Bajaj Finserv Ltd. has released a business update ahead of its December quarter earnings. Its subsidiary, Bajaj Allianz General Insurance Co., reported a general insurance premium of Rs 1,331 crore for the month, while another subsidiary, Bajaj Allianz Life Insurance Co., recorded a total life insurance premium of Rs 1,055 crore.
For the April–December period of the current fiscal, the cumulative premium of the general insurance arm stood at Rs 17,112.4 crore. During the month, the company reported an individual single premium of Rs 39.2 crore, an individual non-single premium of Rs 648.3 crore and a group single premium of Rs 312 crore.
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The company's audited results will be announced on Jan. 30, according to information available on the BSE.
For the April-December 2024 period, the company reported an individual single premium of Rs 492.5 crore, an individual non-single premium of Rs 4,688.7 crore, and a group single premium of Rs 2,838.72 crore, bringing the total premium to Rs 8,503.9 crore.
In the second quarter ended September 2024, Bajaj Finserv's consolidated net profit rose 8% year-on-year to Rs 2,087 crore, while sequentially, the profit increased by 13%. The company's total income during the quarter rose 30% to Rs 33,704 crore.
Meanwhile, Bajaj Allianz Life Insurance Co. reported a 14% rise in new business premiums to Rs 3,202 crore.
Shares of Bajaj Finserv closed 0.97% down at Rs 1,684.60 apiece on the National Stock Exchange, compared to a 1.62% decline in the benchmark Nifty 50. The share price has fallen 0.69% in the last 12 months.
Eight out of the 11 analysts tracking the insurance company have a 'buy' rating on the stock, one recommends 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 8.5%.
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