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ICICI Direct Report
Bajaj Finserv Ltd.'s consolidated topline declined 2% YoY to Rs 13,949 crore, due to muted performance in lending business and higher re-insurance ceded.
Elevated provisioning in lending business and higher Covid-19 claims impacted Bajaj Finserv's earnings, which fell 31% YoY to Rs 833 crore.
In general insurance, gross written premium rose 9% YoY to Rs 2,494 crore. Growth in two-wheeler, four-wheeler remained strong at 23%, 10.3% YoY, respectively.
On claims, frequency in motor own damage claims remained slower compared to Q1 FY21. Motor third party claims settlement stayed moderate owing to lockdown.
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