs are interest expenses, acquisition costs (commissions), and technology expenses.
Key Suppliers
Not applicable for financial services. Key partners include banks and NBFCs for group protection and distribution.
Capacity Expansion
Bajaj Finance booked 1.2 Cr new loans in Q2 FY26, up 26% from 0.97 Cr. Bajaj Life AUM reached INR 1,32,060 Cr. Bajaj General AUM reached INR 35,000 Cr. Renewable energy capacity is 65.2 MW.
Raw Material Costs
Not applicable. Acquisition costs in General Insurance are a key driver, slightly impacting PAT growth (5% growth to INR 517 Cr) due to focus on preferred segments.
Manufacturing Efficiency
Bajaj Life achieved 100-125 bps margin expansion through cost optimization. Bajaj Markets demonstrated capital efficiency with no capital infusion since March 2022.
Logistics & Distribution
Distribution is driven by 7.8 Cr BFL App installs and a network of 242,000+ points of sale.
Strategic Growth
Expected Growth Rate
21-24%
Growth Strategy
Achieving growth through 'BALIC 2.0' focusing on retail protection (71% growth) and term protection (target 10% share in 2-3 years). Strategic acquisition of Allianz's 26% stake in insurance JVs to reach 100% ownership. Expansion into US and DIFC markets by 2025-2026.
Products & Services
Life insurance policies (Par, Non-par, ULIP, Term, Annuity), General insurance (Motor, Health, Preferred lines), Retail/Housing loans, and Asset Management services.
Brand Portfolio
Bajaj Finance, Bajaj Allianz (transitioning to Bajaj), Bajaj Health, Bajaj Markets, BajajTech.ai, Bajaj Finserv Securities, Bajaj Housing Finance.
New Products/Services
BajajTech.ai launched for technology services. Retail protection products grew 71% to INR 144 Cr. Group protection grew 23%.
Market Expansion
Planned US entry in 2026 and DIFC presence in 2025. Target to grow customer franchise from 10+ Cr in 2025 to 22+ Cr by 2030.
Market Share & Ranking
Bajaj General GDPI growth of 9.3% significantly outperformed the market growth of 1.8%. Bajaj Life VNB CAGR of 17% (FY20-25) is nearly 3x the industry average of 6%.
Strategic Alliances
Bajaj Group signed a Share Purchase Agreement (SPA) to acquire Allianz's 26% stake in insurance JVs. Partnered with 101 unique partners for Bajaj Markets.
External Factors
Industry Trends
Shift from ULIP-driven to multi-channel/multi-product insurers. Industry-wide persistency dips observed. Regulatory shift toward Risk-Based Capital (RBC) and IndAS implementation expected in 2-3 years.
Competitive Landscape
General insurance market is intensely price competitive. Bajaj General's 9.3% growth vs 1.8% market growth indicates strong competitive positioning.
Competitive Moat
Durable advantages include a massive distribution network (242k POS), high solvency ratios, and a diversified business model that allowed 24% AUM growth despite competitive pressures.
Macro Economic Sensitivity
Life insurance yields are sensitive to interest rate cycles; falling yields have reduced the attractiveness of Non-par guaranteed products.
Consumer Behavior
Increasing consumer expectation for digital-first experiences, addressed by 7.8 Cr BFL App installs and the Bajaj Markets discovery platform.
Geopolitical Risks
Not disclosed in available documents; focus is primarily on the Indian domestic market with planned US entry in 2026.
Regulatory & Governance
Industry Regulations
IRDAI mandated 1/n accounting for long-term products effective Oct 1, 2024. New surrender value regulations and upcoming Risk-Based Capital (RBC) norms are key regulatory headwinds.
Environmental Compliance
Targeting carbon neutrality (Scope 1 & 2) by FY32. Currently a net energy producer with 84 million units generated from wind energy.
Taxation Policy Impact
GST regulations applicable to Retail Life insurance products led to a loss of input tax credit, resulting in a INR 112 Cr impact on quarterly profitability.
Risk Analysis
Key Uncertainties
Brand transition risk following the exit of Allianz from insurance JVs. Regulatory uncertainty regarding GST and surrender charges. Persistency dips in specific insurance cohorts (impact % not specified).
Geographic Concentration Risk
Primarily concentrated in India; 100% of current revenue is domestic, with international expansion (US/DIFC) planned for 2025-2026.
Third Party Dependencies
Dependence on bank and NBFC partners for group protection growth. Bajaj Markets migrated to SFDC, indicating dependency on third-party CRM technology.
Technology Obsolescence Risk
Mitigated by migration to SFDC and cloud-native platforms. Bajaj Markets saw a planned de-growth (INR 164 Cr to INR 90 Cr) due to system migration risks.
Credit & Counterparty Risk
Bajaj Finance AUM of INR 4,62,000 Cr represents significant credit exposure; however, PAT grew 23%, indicating stable asset quality.