Bajaj Finserv Limited · NSE:BAJAJFINSV
Bajaj Finserv — Q3 FY2026 Earnings Presentation
115 slides from Bajaj Finserv's earnings presentation, Feb 4, 2026
Slide 1: Filing cover letter to BSE and NSE
4 February 2026 To To Corporate Relations Department. Corporate Listing Department. BSE Limited National Stock Exchange of India Ltd 1st Floor, New Trading Ring, Exchange Plaza, 5th Floor Rotunda Building, P J Tower, Plot No.C-1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Mumbai 400 001 Band
Slide 2: Investor Presentation – Q3 FY2026
BAJAJ FINSERV LIMITED Investor Presentation – Q3 FY2026* *Q3 of year ending 31 March 2026 Note: The insurance subsidiaries follow Ind-AS only for the purpose of consolidation with BFS and hence where standalone details given, they are on statutory 1 GAAP basis
Slide 3: Index
01. PERFORMANCE SUMMARY Q3 FY2026 02. BAJAJ FINSERV LIMITED – GROUP STRUCTURE AND STRATEGY 03. BAJAJ GENERAL INSURANCE LIMITED 04. BAJAJ LIFE INSURANCE LIMITED 05. EMERGING BUSINESSES INDEX a. b. BAJAJ FINSERV HEALTH LIMITED BAJAJ FINSERV DIRECT LIMITED (Marketplace and Tech) c. BAJAJ FINSERV ASSET
Slide 4: Performance Summary
PERFORMANCE SUMMARY Update for the quarter 3
Slide 5: Accelerated ECL provision by BFL and impact of New Labour Codes
Accelerated ECL provision by BFL and impact of New Labour Codes 1. During the quarter, to enhance balance sheet resilience, BFL has further strengthened its provisioning framework by implementing a minimum Loss Given Default (LGD) floor across all businesses. Accordingly, an accelerated ECL provisio
Slide 6: Bajaj Finserv – Performance summary Q3 FY2026 and 9M FY2026
Bajaj Finserv – Performance summary Q3 FY2026 and 9M FY2026 All Figures in ₹ Crore For the Quarter For the Period For the Period Particulars Q3 FY2026 Q3 FY2025 Growth 9M FY2026 9M FY2025 Growth FY2025 Total Revenue 39,708 32,042 23.9% 112,562 97,226 15.8% 133,822 (Consolidated) Adjusted Profit afte
Slide 7: Bajaj General – Performance summary Q3 FY2026
Bajaj General – Performance summary Q3 FY2026 [1/6] GROSS WRITTEN PREMIUM • Ranked 1st amongst private players in Q3 FY2026 on GPDI basis while maintaining market share ↑ 11.5% ₹ 7,389 Cr | Q3 FY26 ↑ 17.2% ₹ 4,266 Cr | Q3 FY26 • GDPI growth of 11.7% EX. CROP & GOVT TOTAL GWP ₹ 6,626 Cr | Q3 FY25 ₹ 3
Slide 8: Bajaj Life – Performance summary Q3 FY2026
Bajaj Life – Performance summary Q3 FY2026 [2/6] • Financial outcomes in line with our strategy REVENUE initiated mid last year – with focus on ‘sustainable and profitable growth’ • The VNB and New Business Margin (NBM at ↑ 23.5% ₹ 7,854 Cr | Q3 FY26 ↑ 19.9% ₹ 1,856 Cr | Q3 FY26 16.4%) are the highe
Slide 9: Bajaj Finance – Performance summary Q3 FY2026
Bajaj Finance – Performance summary Q3 FY2026 [3/6] • Core performance remained robust across REVENUE volume, AUM, Opex, Credit cost and Profitability • 1.39 crore new loans booked as against 1.21 Crore in Q3 FY 2025, growth of 15% ↑ 18.9% ₹ 13,875 Cr | Q3 FY26 ↑ 22.1% ₹ 485,883 Cr | Q3 FY263 NET TO
Slide 10: Bajaj Housing Finance – Performance summary Q3 FY2026
Bajaj Housing Finance – Performance summary Q3 FY2026 [4/6] REVENUE • A stable quarter with AUM growth of 23.2% ↑ 23.6% ₹ 1,153 Cr | Q3 FY26 ↑ 23.2% ₹ 133,412 Cr | Q3 FY26 driven by 32% increase in disbursements on YoY NET TOTAL ASSETS UNDER basis ₹ 933 Cr | Q3 FY25 MANAGEMENT ₹ 108,314 Cr | Q3 FY25
Slide 11: Bajaj Finserv Direct and Health – Performance summary
Bajaj Finserv Direct – Performance summary Q3 FY2026 [5/6] REVENUE PROFITABILITY NETWORTH ↓ 41.0% ₹ 88 Cr | Q3 FY26 ₹ (32) Cr | Q3 FY26- Adjusted1 ₹ 344 Cr | Q3 FY26 OPERATING PROFIT AFTER ₹ (39) Cr | Q3 FY26- Reported2 ↓ 31.0% REVENUE ₹ 149 Cr | Q3 FY25 TAX ₹ (03) Cr | Q3 FY25 ₹ 496 Cr | Q3 FY25 •
Slide 12: Bajaj AMC and Financial Securities – Performance summary
Bajaj AMC – Performance summary Q3 FY2026 [6/6] REVENUE ASSET UNDER PROFITABILITY MANAGEMENT ↑ 71.9% ₹ 18 Cr | Q3 FY26 ₹ (53) Cr | Q3 FY26 – Adjusted1 ₹ 30,250 Cr | Q3 FY26 OPERATING ₹ 10 Cr | Q3 FY25 PROFIT ₹ (56) Cr | Q3 FY26 – Reported2 ↑ 73.5% REVENUE ₹ (53) Cr | Q3 FY25 ₹ 17,434 Cr | Q3 FY25 AF
Slide 13: Bajaj Finserv Ltd.
> FINSERV BAJAJ A FINSERV BAJAJ FINSERV LTD. BAJAJ 12
Slide 14: Bajaj Group Structure
Bajaj Group Structure Bajaj Finserv Limited (Listed) 51.32%1 75.01%2 75.01%2 100% Bajaj Finance Limited (Listed) Bajaj Life Insurance Limited Bajaj General Insurance Limited Bajaj Finserv Health Limited 86.70% 100% 100% Bajaj Housing Finance Limited Bajaj Financial Securities Vidal Healthcare Servic
Slide 15: Finserv's Vision – diversified financial services group
Bajaj Finserv’s Vision – A diversified financial services group with a pan-India presence Financial Life Family, Health & Investment/ cycle needs of Individual, Asset acquisition Asset protection Income Wealth Retirement SME and Protection management corporate customers Loan (Personal, General Insur
Slide 16: Bajaj Finserv - An ecosystem of financial services
Bajaj Finserv - An ecosystem of financial services “Actively engage in strategy, planning and performance monitoring of our businesses with the objective of delivering sustainable profitable growth, achieving meaningful market share with effective use of capital thereby seeking to deliver superior s
Slide 17: Holistic growth pillars powering scalable and sustainable business
Bajaj Finserv – Holistic growth pillars powering scalable and sustainable business Deep and wide Diversified Product distribution Mix Technology and Data Operational Efficiency Analytics 16
Slide 18: Bajaj Finserv - Core strategic principles
Bajaj Finserv - Core strategic principles Broadening offerings to customers Deep complementary partnerships Prospect Prospect and exploit & exploit new new initiatives business lines • Strategic tie-ups: Airtel, SFDC • Expanding product suite: over 750 products • Crop and Government health insurance
Slide 19: Culture we drive – Purpose enabled through Leadership DNA
Culture we drive – Purpose enabled through Leadership DNA Purpose “A place where innovation, agility and ownership thrives, creating responsible leaders who build long term businesses with sustainable growth/profit, to delight our customers” Founder’s Ethos: Customer Develop & Growth Being Obsession
Slide 20: What is achieved so far
What is achieved so far……. BAJAJ FINANCE (NBFC) BAJAJ GENERAL (P&C and Health) BAJAJ LIFE (Life insurance) • One of the largest wealth generator, value of • 3rd largest P&C and Health insurer • Fastest growing Life Insurance company in ₹ 100 invested in 2000 = ₹ 261,950 in 2025 • Profitable since fi
Slide 21: Vast geographical and distribution reach
…… vast geographical and distribution reach 13 crore BAJAJ HOUSING • Over 15 BAJAJ FINANCE LIMITED customer base FINANCE LIMITED • Over 4,000 locations 4,052 Locations 178 Locations (Urban:1,535 | Rural:2,517 ) • Over 550,000 565,000 240,700+ POS 221 Branches distributors (Active point of sale) BAJA
Slide 22: Strong solvency and capital adequacy
……strong solvency and capital adequacy All Figures in ₹ Crore BAJAJ BAJAJ Solvency BFL BHFL* Total LIFE GENERAL Minimum capital adequacy/solvency margin 15% 150% 150% 15% Actual capital adequacy/solvency margin as on 31st Mar'2021 28% 666% 345% 21% Excess capital available 17,403 8,442 3,831 1,781 3
Slide 23: Significant growth trajectory across diverse businesses
……significant growth trajectory across diverse and sustainable businesses All Figures in ₹ Crore Particulars Growth for 5 YR 10 YR FY 2015 FY 2020 FY 2024 FY 2025 the year CAGR CAGR Bajaj Finserv Limited (Consolidated) Net total Income 18,051 54,347 110,383 133,822 21% 20% 22% Profit after tax 1,690
Slide 24: Bajaj Finserv Ltd.
> FINSERV BAJAJ m4 FINSERV BAJAJ BAJAJ FINSERV LTD. 23
Slide 25: Consolidated Revenue components – Q3 FY2026
Consolidated Revenue components – Q3 FY2026 All Figures in ₹ Crore Consolidated Revenue components for Q3 FY2026 (Ind AS) Revenue Mix ( Q3 FY2026) Intercompany adjustments -1% 0% Bajaj Finserv- 1% Standalone (468) 39,708 Others2 71 Bajaj Finserv Life -11% Insurance 400 General 9,289 Consolidated 23%
Slide 26: Consolidated Revenue components – 9M FY2026
Consolidated Revenue components – 9M FY2026 All Figures in ₹ Crore Consolidated Revenue components for 9M FY2026 (Ind AS) Revenue Mix ( 9M FY2026) Intercompany adjustments Bajaj Finserv- 1% -3% 2% Standalone (3,307) 112,562 Others1 2,007 Bajaj Finserv Life -10% Insurance 1,138 General Consolidated 2
Slide 27: Consolidated Profit components – Q3 FY2026 (before ECL and Labour Codes)
Consolidated Profit components – Q3 FY2026 (before Accelerated ECL provision and New Labour Codes) All Figures in ₹ Crore Consolidated profit components for Q3 FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 2,936 Standalone Bajaj Finserv Others2 (7) Consolidated Life Insurance 1 +32% Gene
Slide 28: Consolidated Profit components – Q3 FY2026 (after ECL and Labour Codes)
Consolidated Profit components – Q3 FY2026 (after Accelerated ECL provision and New Labour Codes) All Figures in ₹ Crore Consolidated profit components for Q3 FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 2,229 Standalone Bajaj Finserv Others2 (7) Consolidated Life Insurance 1 0% General
Slide 29: Consolidated Profit components – 9M FY2026 (before ECL and Labour Codes)
Consolidated Profit components – 9M FY2026 (before Accelerated ECL provision and New Labour Codes) All Figures in ₹ Crore Consolidated profit components for 9M FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 7,969 Standalone Bajaj Finserv Others3 (1,768)2 Consolidated Life 1,416 +23% Gener
Slide 30: Consolidated Profit components – 9M FY2026 (after ECL and Labour Codes)
Consolidated Profit components – 9M FY2026 (after Accelerated ECL provision and New Labour Codes) All Figures in ₹ Crore Consolidated profit components for 9M FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 7,262 Standalone Bajaj Finserv Others3 (1,768)2 Consolidated Life 1,416 +12% Genera
Slide 31: Bajaj General Insurance Ltd.
BAJAJ GENERAL INSURANCE LTD. 30
Slide 32: Bajaj General – Key Strategic Differentiators
Bajaj General – Key Strategic Differentiators STRATEGY Strive for market share growth in chosen business segments through a well-diversified product portfolio and multi- channel distribution supported by strong underwriting and prudent investments, seeking sustained profitability DIFFERENTIATORS L
Slide 33: Bajaj General – Key financial highlights Q3 and 9M FY2026
Bajaj General – Key financial highlights Q3 and 9M FY2026 All Figures in ₹ Crore For the Quarter For the Period FY 2025 Previous Particulars Q3 FY2026 Q3 FY2025 Growth 9M FY2026 9M FY2025 Growth Financial Year Gross Written Premium1 7,389 6,626 11.5% 19,004 17,257 10.1% 21,583 GWP excluding Crop 4,2
Slide 34: Bajaj General – Impact of 1/n accounting change
Bajaj General – Impact of 1/n accounting change All Figures in ₹ Crore Q3 FY2026 9M FY2026 FY2025 With 1/n Without With 1/n Without 1/n With 1/n Without 1/n Particulars impact 1/n impact impact impact impact impact Gross Written Premium 7,389 7,601 19,004 19,721 21,583 22,134 Gross Written Premium G
Slide 35: Bajaj General – Growth v/s Industry
Bajaj General – Growth v/s Industry; sustained market share in most competitive market All Figures in ₹ Crore GDPI Trend GDPI excluding Crop & Govt. health Trend FY2025 Growth Q3 FY2026 Growth 9M FY2026 Growth FY2025 Growth Q3 FY2026 Growth 9M FY2026 Growth Bajaj General 5% 12% 10% Bajaj General 8%
Slide 36: Bajaj General – Profit (PBT) waterfall 9M FY2026
Bajaj General – Profit (PBT) waterfall 9M FY2026 over 9M FY2025 All Figures in ₹ Crore 295 122 298 2,155 2,113 (523) (42) 1,963 UW Loss UW Loss ₹ 75 Crore ₹ 345 Crore Interest, Interest, Other Other Income and Income and Capital Capital Gains Gains ₹ 2,038 ₹ 2,458 Crore Crore PBT Higher Increase in
Slide 37: Bajaj General – Lowest invested capital, Superior ROE & Investment Performance
Bajaj General – Lowest invested capital, Superior ROE & Investment Performance All Figures in ₹ Crore Bajaj General - Capital Invested – Net ROE before impact of New Labour AUM Mix worth Codes (Annualized) No Capital infusion Accumulated profit 98% of Net 1% 1% 2% since FY2008 Worth as at 31 Dec 202
Slide 38: Bajaj General – Diversified product mix
Bajaj General – Diversified product mix to maintain competitive edge and performance over cycles BUSINESS MIX 8% 5% 6% 8% 7% 9% 14% 15% 19% 19% 37% 10% 36% 14% 9% 8% 17% 18% 17% 9% 6% 17% 11% 15% 12% 14% 16% 15% 9% 5% 9% 5% 4% 5% 5% 4% 29% 30% 28% 27% 29% 25% FY24 FY25 Q3 FY25 Q3 FY26 9M FY25 9M FY2
Slide 39: Bajaj General – Deep and wide distribution
Bajaj General – Deep and wide distribution with penetration across all geographies and lower concentration risk on any channel Amongst the largest and most balanced distribution network in the industry Channel Mix 6% 8% 4% 5% 5% 5% 36% 31% 36% 36% 48% 48% 35% 45% 36% 38% 3% 30% 28% 2% 1% 2% 1% 2% 10
Slide 40: Bajaj General – Product portfolio: Motor
Bajaj General – Product portfolio: Motor All Figures in ₹ Crore Type (Business Mix) FY2024 FY2025 Q3 FY2025 Q3 FY2026 9M FY2025 9M FY2026 Motor OD 46% 48% 48% 47% 51% 46% Motor TP 54% 52% 52% 53% 49% 54% Grand Total 100% 100% 100% 100% 100% 100% Product Mix (GWP) and Loss Ratio - Motor Motor OD 63.6
Slide 41: Bajaj General – Product portfolio: Health, PA and Travel
Bajaj General – Product portfolio: Health, PA and Travel All Figures in ₹ Crore Type (Business Mix) FY2024 FY2025 Q3 FY2025 Q3 FY2026 9M FY2025 9M FY2026 Retail 14% 14% 7% 8% 11% 11% Group (Employer-Employee & Others) 40% 41% 18% 17% 39% 38% Govt. Schemes 40% 41% 72% 73% 46% 46% Travel Insurance 3%
Slide 42: Bajaj General – Product portfolio: Commercial Lines and Others
Bajaj General – Product portfolio: Commercial Lines and Others All Figures in ₹ Crore Type (Business Mix) FY2024 FY2025 Q3 FY2025 Q3 FY2026 9M FY2025 9M FY2026 Fire 31% 36% 31% 33% 37% 38% Marine 4% 5% 4% 5% 5% 5% Engineering 5% 7% 7% 9% 7% 7% Liability 8% 10% 9% 8% 10% 11% Commercial Lines 48% 57%
Slide 43: Bajaj General – Customer obsession, 'Caringly yours'
Bajaj General – Customer obsession backed by “Caringly yours” theme Bajaj General Net Promoter Score1 Total Grievances2 per 10,000 New Policies 2.65 2.64 2.55 2.36 2.33 75 78 68 70 69 72 70 72 63 65 1.05 1.09 0.92 0.73 0.77 FY 21 FY 22 FY 23 FY 24 FY 25 FY22 FY23 FY24 FY25 H1 FY26 Health Motor Bajaj
Slide 44: Bajaj General – Key Investments in technology (1/2)
Bajaj General - Key Investments in technology with focus on all stakeholders (1/2) Digital Journey Metrics Digital Servicing @84.81 % (59.11% through Digital Policy Issuance @ 96% Digital Payment @97.30 % (Cash @0.13 %) AI BOTs) • 137.63 Million BOT • RPA for Issuance: messages exchanges Enabled 39
Slide 45: Bajaj General – Key Investments in technology (2/2)
Bajaj General - Key Investments in technology with focus on all stakeholders (2/2) Existing Digital Capabilities Enhanced & Scaled-up Website BAGICARE – CRM Bajaj General App1 Our website is now available in 7 different Omni channel experience via Customer 360 and Our Customer facing app remains amo
Slide 46: Bajaj General – Superior Risk management
Bajaj General – Superior Risk management 94.4% of the debt portfolio in AAA and sovereign assets and 86.9% of Equity in Nifty 50 stocks & Asset Quality 95% in BSE100 stocks Robust ALM position Superior underwriting capability leading to relatively low Combined Ratio Diversified exposure acro
Slide 47: Bajaj Life Insurance Ltd.
Se LIFE BAJAJ 8 ac 4 LIFE BAJAJ LIFE INSURANCE LTD. BAJAJ LIFE GOALS. DONE. 46
Slide 48: Bajaj Life – Key Strategic Differentiators
Bajaj Life – Key Strategic Differentiators STRATEGY Continued focus on sustainable and profitable growth by maintaining balanced product mix Business construct is to maximize customer benefits while gaining market share in retail space, maintaining shareholder returns and continued focus on increasi
Slide 49: Bajaj Life – Key financial highlights Q3 and 9M FY2026
Bajaj Life – Key financial highlights Q3 and 9M FY2026 All Figures in ₹ Crore For the quarter For the Period For the Period Particulars Q3 FY2026 Q3 FY2025 Growth 9M FY2026 9M FY2025 Growth FY2025 Retail weighted received 1,856 1,549 19.9% 4,961 4,738 4.7% 7,067 premium Retail Protection NB 159 108
Slide 50: Bajaj Life RWRP – Growth v/s industry
Bajaj Life RWRP – Growth v/s industry; RWRP in line with our plan All Figures in ₹ Crore RWRP Trend RWRP Trend RWRP Trend FY2025 Growth Q3 FY2026 Growth 9M FY2026 Growth Bajaj Life 12% 20,0 00 Bajaj Life 20% Bajaj Life 5% Pvt Market 15% Pvt Market 21% Pvt Market 13% 200 ,000 18,00 0 20,000 Overall I
Slide 51: Bajaj Life – Diversified channel mix
Bajaj Life – Diversified channel mix with strong focus on proprietary channels All Figures in ₹ Crore Whole Company Agency +12% 20% 5% +0% 8% (8%) 7,067 2,547 2,549 6,326 4,738 4,961 1,845 1,697 1,549 1,856 592 548 FY24 FY 25 Q3 FY25 Q3 FY26 9M FY25 9M FY26 FY24 FY 25 Q3 FY25 Q3 FY26 9M FY25 9M FY26
Slide 52: Bajaj Life – Stable product mix
Bajaj Life – Stable product mix with innovative product suite to maintain competitive edge and profitability Product Mix1 39% 45% 44% 44% 47% 44% 6% 4% 5% 5% 9% 11% 5% 6% 7% 6% 8% 24% 9% 21% 17% 18% 14% 17% 27% 24% 27% 23% 25% 22% FY24 FY 25 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Individual - Par Individua
Slide 53: Bajaj Life – Continuous focus on increasing protection
Bajaj Life – Continuous focus on increasing protection to drive growth and profitability All Figures in ₹ Crore Retail Protection (NBP) Group Protection (NBP) 2 YR CAGR – 72.5% 56% 2 YR CAGR – 5.0% 14% 2,616 412 393 2,371 2,315 2,235 1,968 264 241 168 FY 23 FY 24 FY 25 9M FY25 9M FY26 FY 23 FY 24 FY
Slide 54: Bajaj Life – Capital and Assets under Management
Bajaj Life – Capital and Assets under Management All Figures in ₹ Crore Net worth AUM AUM (Mix) - Non Unit Linked 6% 24% Corporate 13% Bonds No Capital Accumulated profit 138,027 infusion since 89% of Net Worth as G-sec FY08 on 31 Dec 2025 123,734 122,023 Equity 109,829 Others 11,139 10,899 10,904 1
Slide 55: Bajaj Life – VNB & NBM update
Bajaj Life – VNB & NBM update All Figures in ₹ Crore Q3 Q3 Change 9M 9M Change Rolling1 Rolling1 Change Particulars FY2026 FY2025 (%) FY2026 FY2025 (%) FY2026 FY2025 (%) Annualized Premium (ANP)2 2,131 1,685 26.0% 5,590 5,455 2.0% 8,076 8,109 (0.4%) Value of New Business (VNB)3 405 254 59.0% 917 603
Slide 56: Bajaj Life - VNB and NBM Walk
Bajaj Life - VNB and NBM Walk All Figures in ₹ Crore 53 1,014 358 917 (97) 603 NBM NBM 18.1% NBM 16.4% 11.0% New Business mix and Net VNB - 9M FY2026 Net VNB - 9M FY2026 Net VNB - 9M FY2025 Profile Business Volume (before GST impact) GST Impact NBM - New Business Margin, VNB – Value of New Business
Slide 57: Bajaj Life – Enhanced business quality and persistency
Bajaj Life – Focus on enhanced business quality backed by enhanced customer segments For the Period ended 31st Dec 2025 Persistency 13th Month Persistency 25th Month 74% 73% 74% 84% 83% 84% 72% 73% 82% 82% FY23 FY24 FY 25 9M FY25 9M FY26 FY23 FY24 FY 25 9M FY25 9M FY26 Persistency 37th Month Persist
Slide 58: Bajaj Life Contextual Innovation: Data, Tech and AI
Bajaj Life Contextual Innovation: Data, Tech and AI in everything Customer & Business Enablement Login & Underwriting Distributor Servicing Tech Smart Coach Gen AI DIGI 2.0 Tech Smart Pitch Gen AI Marketing Assist • End to end digital application • Gen AI powered platform to boost • All-in-one platf
Slide 59: Bajaj Life – Faster issuances, claim settlement and FTR
Bajaj life – Focusing on faster issuances, claim settlement and driving FTR 91.4% 45 per 10k policies 79.3% Digital Adoption1 Grievance Incidence Rate Digital Self Servicing2 92.8% Electronic Payout 98.60% 15.8 lakhs 15.48 lakhs Retail Claim Settlement transactions Ratio Unique WhatsApp Users Custom
Slide 60: Bajaj Life – Superior Risk Management
Bajaj Life – Superior Risk Management Asset Quality 97.7% of the debt portfolio in AAA and sovereign assets and 80.0% Equity in NSE100 stocks Prudent assumptions built in product pricing Product Pricing Stress and multi - scenario testing of pricing Regular review of pricing based on prevail
Slide 61: Bajaj Finserv Health Ltd.
z HEALTH BAJAJ BAJAJ FINSERV HEALTH LTD. 60
Slide 62: Market Opportunity in Healthcare Ecosystem & Commercial Flows
Market Opportunity in Healthcare Ecosystem & Commercial Flows • Indian Healthcare Expenditure at ₹ 7.4 lakh crore, 3.73% of GDP and ₹ 5,436 per capita • One of the largest spend categories but highly fragmented • Over ₹ 19,314 bn total addressable market present Internationally for products and outs
Slide 63: Bajaj Finserv Health – Key Strategic Differentiators
Bajaj Finserv Health – Key Strategic Differentiators STRATEGY Digital first Health Tech company providing differentiated products & services on a digital platform to all Payers like Insurers, Corporates, Government and more, through bilateral network arrangement with all Providers Cover Wellness, Ou
Slide 64: Digital first Health Tech Company providing differentiated products & services
Bajaj Finserv Health – Digital first Health Tech Company providing differentiated products & services on a digital platform Bajaj Finserv Health only player to offer integrated OPD, IPD and Wellness experience from same platform. With new capabilities and services to solve for challenges in the heal
Slide 65: Bajaj Finserv Health + Vidal Health Landscape
Bajaj Finserv Health + Vidal Health Landscape – Providing Continuum of Care Bajaj Finserv Health & Vidal Health1 TPA Services Services to TPA Services TPA Services – Ayushman OPD Services International – Corporate – Retail Bharat Insurers • PUM of ₹ • PUM of ₹1,395 • PUM of ₹450 • GMV of ₹ 2,285 3,4
Slide 66: Progress on Health Service Canvas
Bajaj Finserv Health - Progress on Health Service Canvas With Vidal Health, the company have created 20 services from Preventive to Tertiary Care, thus providing continuum of care through Network Ownership and Consumer Experience Preventive (6 Services) Primary (6 Services) Secondary (3 Services) Te
Slide 67: Business segments aligning towards Integrated Healthcare Platform
Bajaj Finserv Health – Business segments aligning towards Integrated Healthcare Platform Align the operations into 6 vertical business segments, having differentiated products and distinct go to market strategy to deliver value to stakeholders Employer-Employee Services to Govt Retail Products to Va
Slide 68: Bajaj Finserv Health - Consumer Stack Metrics
Bajaj Finserv Health - Consumer Stack Metrics Healthcare Transactions1 Key Developments for Q3 FY2026 • Company has built strong network supporting business• 5,922,085 5,939,222 5,332,283 5,612,329 Hospitals – 15,918 545,874 533,182 1,036,076 1,015,189 584,387 605,095 Doctors – 133,581 451,203 457,2
Slide 69: Bajaj Finserv Health – Key financial highlights Q3 and 9M FY2026
Bajaj Finserv Health – Key financial highlights Q3 and 9M FY2026 All Figures in ₹ Crore Particulars Q3 FY2026 Q3 FY2025 9M FY2026 9M FY2025 FY2025 Total Income 286 234 814 674 892 PAT before impact of New Labour (42) (40) (117) (121) (166) Codes PAT after impact of New Labour (49) (40) (124) (121) (
Slide 70: Bajaj Finserv Direct Ltd. – Bajaj Markets & Technology Services
Bajaj Finserv Direct Ltd. Bajaj Markets & Bajaj Technology Services 69
Slide 71: BFSD Market Opportunity – Marketplace and digital technology services
BFSD Market Opportunity - Why ‘Marketplace and digital technology services’ amongst BFSI manufacturers in the group? Product-out Earns from product sales and B2C Offers manufactured lending & payment products owns inventory Caters to shareholders most efficiently by: Operating with the best risk Ext
Slide 72: Bajaj Markets – BFSI Marketplace
Bajaj Markets – BFSI Marketplace STRATEGY To become a profitable, AI first platform that connects Indian consumers with the widest choice of BFSI products & manufacturers, delivering seamless omnichannel experiences to become the de-facto financial services marketplace in India. DIFFERENTIATORS • Op
Slide 73: Bajaj Markets – Diversified Marketplace
Bajaj Markets – Diversified Marketplace Open Architecture Supply- side Demand-side Marketplace Choice of manufacturers Digital Platform Traffic 100+ Brands (Banks, FIs, Website & App | API-in-a-box with 236+ MM yearly traffic Insurance Companies & AMCs) embedded rule engine 41+ MM App Installs Choic
Slide 74: Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience
Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience Category Partners Bank 9 Banks NBFC 22 Fintech 29 HFC 7 Insurance 19 VAS 5 NBFCs Broker 9 ONDC 1 Total 101 Vertical Partners Fintechs Lending 60 Cards 6 Insurance 19 Investment 1 Insurance VAS 5 Companies Securities 9 ONDC 1 Unique Partne
Slide 75: Bajaj Technology Services
Bajaj Technology Services STRATEGY Become an AI first, large scale, profitable global tech business backed by group’s collective strengths, delivering domain led enterprise solutions. 8 Practices to address business needs of BFSI industry basis strong domain & technology expertise : Experience, Co
Slide 76: Bajaj Finserv Direct – Key financial highlights Q3 and 9M FY2026
Bajaj Finserv Direct – Key financial highlights Q3 and 9M FY2026 All Figures in ₹ Crore Q3 FY2026 Q3 FY2025 9M FY2026 9M FY2025 FY2025 Total Income 94 156 275 455 598 PAT before impact of New Labour Codes (32) (3) (127) (32) (50) PAT after impact of New Labour Codes (39) (3) (134) (32) (50) Capital
Slide 77: Bajaj Finserv Asset Management Ltd.
Bajaj Finserv Asset Management Ltd. 76
Slide 78: Capitalize on the Bajaj Finserv brand in India's mutual fund industry
Capitalize on the Bajaj Finserv brand to penetrate a well-established MF industry through Differentiators Growth Outlook Market Opportunity Future Scalability Retail Investors AUM Growth AUM to GDP 140% (in Crore) (‘000 Crore) 2024 2047 Growth 5.33 6,836 2.7x 2.8x 79% Total AUM (‘Lakh Crore) 53.4 27
Slide 79: Bajaj Finserv AMC - Key Strategic Pillars
Bajaj Finserv AMC - Key Strategic Pillars Equity schemes to have clear and differentiated investment strategies to create long term wealth for the investors Differentiated High Credit Quality investments in Fixed Income schemes to ensure Products safety and mitigate risk. Launch of Passive in
Slide 80: Bajaj Finserv AMC - Key financial highlights Q3 and 9M FY2026
Bajaj Finserv AMC - Key financial highlights Q3 and 9M FY2026 All Figures in ₹ Crore Bajaj AMC Q3 FY2026 Q3 FY2025 9M FY2026 9M FY2025 FY2025 Total Income 18 10 47 27 40 PAT before impact of New Labour Codes (53) (53) (161) (154) (220) PAT before impact of New Labour Codes (56) (53) (164) (154) (220
Slide 81: Bajaj Finserv AMC – Equity funds with differentiated strategies
Bajaj Finserv AMC – Equity (+Equity oriented) funds with differentiated strategies: Investment with Intent Category Investment Strategy Style Flexi Cap Megatrends Growth Investing Large and Mid Moat Investing Quality Investing Balanced Advantage Fundamental + Sentiment Indicator Active Allocation (B
Slide 82: Bajaj Finance Ltd.
ee Zz FINANCE BAJA. a4 FINANCE BAJAJ BAJAJ FINANCE LTD. 81
Slide 83: BFL – Key Strategic Differentiators
BFL – Key Strategic Differentiators STRATEGY Diversified financial services strategy seeking to optimize risk and profit, to deliver a sustainable business model and deliver a sustainable ROA of 4.3%-4.7% and ROE of 19%-21% in the long term Focused on continuous innovation to transform customer expe
Slide 84: BFL – Consolidated Key financial highlights (before ECL provision)
BFL – Consolidated Key financial highlights Q3 and 9M FY2026 (before Accelerated ECL provision and New Labour Codes impact) All Figures in ₹ Crore For the For the quarter For the Period period Particulars Q3 FY2026 Q3 FY2025 Growth 9M FY2026 9M FY2025 Growth FY2025 AUM 485,883 398,043 22.1% 485,883
Slide 85: BFL – Consolidated Key financial highlights (after ECL provision)
BFL – Consolidated Key financial highlights Q3 and 9M FY2026 (after Accelerated ECL provision and New Labour Codes impact) All Figures in ₹ Crore For the For the quarter For the Period period Particulars Q3 FY2026 Q3 FY2025 Growth 9M FY2026 9M FY2025 Growth FY2025 AUM 484,477 398,043 21.7% 484,477 3
Slide 86: BFL – Key performance highlights: Q3 FY2026
BFL – Key performance highlights: Q3 FY2026 Number of new loans booked in Q3 F2026 was at 1.39 Crore as against 1.21 Crore in Q3 FY2025, a growth of 15% In Q3, the Company added 48 Lakh new customers to its franchise. The Company expects to add 1.7-1.8 Crore new customers to its franchise in FY2
Slide 87: BFL – Cross selling and customer franchise growth
BFL – Strong focus on cross selling to existing customers and increase in customer franchise Q3 FY2025 Q3 FY2026 Q2 FY2026 9.71 Crore Total Franchise 11.54 Crore 11.06 Crore 8.03 Crore Credit segment filter 9.82 Crore 9.43 Crore 7.77 Crore Overall Cross sell franchise 9.41 Crore 9.05 Crore Non delin
Slide 88: Bajaj Housing Finance Ltd.
BAJAJ HOUSING FINANCE LTD. 87
Slide 89: BHFL – Key Strategic Differentiators
BHFL – Key Strategic Differentiators STRATEGY Focus on building scalable balance sheet with reasonable ROE DIFFERENTIATORS Creation of low-risk scalable balance sheet Low Risk Business Model Prime Housing and Lease Rental Discounting to act as Anchor Products Balanced portfolio mix between products,
Slide 90: BHFL – Key financial highlights Q3 and 9M FY2026
BHFL – Key financial highlights Q3 and 9M FY2026 All Figures in ₹ Crore For the quarter For the Period For the Period Particulars Q3 FY2026 Q3 FY2025 Growth 9M FY2026 9M FY2025 Growth FY2025 AUM 133,412 108,314 23.2% 133,412 108,314 23.2% 114,684 Net total Income 1,153 933 23.6% 3,262 2,639 23.6% 3,
Slide 91: Environmental, Social and Governance – ESG
Environmental, Social and Governance – ESG (Towards a sustainable Future) 90
Slide 92: ESG – Our focus area
ESG – Our focus area The ambit of ESG is wide and evolving. It is our firm belief that to achieve our ESG objectives and have a greater impact, we need to be focused on identified areas rather than spreading wide. Accordingly, in our Responsible and Sustainable Business Conduct policy, we have ident
Slide 93: ESG - Key initiatives
ESG - Key initiatives ESG is not just the right thing to do, it is what will shape a better tomorrow for all BFL new to credit customers - 6.7 MM Responsible Investment BFL MFI branches – 418 covering 345k Insurance portfolios exceeded the Financial women customers Governance 80% target for responsi
Slide 94: CSR Update
CSR Update OUR COMMITMENT Through Bajaj Beyond, Bajaj Group companies have committed 5,000 crore over five years towards social impact programs, with the goal of impacting 2 crore individuals Child Youth Skilling Development Pune City INCLUSION FOR PERSONS GRANT MAKING EDUCATION HEALTH PROTECTION WI
Slide 95: Annexures
> FINSERV BAJAJ 4 FINSERV BAJAJ Annexures 94
Slide 96: India and BFSI opportunity
India and BFSI opportunity Fastest growing; opportunity for every household 95
Slide 97: India is digitising rapidly
India is digitising rapidly Rising Income India Stack Powered the 1.436 Bn Aadhaar generated 21.63 Bn monthly Financial Inclusion transactions – Dec 2025 Investment in Technology Fintech Market to reach USD 422 ONDC facilitated more than to reach USD 500 billion in billion by 2029 350 million transa
Slide 98: Indian Life Insurance Market – Growth Opportunity
Indian Life Insurance Market – Growth Opportunity Insurance Penetration as a % of GDP Life Insurance Density (US$) 7.5% 6.5% 5,923 6.4% 4.2% 3.8% 2.7% 2.7% 2,539 2.4% 2,084 1,501 448 313 201 72 Taiwan Singapore Japan South Malyasia China Thailand India Singapore Taiwan Japan South Malyasia China Tha
Slide 99: Indian Non-Life Insurance Market – Large Addressable Market
Indian Non- Life Insurance Market – Large Addressable Market Insurance Penetration as a % of GDP 5.3% 3.2% 2.3% 2.0% 1.9% 1.7% 1.5% 1.0% South Korea Taiwan Thailand Japan China Singapore Malyasia India Non Life Insurance Density (US$) 1,894 1,545 1,075 654 245 175 170 25 South Korea Singapore Taiwan
Slide 100: Others
> FINSERV BAJAJ <6 Ya FINSERV Others BAJAJ 99
Slide 101: Bajaj General – Product Suite
Bajaj General – Product Suite Personal Commercial SME Rural Partnerships (Group / • Motor Pvt Car & 2 Wheelers - Motor Insurance Property Rural & Agriculture Government) Standalone OD and Package • Commercial vehicle Insurance • Fire & Allied Perils (up to 5 • Parametric Index Based Health & Travel
Slide 102: Bajaj Life – Product Suite
Bajaj Life – Product Suite Long Term Mortality (Life protection) Wealth Longevity Morbidity (Retirement (Health planning) protection) 101
Slide 103: BFL and BHFL – Product Suite
BFL and BHFL – Product Suite BAJAJ FINANCE LIMITED Consumer SME Commercial Rural Deposits Payments Partnerships & 1. Loan against securities 1. Consumer Durable Services 1. Unsecured Working 1. Retail Term Issuance 1. Consumer Durable Capital Loans Loans 1. Life Insurance 2. IPO financing Deposits 1
Slide 104: Bajaj General Key Financial Metrics v/s Industry
Bajaj General Key Financial Metrics v/s Industry – Outperformance All Figures in ₹ Crore GWP Combined Ratio Cumulative PAT (5 Yr CAGR) (5 Yr Avg.) (5 Yr Avg.) 11.0% 99.9% 7,400 Crore Industry 9.6% Industry 116.8% Industry 10,596 Crore 3rd largest general insurer grown Consistently maintaining pruden
Slide 105: Bajaj General – Performance by lines of business: GDPI
Bajaj General – Performance by lines of business: GDPI GDPI Growth Line of Business Q3 FY2026 Q3 FY2026 9M FY2026 9M FY2026 Bajaj General Industry Bajaj General Industry Commercial Lines1 7.2% 14.1% 14.6% 15.4% Motor OD 21.0% 11.5% 8.1% 7.7% Motor TP 24.1% 10.5% 29.5% 9.7% Motor Total 22.6% 10.9% 18
Slide 106: Bajaj General – Performance by lines of business: Loss ratio
Bajaj General – Performance by lines of business: Loss ratio Net Loss Ratio Line of Business Q3 FY2026 Q3 FY2025 9M FY2026 9M FY2025 Fire 30.1% 19.1% 48.9% 60.3% Marine Cargo 77.3% 57.3% 82.8% 73.2% Engineering 23.5% 24.6% 57.4% 41.6% Motor OD 74.7% 65.5% 73.5% 66.6% Motor TP 65.0% 84.5% 61.2% 77.0%
Slide 107: Bajaj General Loss Triangle: Whole Account – Ultimate Net Loss Cost
Bajaj General Loss Triangle: Whole Account Excluding IMTPIP on Net Basis as at 31 March 2025 – Ultimate Net Loss Cost Re-estimate All Figures in ₹ Crore Accident Year Cohort 3/31/2015 and Particulars 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25
Slide 108: Bajaj General Loss Triangle: Whole Account – Cumulative Payment
Bajaj General Loss Triangle: Whole Account Excluding IMTPIP on Net Basis as at 31 March 2025 – Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 3/31/2015 and Particulars 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 before A] Ultima
Slide 109: Bajaj General Loss Triangle: Motor TP – Ultimate Net Loss Cost
Bajaj General Loss Triangle: Motor TP Excluding IMTPIP on Net Basis as at 31 March 2025 – Ultimate Net Loss Cost Re-estimate All Figures in ₹ Crore Accident Year Cohort 3/31/2015 and Particulars 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 befor
Slide 110: Bajaj General Loss Triangle: Motor TP – Cumulative Payment
Bajaj General Loss Triangle: Motor TP Excluding IMTPIP on Net Basis as at 31 March 2025 – Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 3/31/2015 and Particulars 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 before A] Ultimate Ne
Slide 111: Bajaj General Loss Triangle: IMTPIP reserving
Bajaj General Loss Triangle: IMTPIP reserving All Figures in ₹ Crore • The IMTPIP came to operation on 1st April 2007 exclusively for third party claims in respect of commercial vehicles. All insurers registered to carry on non-life insurance business including motor business were automatically requ
Slide 112: Bajaj Life – Key Financial Metrics v/s Industry
Bajaj Life – Key Financial Metrics v/s Industry: Fastest growth All Figures in ₹ Crore GWP RWRP Solvency Margin (5 Yr CAGR1) (5 Yr CAGR1) (FY 2025) 23% 30% 359% Industry 9% Industry 10% Industry 180%-200% Growth thrice the industry Growth thrice the industry Highest solvency ratio among the peers, w
Slide 113: Bajaj Life – Growth across key metrics
Bajaj Life – Growth across key metrics All Figures in ₹ Crore New Business Renewals GWP 14,867 27,160 CAGR – 18% CAGR – 27% CAGR – 23% 12,293 23,043 11,494 11,549 10,738 19,461 9,136 8,724 16,127 6,313 6,991 12,025 5,712 FY21 FY22 FY23 FY24 FY 25 FY21 FY22 FY23 FY24 FY 25 FY21 FY22 FY23 FY24 FY 25 V
Slide 114: Thank You
Z FINSERV BAJAJ Thank You 113
Slide 115: Disclaimer
Disclaimer This presentation has been prepared by Bajaj Finserv Limited (the “Company”) solely for your information and for your use. This presentation is for information purposes only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any s