Bajaj Finserv Limited · NSE:BAJAJFINSV

Bajaj Finserv — Investor Presentation (September 2025)

100 slides from Bajaj Finserv's investor presentation, Sep 17, 2025

1. Slide 1: Regulation 30 intimation letter to exchanges

   17 September 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 Ba

2. Slide 2: Bajaj Finserv Limited Investor Presentation – September 2025

   BAJAJ FINSERV LIMITED Investor Presentation – September 2025 Note: 1. The insurance subsidiaries follow Ind-AS only for the purpose of consolidation with BFS and hence where standalone details given they are on statutory GAAP basis 1 2. All numbers updated up to FY2025 except the Section on “PERFORM

3. Slide 3: Index

   01. BAJAJ FINSERV LIMITED – Group Structure and Strategy BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED 02. (BAGIC) BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED 03. (BALIC) 04. EMERGING BUSINESSES a. BAJAJ FINSERV HEALTH LIMITED INDEX b. BAJAJ FINSERV DIRECT LIMITED (Marketplace and Tech) c. BAJAJ

4. Slide 4: Bajaj Group Structure

   Bajaj Group Structure Bajaj Finserv Limited (Listed) 51.39%1 74%^ 74%^ 80.10%2 100% 100%3 Bajaj Finserv Health Bajaj Allianz General Bajaj Allianz Life Bajaj Finance Limited Bajaj Finserv Direct Limited (Including Bajaj Finserv Asset Insurance Company Insurance Company (Listed)* Limited Vidal Health

5. Slide 5: 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

6. Slide 6: Lifecycle Partner to every Indian to achieve financial goals

   Bajaj Finserv - Lifecycle Partner to every Indian to achieve financial goals & CON IPS SH ERVICES L E NS U M E R S DI ER Diversified financing businesses helping TN DED An ecosystem that supports profitable R P AE A D Digital NG individuals meet their lifestyle needs, Utilities growth through partne

7. Slide 7: 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

8. Slide 8: 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 7

9. Slide 9: 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

10. Slide 10: 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

11. Slide 11: What is achieved so far

    What is achieved so far……. BAJAJ FINANCE (NBFC) BAGIC (P&C and Health) BALIC (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 = ₹ 2,61,950 in 2025 • Profitable since first full year

12. Slide 12: Vast geographical and distribution reach

    …… vast geographical and distribution reach • Over 13 Crore BAJAJ HOUSING BAJAJ FINANCE customer base FINANCE LIMITED • Over 4,000 locations 4,192 Locations 175 Locations (Urban: 1,544 | Rural: 2,648) • Over 550,000 238,800+ POS 217 Branches distributors (Active point of sale) BAJAJ ALLIANZ LIFE INS

13. Slide 13: Strong solvency and capital adequacy

    ……strong solvency and capital adequacy All Figures in ₹ Crore Solvency BFL BALIC BAGIC BHFL Total 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 3,831 1,781 31,45

14. Slide 14: Significant growth trajectory across diverse and sustainable businesses

    …… significant growth trajectory across diverse and sustainable businesses All Figures in ₹ Crore Growth for 5 YR 10 YR Particulars FY 2015 FY 2020 FY 2024 FY 2025 the year CAGR CAGR Bajaj Finserv Limited (Consolidated) Net total Income 18,051 54,347 1,10,383 1,33,822 21% 20% 22% Profit after tax 1,

15. Slide 15: Superior returns to shareholders – BFS vs Nifty

    …… superior returns to Shareholders’ – BFS V/s Nifty 50 Bajaj Finserv and Nifty 50 Change in the Share Price of BFS vs Nifty 50 index on base year • BFS included in Nifty 50 index from Apr 2018 • BFS included in S&P BSE Sensex from Jun 2020 5 Year CAGR# 10 Year CAGR# (FY 20 – FY 25) (FY 15 – FY 25)

16. Slide 16: Our aspiration – Long Range Strategy for 2024-29

    Our aspiration – Long Range Strategy for 2024-29* Bajaj Finserv (Consolidated) Total Income Profit After Tax Customer Franchise (₹ Lakh Crore) (₹ Thousand Crore) (in Crore) 3.0 20 20 9 8 1.1 2024 2029 2024 2029 2024 2029 CAGR – Compounded Annual Growth Rate *Presented in Dec 2024 15 Any statements t

17. Slide 17: Bajaj Allianz General Insurance Company Ltd.

    BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LTD. 16

18. Slide 18: BAGIC – Key Strategic Differentiators

    BAGIC – 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 ▪ Large mu

19. Slide 19: BAGIC Key Financial Metrics vs. Industry – Outperformance

    BAGIC Key Financial Metrics vs. 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 (₹10,597 Crore) 3rd largest general insurer grown Consistently maintaining prudent S

20. Slide 20: BAGIC – Growth vs. Industry

    BAGIC – Growth vs. Industry; sustained market share in most competitive market All Figures in ₹ Crore GDPI Trend GDPI excluding Crop & Govt. health Trend Growth FY2022 FY2023 FY2024 FY2025 Growth FY2022 FY2023 FY2024 FY2025 BAGIC 9% 12% 33% 5% 9% 15% 20% 8% BAGIC Private 15% 21% 19% 7% 16% 22% 18% 8

21. Slide 21: BAGIC – Diversified product mix

    BAGIC – Diversified product mix to maintain competitive edge and performance over cycles GDPI Growth COR (4 YR CAGR) (5 YR Average) Business Mix Line of Business Top 5 Top 5 Property, Liability and Engineering Motor BAGIC BAGIC Health-Retail Health-Group Peers Peers Health-Government schemes Crop In

22. Slide 22: BAGIC – Deep and wide distribution

    BAGIC – Deep and wide distribution with penetration across all geographies and lower concentration risk on any channel Channel Mix • No individual partner Individual agents Corporate Agents-Banks Corporate Agents -Others Brokers Direct Others contributes more than 5% to 3% 2% the overall GDPI 12% 8%

23. Slide 23: BAGIC – Lowest invested capital, Superior ROE & Investment Performance

    BAGIC – Lowest invested capital, Superior ROE & Investment Performance All Figures in ₹ Crore BAGIC - Capital Invested - Networth ROE (Annualized) AUM Mix No Capital infusion Excess capital @ 150% since FY08 solvency is ₹ 5,953 Crore FY 25 16.0% 12,498 1% 1% FY 25 12,222 277 11,474 FY 24 15.2% FY 24

24. Slide 24: BAGIC – Setting the Industry Benchmark in Financial Excellence

    BAGIC –Setting the Industry Benchmark in Financial Excellence GWP to Capital invested Expense to NWP 74.5 78.0 31% 31% 34% 30% 30% 49.8 55.9 45.6 28% 27% 28% 26% 28% 6.5 6.3 7.5 7.5 7.5 FY21 FY22 FY23 FY24 FY 25 FY21 FY22 FY23 FY24 FY25 Average of Top 5 peers BAGIC BAGIC Top 5 peers Highest GWP with

25. Slide 25: BAGIC – Customer obsession backed by Caringly yours theme

    BAGIC – Customer obsession backed by “Caringly yours” theme BAGIC Net Promoter Score* Total Grievances# per 10,000 New Policies 2.13 2.11 2.17 2.11 75 78 69 72 72 1.81 68 70 70 63 65 54 57 47 46 1.05 0.92 0.71 0.73 0.77 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY21 FY22 FY23 FY24 FY25 Health Motor

26. Slide 26: BAGIC - Key Investments in technology

    BAGIC - Key Investments in technology with focus on all stakeholders Existing Digital Capabilities Enhanced & Scaled-up Website BAGICARE – CRM Caringly Yours App* Our website is now available in 7 different Omni channel experience via Customer 360 and Our Customer facing app remains amongst the lang

27. Slide 27: BAGIC – Superior Risk Management

    BAGIC – Superior Risk Management ▪ 96.3% of the debt portfolio in AAA and sovereign assets and 87.9% of Equity in Nifty 50 stocks & Asset Quality 95.8% in BSE100 stocks ▪ Robust ALM position ▪ Superior underwriting capability leading to consistently low Combined Ratio consistently ▪ Diversified expo

28. Slide 28: BAGIC – Financial Outcomes

    BAGIC – Financial Outcomes All Figures in ₹ Crore YoY 5 yr 10 yr Particulars FY15 FY20 FY21 FY22 FY23 FY24 FY25 Growth CAGR CAGR Financial Snapshot Assets under Management 7,859 18,746 23,150 24,633 27,809 31,196 33,115 6% 12% 15% Net Worth 2,225 5,642 7,524 8,822 9,806 11,474 12,498 9% 17% 19% GWP

29. Slide 29: BAGIC – Long tail Motor TP Ultimate Net Loss Cost Re-estimate

    BAGIC – Long tail 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 31/03/2015 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 and before A] Ultim

30. Slide 30: BAGIC – Long tail Motor TP Cumulative Payment

    BAGIC – Long tail Motor TP Excluding IMTPIP on Net Basis as at 31 March 2025 – Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 31/03/2015 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 and before A] Ultimate Net loss Cos

31. Slide 31: BAGIC aspiration – Long Range Strategy for next 5 years

    BAGIC aspiration – Long Range Strategy for next 5 years* Maintain a Consistently balanced & maintain GWP growth Industry Best diversified highest NPS higher than ROE of ~ 25%# Combined Ratio distribution & and lowest Industry (CoR) product grievance ratio portfolio in Industry General Insurance is a

32. Slide 32: Bajaj Allianz Life Insurance Company Ltd.

    BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. 31

33. Slide 33: BALIC – Key Strategic Differentiators

    BALIC – Key Strategic Differentiators STRATEGY Continued focus on sustainable and profitable growth by maintaining balanced product mix and investment in retail growth engines. Business construct is to maximize customer benefits while gaining market share in retail space, maintaining shareholder ret

34. Slide 34: BALIC – Key Financial Metrics vs. Industry: Fastest growth

    BALIC – Key Financial Metrics vs. Industry: Fastest growth All Figures in ₹ Crore GWP RWRP Solvency Margin (5 Yr CAGR*) (5 Yr CAGR*) (FY 25) 23% 30% 359% Industry 9% Industry 10% Industry 180%-200% Growth 2.6X the industry Growth 3X the industry Highest solvency ratio among the peers, with consisten

35. Slide 35: Transformation Journey – Robust delivery across key metrics

    Transformation Journey – Robust delivery across key metrics KPIs FY 2017 Key Interventions FY 2025 • Investments across distribution channels Market share 3.5% 8.3% • Break to grow strategy in proprietary channels (RWRP) (among private players) • Deepening through identification of whitespaces (amon

36. Slide 36: BALIC – Growth across key metrics

    BALIC – Growth across key metrics All Figures in ₹ Crore New Business Renewals GWP CAGR – CAGR – 14,867 CAGR – 27,160 18% 12,293 27% 23% 11,494 23,043 10,738 11,549 9,136 19,461 8,724 16,127 6,313 6,991 12,025 5,712 FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22 FY 23 FY 24

37. Slide 37: BALIC RWRP – Growth vs. industry

    BALIC RWRP – Growth vs. industry; steady growth with sustainable profitability All Figures in ₹ Crore RWRP Trend Growth FY2022 FY2023 FY2024 FY2025 BALIC 49% 41% 21% 12% Pvt Market 22% 24% 8% 15% Overall Industry 16% 19% 5% 10% BALIC Market share* 3.3% 4.2% 5.0% 5.8% 5.9% 120,376 108,975 103,956 87,

38. Slide 38: BALIC – Balanced product mix with innovative product suite

    BALIC – Balanced product mix with innovative product suite to maintain competitive edge and profitability Product Mix • Strengthening PAR portfolio 41% 42% 32% 38% 45% 53% • ULIP growth aligned with 70% 62% Bullish market trend 37% 34% 51% 47% 31% 5% 8% 34% 25% 29% 25% 24% • BALIC has evolved its pr

39. Slide 39: BALIC – Continuous focus on increasing protection

    BALIC – Continuous focus on increasing protection to drive growth and profitability All Figures in ₹ Crore • Analytics based risk models, Retail Protection (NBP) 4 Yr CAGR – 28% 393 • PASA - Pre-underwriting of customers for touch free sales 241 • Widen reach to New segments 168 • Experience enablin

40. Slide 40: BALIC: Embedded Value & ROEV

    BALIC: Embedded Value & ROEV All Figures in ₹ Crore Embedded Value Operating & Assumption change variance ( as % of VIF) RoEV 9.4% 11.9% 14.4% 14.5% 12.7% 23,805 21,726 18,584 17,249 10,249 EV 15,534 8,905 5,621 7,502 3,807 2.1% 1.3% 1.5% FY 21 FY 22 FY 23 FY 24 FY 25 12,821 13,557 11,727 11,628 11,

41. Slide 41: BALIC – Diversified channel mix with strong focus on proprietary channels

    BALIC – Diversified channel mix with strong focus on proprietary channels All Figures in ₹ Crore Company Institutional Business Agency BALIC Direct 919 7,067 3,598 2,547 2,549 6,326 3,031 748 2,122 5,214 2,598 1,489 494 3,686 1,859 1,098 338 2,468 1,109 261 FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22

42. Slide 42: BALIC – Diversified channel mix reducing risk of concentration

    BALIC – Diversified channel mix in line with industry reducing risk of concentration Channel Mix 23% 15% 21% 18% 17% 29% 24% 29% 33% 45% 42% 36% 61% 53% 50% 31% 37% 35% BALIC Top 5 peers BALIC Top 5 peers BALIC Top 5 peers FY 21 FY 23 FY 25 Banca Agency Others • Reducing dependency on single channel

43. Slide 43: BALIC – Enhanced business quality and persistency

    BALIC – Enhanced business quality backed by enhanced customer segments Persistency - 13th Month Persistency - 25th Month 83% 74% 80% 71% 68% 51% FY 17 FY 21 FY 25 FY 17 FY 21 FY 25 Persistency - 37th Month Persistency - 49th Month Persistency - 61st Month 63% 64% 61% 52% 54% 42% 44% 32% 38% FY 17 FY

44. Slide 44: BALIC – Capital and Assets under Management

    BALIC – Capital and Assets under Management All Figures in ₹ Crore Net worth AUM AUM Mix - Non Unit Linked 4% No Capital infusion Excess capital is since FY08 ₹6,681 Crore 123,734 Corporate 14% Bonds 11,139 109,829 28% 10,735 10,939 10,785 10,899 G-sec 90,584 Equity 85,623 76,473 73,773 54% Others 6

45. Slide 45: BALIC – Shifting gears to Profitable growth

    BALIC – Having achieved scale, shifting gears to Profitable growth GWP to Capital invested ROEV 21.7 20.6 19.1 20.4% 17.0 16.7 18.4% 16.07 22.43 17.8% 17.2% 13.32 19.03 19.1% 15.1% 9.93 18.1% 8.76 8.03 8.63 7.42 15.6% 14.6% 6.51 13.7% FY21 FY22 FY23 FY24 FY 25 FY21 FY22 FY23 FY24 FY 25 Average of To

46. Slide 46: BALIC – Key tech initiatives

    BALIC – Key tech initiatives with focus on efficiencies to deliver seamless, simplified & personalized experience 1App Customer Smart Marketing 360 Pitch Assist One stop shop for BALIC employees. Employees can access single view of Gen AI powered platform for A marketing repository that enables Cons

47. Slide 47: BALIC – Faster issuances, claim settlement and FTR

    BALIC – Focusing on faster issuances, claim settlement and driving FTR 91.7% 47 per 10k policies 71.9% Digital Adoption Grievance Incidence Rate Digital Self Servicing 90.90% Electronic Payout 99.29% 11.5 lakhs 15.38 lakhs Retail Claim Settlement transactions Ratio Unique WhatsApp Users Customer App

48. Slide 48: BALIC – Superior Risk Management

    BALIC – Superior Risk Management ▪ 97.5% of the debt portfolio in AAA and sovereign assets and 80.0% of Equity in Nifty 50 stocks & 88.4% in Asset Quality NSE100 stocks. ▪ Robust ALM position ▪ Prudent assumptions built in product pricing Product Pricing ▪ Stress and multi - scenario testing of pric

49. Slide 49: BALIC – Financial Outcomes

    BALIC – Financial Outcomes All Figures in ₹ Crore YoY 5 yr 10 yr Particulars FY20 FY21 FY22 FY23 FY24 FY25 Growth CAGR CAGR Financial Snapshot Assets under management (AUM) 56,085 73,773 85,623 90,584 109,829 123,734 13% 17% 11% New Business 5,179 6,313 9,136 10,738 11,494 12,293 7% 19% 16% Renewal

50. Slide 50: BALIC aspirations – Long Range Strategy (BALIC 2.0)

    BALIC aspirations – Long Range Strategy for next 5 years (BALIC 2.0)* KPIs – BALIC v2 FY 2025 Aspiration Market share 8.3% Continue to gain Market share with (RWRP) (among private players) Topline growth of ~2X the industry Protection Contribution Contribution Business 6% of RWRP ~10% of RWRP Stable

51. Slide 51: Bajaj Finserv Health Ltd.

    I3 FINSERV BAJAJ [3 FINSENY’ BAJAJ FINSERV HEALTH LTD. 50

52. Slide 52: Market Opportunity in Healthcare Ecosystem & Commercial Flows

    Market Opportunity in Healthcare Ecosystem & Commercial Flows • Indian Healthcare Expenditure at ₹ 7,395 Crore, 3.73% of GDP and ₹5436 per capita • One of the largest spend categories but highly fragmented • Over ₹ 19,314 bn total addressable market present Internationally for products and outsource

53. Slide 53: 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, O

54. Slide 54: 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 vision is to create an integrated OPD, IPD and Wellness experience platform in India to solve for challenges in healthcare ecosystem Network Stack Health d

55. Slide 55: 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

56. Slide 56: Bajaj Finserv Health + Vidal Health Landscape – Continuum of Care

    Bajaj Finserv Health + Vidal Health Landscape – Providing Continuum of Care 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 Primary Secondary Tertiary (6 Services)

57. Slide 57: Consumer Stack Metrics; Customised Product Management

    Bajaj Finserv Health - Consumer Stack Metrics; Customised Product Management Healthcare Transactions Key Developments 5,523,434 • Good traction on rider with Life Insurance 1,036,076 606,719 companies with embedded wellness benefits. Live with 4 Insurers 2,403,011 2,271,229 2,048,255 3,184,726 456,3

58. Slide 58: Bajaj Finserv Health – Financial Outcomes

    Bajaj Finserv Health – Financial Outcomes All Figures in ₹ Crore Particulars Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Total Income 207 233 234 218 892 PAT (49) (32) (40) (47) (168) Capital infused (as on 31 Mar 2025) 1,126 (Infused during the year out of above) (431) Net Worth (as on 31 Mar 2025) 412 Co

59. Slide 59: Bajaj Finserv Direct Ltd.

    Bajaj Finserv Direct Ltd. Bajaj Markets & Bajaj Technology Services 58

60. Slide 60: BFSD Market Opportunity – Marketplace and digital technology services

    BFSD Market Opportunity - Why ‘Marketplace and digital technology services’ amongst BFSI manufacturers in the group? Earns from product sales and Product-out B2C owns inventory. Offers manufactured lending & payment products. Extremely large and valuable Caters to shareholders most efficiently by: O

61. Slide 61: 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 &

62. Slide 62: Bajaj Markets – Diversified Marketplace

    Bajaj Markets – Diversified Marketplace Open Architecture Supply- side Demand-side Marketplace Choice of Consumers Digital Platform manufacturers 23.5+ Crore yearly traffic Website & App | API-in-a-box with 96+ Brands (Banks, FIs, Insurance 3.45+ Crore App Installs embedded rule engine Companies & A

63. Slide 63: Bajaj Markets – Choice, Cost & Convenience

    Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience Vertical Partners Lending 55 Cards 13 Insurance 19 Investment 12 VAS 6 Total Unique Partners 96 Category Partners Bank 13 NBFC 24 Fintech 22 HFC 8 Insurance & Broker 21 VAS/ONDC 8 Total 96 Offering wide choice of manufacturers with unique

64. Slide 64: Bajaj Markets – Balance mix of new to Finserv and cross sell customers

    Bajaj Markets – Balance mix of new to Finserv and cross sell customers Loans Organic Visits* Transacting Customers (In Thousands) (In Thousands) 3,054 18,765 16,256 1,696 FY 24 FY 25 FY 24 FY 25 Partnerships Lending Volume 1 ₹ in Crore 0 6 5 12 11 13 10 19 7,572 17 6,390 47 55 FY 24 FY 25 Loans Insu

65. Slide 65: 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

66. Slide 66: Bajaj Finserv Direct – Financial Outcomes

    Bajaj Finserv Direct – Financial Outcomes All Figures in ₹ Crore Particulars FY 2023 FY 2024 FY 2025 Total Income 391 475 598 PAT (52) (73) (50) Capital infused (as on 31 Mar 2025) 809 Net Worth (as on 31 Mar 2025) 478 Total Revenue Total Opex 598 648 548 443 475 391 FY 23 FY 24 FY 25 Bajaj Markets

67. Slide 67: Bajaj Finserv Asset Management Ltd.

    Bajaj Finserv Asset Management Ltd. 66

68. Slide 68: Capitalize on the Bajaj Finserv brand to penetrate the MF industry

    Capitalize on the Bajaj Finserv brand to penetrate a well-established MF industry through Differentiators All Figures in ₹ Crore Growth Outlook Market Opportunity Future Scalability Retail Investors AUM Growth AUM to GDP 140% (in Crore) (₹ ‘000 Crore) 6,838 2024 2047 Growth 5.33 2.7x 2.8x 79% Total

69. Slide 69: 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

70. Slide 70: Equity funds with differentiated strategies: Investment with Intent

    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

71. Slide 71: Bajaj Finserv AMC - Financial Outcomes

    Bajaj Finserv AMC - Financial Outcomes All Figures in ₹ Crore Bajaj AMC FY 2023 FY 2024 FY 2025 Total Income 3.4 14.0 39.8 PAT (39.4) (166.2) (219.8) Capital infused (as at 31 March 2025) 550 (Infused during the year) (250) Net Worth (as at 31 March 2025) 99 Details of AUM Category AUM FY 25 QoQ AUM

72. Slide 72: Bajaj Finance Ltd.

    I3 FINSERV BAJAJ [3 FINSENY’ BAJAJ FINANCE LTD. m1

73. Slide 73: 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 4.6%-4.8% and ROE of 21%-23% in the long term. Focused on continuous innovation to transform customer exp

74. Slide 74: BFL – Strong focus on cross selling and customer franchise

    BFL –Strong focus on cross selling to existing customers and increase in customer franchise Q4 FY2024 Q4 FY2025 Q3 FY2025 83.64 Total Franchise 101.82 97.12 65.96 Credit segment filter 83.77 80.29 64.16 Overall Cross sell franchise 80.86 77.73 Non delinquent 56.73 customers 72.60 69.42 Cross sell fr

75. Slide 75: BFL – Financial Outcomes

    BFL – Financial Outcomes All Figures in ₹ Crore YoY 5 yr 10 yr Particulars FY15 FY20 FY21 FY22 FY23 FY24 FY25 Growth CAGR CAGR Financial Snapshot Assets under management 32,409 147,153 152,947 197,454 247,379 330,615 416,661 26% 23% 29% Total Income 5,418 26,386 26,683 31,648 41,418 54,983 69,725 27

76. Slide 76: BFL aspiration – Long Range Strategy for next 5 years

    BFL aspiration – Long Range Strategy for next 5 years (consol.)* All Figures in ₹ Crore Basic construct FY25 LRS FY29 Customer Franchise (MM) 101.82 190-210 Cross-sell Franchise (MM) 64.45 115-125 Share of total credit 2.25% 3.2-3.5% Share of retail credit 2.82% 3.8-4.2% Location presence 4,263 5,20

77. Slide 77: BFL 3.0 – A FINAI Company

    BFL 3.0 – A FINAI Company BFL 3.0 will be amongst the most sustainable and profitable companies in India and a pre-eminent choice for its 20 Crore customer franchise for all their financial BFL 3.0 services needs. BFL aims to be the lowest cost operating model in financial services by accelerating b

78. Slide 78: Bajaj Housing Finance Ltd.

    BAJAJ HOUSING FINANCE LTD. 77

79. Slide 79: BHFL – Key Strategic Differentiators

    BHFL – Key Strategic Differentiators STRATEGY Focus on building a low-risk balance sheet with medium 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 cu

80. Slide 80: BHFL – Financial Outcomes

    BHFL – Financial Outcomes All Figures in ₹ Crore Particulars FY20 FY21 FY22 FY23 FY24 FY25 YoY Growth 5 yr CAGR Financial Snapshot Assets under management 32,706 38,871 53,322 69,228 91,370 114,680 26% 29% Total Income 2,646 3,155 3,767 5,665 7,617 9,576 26% 29% Interest expenses 1,616 1,966 2,155 3

81. Slide 81: Performance Summary For The Quarter

    Performance Summary For The Quarter 80

82. Slide 82: Bajaj Finserv – Performance summary Q1 FY2026

    Bajaj Finserv – Performance summary Q1 FY2026 All Figures in ₹ Crore For the For the Quarter Period Particulars Q1 FY2026 Q1 FY2025 Growth FY2025 Total Revenue 35,451 31,480 13% 1,33,822 (Consolidated) Profit after tax (PAT) * 2,789 2,138 30% 8,872 (Consolidated) Net worth 8,996 7,290 23% 8,372 (Sta

83. Slide 83: Performance summary Q1 FY2026 [1/5]

    Bajaj Finserv – Performance summary Q1 FY2026 [1/5] All Figures in ₹ Crore General Insurance Life Insurance NBFC (Consolidated) Housing Finance Gross Written Premium RWRP AUM Growth 5,202 1,255 4,41,450 1,20,420 9% Y-O-Y^ (Excl. 1/n 15%) (3%) Y-o-Y 25% Y-o-Y 24% Y-o-Y Combined Ratio Gross Written Pr

84. Slide 84: Performance summary Q1 FY2026 [2/5]

    Bajaj Finserv – Performance summary Q1 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 121 81 243 14.8 19% Y-o-Y (36%) Y-o-Y 17

85. Slide 85: Performance summary Q1 FY2026 [3/5]

    Bajaj Finserv – Performance summary Q1 FY2026 [3/5] • Consolidated Revenue growth of 13% with a PAT growth at 30% • Update on SPA with Allianz - Approvals for stake purchase received from the Competition Commission BFS of India and IRDAI. Name change approval for insurance subsidiaries awaited from

86. Slide 86: Performance summary Q1 FY2026 [4/5]

    Bajaj Finserv – Performance summary Q1 FY2026 [4/5] • BALIC 2.0 initiated in H2 of FY2025 with focus on ‘sustainable and profitable growth’ backed by changes in product structures and cost rationalization • Outcomes in Q1 as expected, topline growth muted as distributors align with the new product s

87. Slide 87: Performance summary Q1 FY2026 [5/5]

    Bajaj Finserv – Performance summary Q1 FY2026 [5/5] • A good quarter on volume, AUM, Opex and Profitability • Booked 1.35 Crore new loans and added 0.47 Crore new customers during the quarter • AUM growth at a healthy 25% at ₹ 441,450 Crore at 30 June 2025 Bajaj • Achieved PAT growth of 22% during t

88. Slide 88: Environmental, Social and Governance – ESG

    Environmental, Social and Governance – ESG (Towards a sustainable Future) 87

89. Slide 89: 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

90. Slide 90: 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

91. Slide 91: 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 20 MM individuals Child Youth Skilling Development Pune City INCLUSION FOR PERSONS GRANT MAKING EDUCATION HEALTH PROTECTION WI

92. Slide 92: India and BFSI opportunity

    India and BFSI opportunity Fastest growing; opportunity for every household 91

93. Slide 93: India: Macro – GDP growth

    India: Macro India remains the fastest growing economy surpassing China in 2021 12 10 9.69 8.00 8.26 8.15 8 7.41 GDP growth in Percent 6.80 6.99 7.02 6.45 6.46 6.47 6 3.87 4 2 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E -2 -4 -6 -5.78 India China Advanced economies Emerging

94. Slide 94: Income Pyramids: Unlocking Demographic Potential

    Income Pyramids: Unlocking Demographic Potential FY23: 315 MM FY27: 331 MM >145 Ultra HNI Experience centric 145 to 100 Super HNI offerings to increase relevance to this 100 to 72 HNI 15.5 24.5 segment 72 to 44 MM MM Upper super affluent (+58%) Life Goal Planning, In ₹ Lakh per annum 44 to 30 Lower

95. Slide 95: India: Opportunity in Every Household – Disposable Income

    India: Opportunity in Every Household Per Capita GNI is rising, leading to higher disposable income 3000 2X Disposable Income in 7 Years 2,514 2500 Disposable Income (in USD) 2000 1500 1,278 1000 500 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Per Capita GNI is estimated to re

96. Slide 96: India: Opportunity in Every Household – Savings Pattern

    India: Opportunity in Every Household Behavioral Shift in Savings Pattern Household (HH) Savings (Deposits) & Borrowings: Annual Flows as a % of GDP Gross household 25.8% 20.8% 23.0% 24.2% Savings Physical assets (real estate, gold etc.) continue to grow – Opportunity for 15.1% our gold loan, mortga

97. Slide 97: Indian Life Insurance Market – Growth Opportunity

    Indian Life Insurance Market – Growth Opportunity India remains vastly under-insured, both in term of penetration and density Insurance Penetration as a % of GDP Life Insurance Density (US$) 6264 7.4% 7.1% 6.8% 5.0% 3.7% 3.4% 2.8% 2285 2245 2.1% 1635 425 244 274 70 Singapore Taiwan Japan South Korea

98. Slide 98: 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 Thailand China Singapore Malaysia India Non Life Insurance Density (US$) 1968 1536 1022 693 140 234 165 25 South Korea Taiwan Japan Thaila

99. Slide 99: Thank You

    Thank You 98

100. Slide 100: 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

Bajaj Finserv — Investor Presentation (September 2025) on 6ix