Bajaj Finserv Limited · NSE:BAJAJFINSV
Bajaj Finserv — Q2 FY2026 Earnings Presentation
111 slides from Bajaj Finserv's earnings presentation, Nov 11, 2025
Slide 1: Exchange cover letter for investor presentation
11 November 2025 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 Ban
Slide 2: Bajaj Finserv Limited Investor Presentation – Q2 FY2026
BAJAJ FINSERV LIMITED Investor Presentation – Q2 FY2026* *Q2 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 Q2 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: Bajaj Finserv – Performance summary Q2 FY2026 and H1 FY2026
Bajaj Finserv – Performance summary Q2 FY2026 and H1 FY2026 All Figures in ₹ Crore For the Quarter For the Period For the Period Particulars Q2 FY2026 Q2 FY2025 Growth H1 FY2026 H1 FY2025 Growth FY2025 Total Revenue 37,403 33,704 11% 72,854 65,184 12% 133,822 (Consolidated) Profit after tax (PAT) *
Slide 6: Performance summary Q2 FY2026 [1/5]
Bajaj Finserv – Performance summary Q2 FY2026 [1/5] All Figures in ₹ Crore General Insurance Life Insurance NBFC (Consolidated) Housing Finance Gross Written Premium RWRP AUM Growth 6,413 1,850 462,261 126,749 9.2% Y-O-Y^ (Excl. 1/n 13.6%) (2%) Y-o-Y 24 % Y-o-Y 24 % Y-o-Y Combined Ratio Gross Writte
Slide 7: Performance summary Q2 FY2026 [2/5]
Bajaj Finserv – Performance summary Q2 FY2026 [2/5] All Figures in ₹ Crore Marketplace and Tech Healthtech and TPA Stock Broking Asset Management Services Services Revenue from Operations Revenue from Operations Revenue from Operations Revenue from Operations 133 83 285 14.1 10 % Y-o-Y (47%) Y-o-Y 2
Slide 8: Performance summary Q2 FY2026 [3/5]
Bajaj Finserv – Performance summary Q2 FY2026 [3/5] • Consolidated Revenue growth of 11 % and a PAT growth at 8% (PAT and Revenue growth gross of MTM losses of Insurance Companies at 12% and 14% respectively) BFS • Update on SPA with Allianz – Names change for both Insurance Companies executed post
Slide 9: Performance summary Q2 FY2026 [4/5]
Bajaj Finserv – Performance summary Q2 FY2026 [4/5] • Company rebranded as Bajaj Life Insurance Limited (Bajaj Life) • Bajaj Life 2.0 initiated in H2 of FY2025 with focus on ‘sustainable and profitable growth’ - Outcomes in Q2 as per our plan - Topline (flat) and VNB (growth)/NBM (expansion) • NBM u
Slide 10: Performance summary Q2 FY2026 [5/5]
Bajaj Finserv – Performance summary Q2 FY2026 [5/5] • The Company witnessed strong momentum during festive season across portfolio, especially Consumer Finance business supported by GST reforms and changes in personal income tax • A good quarter on volume, AUM, Opex, Profitability, ROA and ROE Bajaj
Slide 11: Bajaj Finserv Group Structure and Strategy
> FINSERV BAJAJ EAM FINSERV BAJAJ FINSERV LTD. BAJAJ 10
Slide 12: Bajaj Group Structure
Bajaj Group Structure Bajaj Finserv Limited (Listed) 51.32%1 74%^ 74%^ 100% Bajaj Finance Limited (Listed) Bajaj Life Insurance Limited Bajaj General Insurance Limited Bajaj Finserv Health Limited 88.70% 100% 100% Bajaj Housing Finance Limited Bajaj Financial Securities Vidal Healthcare Services Pvt
Slide 13: Bajaj Finserv's Vision – A 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 14: 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 15: 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 14
Slide 16: 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 • Expanding product suite: over 750 products • Strategic tie-ups: Airtel, SFDC • Crop and Government health insurance
Slide 17: 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 18: 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 19: Vast geographical and distribution reach
…… vast geographical and distribution reach BAJAJ HOUSING • Over 13 crore BAJAJ FINANCE LIMITED customer base FINANCE LIMITED • Over 4,000 locations 4,039 Locations 176 Locations (Urban: 1,539 | Rural: 2,500) • Over 550,000 241,550+ POS 220 Branches distributors (Active point of sale) BAJAJ LIFE INS
Slide 20: 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% Estimated excess capital available 17,403 8,442 3,8
Slide 21: Significant growth trajectory across diverse and sustainable 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 22: Bajaj Finserv Ltd. Consolidated
> FINSERV BAJAJ 4 FINSERV BAJAJ BAJAJ FINSERV LTD. 21
Slide 23: Consolidated Revenue components – Q2 FY2026
Consolidated Revenue components – Q2 FY2026 All Figures in ₹ Crore Consolidated Revenue components for Q2 FY2026 (Ind AS) Revenue Mix ( Q2 FY2026) Intercompany adjustments -5% 4% Bajaj Finserv- 1% Standalone (1,942) 1,481 37,403 Life Others1 (+21%) Bajaj Finserv Insurance 388 General 8,047 Insurance
Slide 24: Consolidated Revenue components – H1 FY2026
Consolidated Revenue components – H1 FY2026 All Figures in ₹ Crore Consolidated Revenue components for H1 FY2026 (Ind AS) Revenue Mix (H1 FY2026) Intercompany 3% 1% -4% Bajaj Finserv- adjustments Standalone (2,839) 72,854 Others1 1,936 Bajaj Finserv Life (-10%) Insurance 738 General 15,500 Consolida
Slide 25: Consolidated Profit components – Q2 FY2026
Consolidated Profit components – Q2 FY2026 (BFS share) Consolidated profit components for Q2 FY2026 (Ind AS) # All Figures in ₹ Crore Intercompany Bajaj Finserv- adjustments 2,244 Standalone Bajaj Finserv Others1 (1,391)$ Consolidated Life 1,085 Insurance (+8%) General (+19%) (136) Excluding Insuran
Slide 26: Consolidated Profit components – H1 FY2026
Consolidated Profit components – H1 FY2026 (BFS share) Consolidated profit components for H1 FY2026 (Ind AS) # All Figures in ₹ Crore Intercompany adjustments 5,033 Bajaj Finserv- Bajaj Finserv Standalone Consolidated Life Others1 (1,760)$ 1,415 (+19%) General Insurance (-8%) Excluding Insurance (27
Slide 27: Bajaj General Insurance Ltd.
BAJAJ GENERAL INSURANCE LTD. 26
Slide 28: 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 ▪
Slide 29: Bajaj General – Key financial highlights Q2 and H1 FY2026
Bajaj General – Key financial highlights Q2 and H1 FY2026 All Figures in ₹ Crore For the Quarter For the Period FY 2025 Previous Particulars Q2 FY2026 Q2 FY2025 Growth H1 FY2026 H1 FY2025 Growth Financial Year Gross Written Premium1 6,413 5,871 9% 11,615 10,632 9% 21,583 GWP excluding Crop & Govt. 4
Slide 30: Bajaj General – Impact of change in Regulations
Bajaj General – Impact of change in Regulations All Figures in ₹ Crore Q2 FY2026 H1 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 6,413 6,668 11,615 12,120 21,583 22,134 Gross Written Premium G
Slide 31: 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 Q2 FY2026 Growth H1 FY2026 Growth FY2025 Growth Q2 FY2026 Growth H1 FY2026 Growth Bajaj General 5% 9% 9% Bajaj General 8% 12
Slide 32: Bajaj General – Profit (PBT) waterfall H1 FY2026
Bajaj General – Profit (PBT) waterfall H1 FY2026 over H1 FY2025 All Figures in ₹ Crore 232 88 242 1,583 (408) 1,429 UW Loss UW loss ₹ 32 Crore ₹ 208 Crore Interest, Other Interest, Other Income and Income and Capital Gains Capital Gains ₹ 1,461 Crore ₹1,791 Crore PBT Higher Increase in Decrease in I
Slide 33: Lowest invested capital, Superior ROE & Investment Performance
Bajaj General – Lowest invested capital, Superior ROE & Investment Performance All Figures in ₹ Crore Bajaj General - Capital Invested - ROE (Annualized) AUM0% Mix Networth 0% 1% No Capital infusion Accumulated profit 98% of Net since FY2008 Worth as at 30 Sep 2025 H1 FY26 18.7% H1 FY25 19.4% 13,433
Slide 34: Diversified product mix to maintain competitive edge
Bajaj General – Diversified product mix to maintain competitive edge and performance over cycles Business Mix 9% 8% 7% 7% 9% 8% 13% 8% 7% 14% 15% 14% 9% 9% 10% 16% 15% 14% 20% 22% 17% 12% 13% 17% 15% 21% 20% 19% 14% 21% 5% 5% 5% 5% 5% 5% 29% 30% 27% 28% 29% 25% FY24 FY25 Q2 FY25 Q2 FY26 H1 FY25 H1 F
Slide 35: Deep and wide distribution with penetration across geographies
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% 4% 5% 5% 36% 31% 40% 40% 29% 29% 35% 45% 41% 44% 32% 35% 3% 2% 1% 2% 1% 10% 2
Slide 36: Bajaj General – Product portfolio: Motor
Bajaj General – Product portfolio: Motor All Figures in ₹ Crore Type (Business Mix) FY2024 FY2025 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 Motor OD 46% 48% 51% 46% 52% 45% Motor TP 54% 52% 49% 54% 48% 55% Grand Total 100% 100% 100% 100% 100% 100% Product Mix (GWP) and Loss ratios – Motor Motor OD 63.
Slide 37: 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 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 Retail 14% 14% 12% 12% 14% 15% Group (Employer-Employee & Others) 40% 41% 51% 52% 56% 58% Govt. Schemes 40% 41% 33% 32% 23% 21% Travel Insurance 3
Slide 38: Product portfolio: Commercial Lines and Others
Bajaj General – Product portfolio: Commercial Lines and Others All Figures in ₹ Crore Type (Business Mix) FY2024 FY2025 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 Fire 31% 36% 24% 25% 39% 40% Marine 4% 5% 4% 4% 5% 5% Engineering 5% 7% 5% 6% 6% 6% Liability 8% 10% 7% 8% 11% 12% Commercial Lines 48% 57%
Slide 39: Customer obsession backed by “Caringly yours” theme
Bajaj General – Customer obsession backed by “Caringly yours” theme Bajaj General Net Promoter Score* Total Grievances# per 10,000 New Policies 3.17 75 78 68 70 69 72 70 72 63 65 2.13 2.11 2.17 2.11 1.05 1.00 0.92 0.73 0.77 FY 21 FY 22 FY 23 FY 24 FY 25 FY22 FY23 FY24 FY25 Q1 FY26 Health Motor BAGIC
Slide 40: Key Investments in technology (1/2)
Bajaj General - Key Investments in technology with focus on all stakeholders (1/2) Digital Journey Metrics Digital Servicing @ 82% (55% through AI Digital Policy Issuance @ 96% Digital Payment @ 97% (Cash @ 0.13%) BOTs) • 93.5 Million BOT messages • RPA for Issuance: • 171 locations live with exchan
Slide 41: 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 App* Our website is now available in 7 different Omni channel experience via Customer 360 and Our Customer facing app remains amo
Slide 42: Bajaj General – Superior Risk management
Bajaj General – Superior Risk management ▪ 94.2% of the debt portfolio in AAA and sovereign assets and 85.7% of Equity in Nifty 50 stocks & Asset Quality 94.6% in BSE100 stocks ▪ Robust ALM position ▪ Superior underwriting capability leading to relatively low Combined Ratio ▪ Diversified exposure ac
Slide 43: Bajaj Life Insurance Ltd.
4 LIFE 4 LIFE BAJAJ LIFE INSURANCE LTD. BAJAJ LIFE GOALS. DONE. 42
Slide 44: 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 45: Bajaj Life – Key financial highlights Q2 and H1 FY2026
Bajaj Life – Key financial highlights Q2 and H1 FY2026 All Figures in ₹ Crore For the quarter For the Period For the Period Particulars Q2 FY2026 Q2 FY2025 Growth H1 FY2026 H1 FY2025 Growth FY2025 Retail weighted received 1,850 1,895 (2%) 3,104 3,189 (3%) 7,067 premium Retail Protection NB 144 84 71
Slide 46: 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 20,0 00 Q2 FY2026 Growth H1 FY2026 Growth Bajaj Life 12% Bajaj Life (2%) Bajaj Life (3%) 200 ,000 18,00 0 Pvt Market 15% Pvt Market 8% Pvt Market 8% Overall Industr
Slide 47: Diversified channel mix with focus on proprietary channels
Bajaj Life – Diversified channel mix with strong focus on proprietary channels All Figures in ₹ Crore Whole Company Agency +12% -2% -3% +0% -15% -15% 7,067 6,326 2,547 2,549 3,189 3,104 1,297 1,105 1,895 1,850 752 638 FY24 FY 25 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 FY24 FY 25 Q2 FY25 Q2 FY26 H1 FY25 H1 F
Slide 48: Balanced product mix with innovative product suite
Bajaj Life – Balanced product mix with innovative product suite to maintain competitive edge and profitability Product Mix* 39% 43% 45% 44% 50% 49% 6% 4% 5% 9% 7% 6% 4% 5% 4% 8% 5% 8% 24% 21% 17% 18% 20% 19% 27% 24% 24% 24% 21% 21% FY24 FY 25 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Individual - Par Individu
Slide 49: 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) 393 2,616 2,371 2,315 62% 7% 241 254 1,359 1,450 168 156 FY 23 FY 24 FY 25 H1 FY25 H1 FY26 FY 23 FY 24 FY 25 H1 FY25 H1 FY26 • Retail Protect
Slide 50: 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 4% 14% Corporate 26% Bonds No Capital Accumulated profit infusion since 89% of Net Worth as 132,060 G-sec FY08 on 30 Sept 2025 123,734 123,178 Equity 109,829 Others 11,139 10,899 10,928
Slide 51: Bajaj Life – VNB & NBM update
Bajaj Life – VNB & NBM update All Figures in ₹ Crore Q2 Q2 Change H1 H1 Change Rolling1 Rolling1 Change Particulars FY2026 FY2025 (%) FY2026 FY2025 (%) FY2026 FY2025 (%) Annualized Premium (ANP)2 2,149 2,268 (5%) 3,459 3,770 (8%) 7,630 8,151 (6%) Value of New Business (VNB)3 367 245 50% 512 348 47%
Slide 52: Bajaj Life - VNB and NBM Walk
Bajaj Life - VNB and NBM Walk All Figures in ₹ Crore 242 -29 512 -49 NBM 14.8% 348 NBM 9.2% Net VNB - H1 FY2025 New Business mix and Profile Business Volume GST Impact Net VNB - H1 FY2026 NBM - New Business Margin, VNB – Value of New Business 51
Slide 53: Bajaj Life – MCEV Analysis of Movement
Bajaj Life – MCEV Analysis of Movement All Figures in ₹ Crore 25,462 25,357 23,805 15 230 105 900 512 VIF: VIF: 10,249 Embedded Value Operating 13,565 Profit (EVOP) EVOP : ₹ 1,427 Crore RoEV : 12.3% (Annualized) NAV: 13,557 NAV: 11,792 FY2025 Unwinding VNB Operational Investment H1 FY2026 Impact of
Slide 54: Focus on enhanced business quality (persistency)
Bajaj Life – Focus on enhanced business quality backed by enhanced customer segments For the Period ended 30th Sep 2025 Persistency 13th Month Persistency 25th Month 74% 75% 84% 85% 73% 73% 82% 83% 72% 82% FY23 FY24 FY 25 H1 FY25 H1 FY26 FY23 FY24 FY 25 H1 FY25 H1 FY26 Persistency 37th Month Persist
Slide 55: Key tech initiatives for seamless experience
Bajaj Life – Key tech initiatives with focus on efficiencies to deliver seamless, simplified & personalized experience 1App Customer 360 Smart Pitch Marketing Assist One stop shop for Bajaj Life employees. Unified workspace giving employees a Gen AI powered platform for generating A marketing reposi
Slide 56: Faster issuances, claim settlement and driving FTR
Bajaj life – Focusing on faster issuances, claim settlement and driving FTR 90.9% 46 per 10k policies 79.3% Digital Adoption Grievance Incidence Rate Digital Self Servicing 93.6% Electronic Payout 98.34% 10.90 lakhs 13.11 lakhs Retail Claim Settlement transactions Ratio Unique WhatsApp Users Custome
Slide 57: Bajaj Life – Superior Risk Management
Bajaj Life – Superior Risk Management ▪ 97.3% of the debt portfolio in AAA and sovereign assets and 76.0% of Equity in Nifty 50 stocks & 81.7% in Asset Quality NSE100 stocks ▪ Prudent assumptions built in product pricing Product Pricing ▪ Stress and multi - scenario testing of pricing ▪ Regular revi
Slide 58: Bajaj Finserv Health Ltd.
ee HEALTH BAJAJ 4 HEALTH BAJAJ BAJAJ FINSERV HEALTH LTD. 57
Slide 59: Market Opportunity in Healthcare Ecosystem
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 60: 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 61: Digital first Health Tech Company
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 62: Bajaj Finserv Health + Vidal Health Landscape
Bajaj Finserv Health + Vidal Health Landscape – Providing Continuum of Care Bajaj Finserv Health & Vidal Health# TPA Services Services to TPA Services TPA Services – Ayushman OPD Services International – Corporate – Retail Bharat Insurers • PUM of ₹ 3,825 • PUM of ₹1,395 • PUM of ₹448 • GMV of ₹ 2,1
Slide 63: Progress on Health Service Canvas
Bajaj Finserv Health - Progress on Health Service Canvas With Vidal Health, the company have created 19 services from Preventive to Tertiary Care, thus providing continuum of care through Network Ownership and Consumer Experience Preventive (5 Services) Primary (6 Services) Secondary (3 Services) Te
Slide 64: 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 65: Consumer Stack Metrics
Bajaj Finserv Health - Consumer Stack Metrics Healthcare Transactions Key Developments for Q2 FY2026 • Company has built strong network supporting 5,523,434 5,849,966 6,159,964 business• 545,874 1,015,689 742,071 Hospitals – 15,771 1,036,076 629,618 Doctors – 132,796 606,719 Diagnostic – 5,722 2,403
Slide 66: Bajaj Finserv Health – Key financial highlights
Bajaj Finserv Health – Key financial highlights Q2 and H1 FY2026 All Figures in ₹ Crore Particulars Q2 FY2026 Q2 FY2025 H1 FY2026 H1 FY2025 FY2025 Total Income 285 233 528 440 892 PAT (32) (32) (75) (79) (166) Capital infused (as on 30 Sept 2025) 1,250 (Infused during the period) 124 Net Worth (as o
Slide 67: Bajaj Finserv Direct Ltd.
Bajaj Finserv Direct Ltd. Bajaj Markets & Bajaj Technology Services 66
Slide 68: 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 69: Bajaj Markets – BFSI Marketplace
Bajaj Markets – BFSI Marketplace STRATEGY Bajaj Markets is a wide-choice (open architecture) diversified marketplace for Financial Services which attracts large number of new-to- Finserv consumers, creates awareness & discovery of the Finserv brand and cross-sells products by leveraging Technology &
Slide 70: 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 250+ MM yearly traffic Insurance Companies & AMCs) embedded rule engine 37+ MM App Installs Choic
Slide 71: Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience
Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience Vertical Partners Lending 59 Cards 07 Insurance 18 Investment 2 VAS 7 Sec Marketplace 7 ONDC 1 Total Unique Partners 101 Category Partners Bank 10 NBFC 24 Fintech 25 HFC 8 Insurance & Broker 26 VAS/ONDC 8 Total 101 70
Slide 72: Bajaj Technology Services
Bajaj Technology Services STRATEGY Be a leading digital technology services provider from India in the financial services sector through deep domain expertise and execution capabilities. Build scale & focus on profitability. ▪ 8 Practices to address business needs of BFSI industry basis strong domai
Slide 73: Bajaj Finserv Direct – Key financial highlights
Bajaj Finserv Direct – Key financial highlights Q2 and H1 FY2026 All Figures in ₹ Crore Q2 FY2026 Q2 FY2025 H1 FY2026 H1 FY2025 FY2025 Total Income 90 164 182 299 598 PAT (45) (6) (95) (29) (50) Capital infused (as on 30 Sept 2025) 809 (no additional infusion during the year) Net Worth (as on 30 Sep
Slide 74: Bajaj Finserv Asset Management Ltd.
Bajaj Finserv Asset Management Ltd. 73
Slide 75: Indian mutual fund growth outlook and market opportunity
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 76: 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 77: Bajaj Finserv AMC - Key financial highlights
Bajaj Finserv AMC - Key financial highlights Q2 and H1 FY2026 All Figures in ₹ Crore Bajaj AMC Q2 FY2026 Q2 FY2025 H1 FY2026 H1 FY2025 FY2025 Total Income 14.1 10.0 28.9 17.1 39.8 PAT (55.7) (50.4) (107.8) (100.9) (219.8) Capital infused (as at 30 Sept 2025) 675 (Infused during the period) 125 Net W
Slide 78: 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 79: Bajaj Finance Ltd.
4 FINANCE BAJAJ 4 FINANCE BAJAJ BAJAJ FINANCE LTD. 78
Slide 80: 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 81: BFL – Consolidated Key financial highlights
BFL – Consolidated Key financial highlights Q2 and H1FY2026 All Figures in ₹ Crore For the For the quarter For the Period period Particulars Q2 FY2026 Q2 FY2025 Growth H1 FY2026 H1 FY2025 Growth FY2025 AUM 462,261 373,924 24% 462,261 373,924 24% 416,661 Customer Franchise 11.06 9.21 20% 11.06 9.21 2
Slide 82: BFL – Key performance highlights: Q2 FY2026
BFL – Key performance highlights: Q2 FY2026 ▪ Number of new loans booked in Q2 F2026 was at 1.22 Crore as against 0.97 Crore in Q2 FY2025, a growth of 26% ▪ In Q2, the Company added 0.41 Crore customers to its franchise. The Company expects to add 1.6-1.7 Crore new customers to its franchise in FY20
Slide 83: Strong focus on cross selling and customer franchise
BFL – Strong focus on cross selling to existing customers and increase in customer franchise Q2 FY2025 Q2 FY2026 Q1 FY2026 9.20 Crore Total Franchise 11.06 Crore 10.65 Crore 7.67 Crore Credit segment filter 9.43 Crore 8.85 Crore 7.37 Crore Overall Cross sell franchise 9.04 Crore 8.54 Crore Non delin
Slide 84: Bajaj Housing Finance Ltd.
BAJAJ HOUSING FINANCE LTD. 83
Slide 85: BHFL – Key Strategic Differentiators
BHFL – Key Strategic Differentiators STRATEGY Focus on building a low-risk balance sheet with reasonable ROE Continued focus towards OPEX management through cost out, process efficiencies and digitalization initiatives Continuous focus on data analytics to check eligibility and offers for different
Slide 86: BHFL – Key financial highlights
BHFL – Key financial highlights Q2 and H1FY2026 All Figures in ₹ Crore For the quarter For the Period For the Period Particulars Q2 FY2026 Q2 FY2025 Growth H1 FY2026 H1 FY2025 Growth FY2025 AUM 126,479 102,569 24% 126,749 102,569 24% 114,684 Net total Income 1,097 897 22% 2,110 1,707 24% 3,597 Profi
Slide 87: Environmental, Social and Governance – ESG
Environmental, Social and Governance – ESG (Towards a sustainable Future) 86
Slide 88: 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 89: 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 90: 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 91: Annexures
> FINSERV BAJAJ a4 FINSERV BAJAJ Annexures 90
Slide 92: India and BFSI opportunity
India and BFSI opportunity Fastest growing; opportunity for every household 91
Slide 93: India is digitising rapidly
India is digitising rapidly Rising Income India Stack Powered the 1.43 Bn Aadhaar generated 19.63 Bn monthly Financial Inclusion transactions – Sept 2025 Investment in Technology Fintech Market to reach USD 422 ONDC facilitated more than to reach USD 500 billion in billion by 2029 288 million transa
Slide 94: Indian Life Insurance Market – Growth Opportunity
Indian Life Insurance Market – Growth Opportunity Insurance Penetration as a % of GDP Life Insurance Density (US$) 6264 7.1% 7.4% 6.8% 5.0% 3.7% 2285 2245 3.4% 1635 2.8% 2.1% 274 244 425 70 South Korea Taiwan Japan China Thailand Singapore Malaysia India South Korea Taiwan Japan China Thailand Singa
Slide 95: Indian Non-Life Insurance Market – Large Addressable Market
Indian Non- Life Insurance Market – Large Addressable Market Insurance Penetration as a % of GDP 6.0% 3.2% 2.1% 1.9% 1.8% 1.8% 1.4% 1.0% South Korea Taiwan Japan China Thailand Singapore Malaysia India Non Life Insurance Density (US$) 1968 1536 1022 693 234 140 165 25 South Korea Taiwan Japan China
Slide 96: Others
> FINSERV BAJAJ 4 FINSERV Others BAJAJ 95
Slide 97: 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 98: Bajaj Life – Product Suite
Bajaj Life – Product Suite Long Term Mortality (Life protection) Wealth Longevity Morbidity (Retirement (Health planning) protection) 97
Slide 99: 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 100: 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 101: Bajaj General – Performance by lines of business: GDPI
Bajaj General – Performance by lines of business: GDPI GDPI Growth Line of Business Q2 FY2026 Bajaj H1 FY2026 Bajaj Q2 FY2026 Industry H1 FY2026 Industry General General Commercial Lines** 16.7% 15.3% 17.3% 15.3% Motor OD 4,9% 5.6% 1.4% 5.4% Motor TP 27.5% 7.4% 32.8% 9.2% Motor Total 16.0% 6.7% 16.4
Slide 102: Bajaj General – Performance by lines of business: Loss ratio
Bajaj General – Performance by lines of business: Loss ratio Net Loss Ratio Line of Business Q2 FY2026 Q2 FY2025 H1 FY2026 H1 FY2025 Fire 47.5% 77.6% 58.9% 80.1% Marine Cargo 109.6% 108.9% 85.6% 81.5% Engineering 68.8% 38.0% 73.7% 50.4% Motor OD 70.9% 65.0% 72.9% 67.2% Motor TP 65.0% 72.2% 59.0% 73.
Slide 103: 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 104: 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 105: 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 106: 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 107: 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 108: 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 CAGR*) (5 Yr CAGR*) (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 109: 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 110: Thank You
> FINSERV BAJAJ Thank You 109
Slide 111: 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