Bajaj Finserv Limited · NSE:BAJAJFINSV
Bajaj Finserv — Q2 FY2027 Earnings Presentation
118 slides from Bajaj Finserv's earnings presentation, Nov 3, 2026
Slide 1: Covering letter to stock exchanges
3 November 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, Bandra (East), Mum
Slide 2: Bajaj Finserv Limited Investor Presentation Q2 FY2027
BAJAJ FINSERV LIMITED Investor Presentation – Q2 FY2027* *Q2 of year ending 31 March 2027 Notes: 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 2. Previous year numbers have been re
Slide 3: Index
01. PERFORMANCE SUMMARY FOR THE QUARTER 02. BAJAJ FINSERV LIMITED – GROUP STRUCTURE AND STRATEGY 03. BAJAJ GENERAL INSURANCE LIMITED 04. BAJAJ LIFE INSURANCE LIMITED 05. EMERGING BUSINESSES INDEX a. BAJAJ FINSERV HEALTH LIMITED b. BAJAJ FINSERV DIRECT LIMITED (Marketplace) c. BAJAJ ASSET MANAGEMENT
Slide 4: Performance Summary
PERFORMANCE SUMMARY Update for the quarter 3
Slide 5: Bajaj Finserv – Performance Summary Q2 FY2027
Bajaj Finserv – Performance Summary Q2 FY2027 All Figures in ₹ Crore For the For the Quarter For the Period Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 Total Revenue 43,416 37,215 16.7% 85,453 72,515 17.8% 150,530 (Consolidated) Profit after Tax1 5,952 4,746 25.4%
Slide 6: Bajaj General – Performance Summary Q2 FY2027
Bajaj General – Performance Summary Q2 FY2027 [1/6] • Healthy performance amidst fierce market GROSS WRITTEN PREMIUM conditions • Q2 GDPI growth at 10.0% marginally lower than Industry growth of 12.4% on account of tactical ↑ 10.0% ₹ 7,056 Cr | Q2 FY27 ↑ 21.3% ₹ 5,636 Cr | Q2 FY27 reduction in Crop
Slide 7: Bajaj Life – Performance Summary Q2 FY2027
Bajaj Life – Performance Summary Q2 FY2027 [2/6] REVENUE • Financial outcomes as per our strategy of focusing on ‘sustainable and profitable growth’ ₹ 10,277 Cr | Q2 FY27 ↑ 22.8% ↑ 5.0% ₹ 1,942 Cr | Q2 FY27 GWP ₹ 8,366 Cr | Q2 FY26 RWRP • Focus continues on Retail protection which ₹ 1,850 Cr | Q2 FY
Slide 8: Bajaj Finance – Performance Summary Q2 FY2027
Bajaj Finance – Performance Summary Q2 FY2027 [3/6] REVENUE • An excellent quarter across all key metrics of AUM, new customer addition, credit cost, profit, ROA and ROE ↑ 23.0% ₹ 15,974 Cr | Q2 FY27 ↑ 26.5% ₹ 584,624 Cr | Q2 FY27 • 1.35 Crore new loans booked in Q2 FY2027 as against 1.22 Crore in Q
Slide 9: Bajaj Housing Finance – Performance Summary Q2 FY2027
Bajaj Housing Finance* – Performance summary Q2 FY2027 [4/6] REVENUE ↑ 15.0% ₹ 1,254 Cr | Q2 FY27 ↑ 24.8% ₹ 158,205 Cr | Q2 FY27 • Overall good quarter across growth, asset NET TOTAL ASSETS UNDER quality and profitability metrics ₹ 1,090 Cr | Q2 FY26 MANAGEMENT ₹ 126,749 Cr | Q2 FY26 INCOME • AUM su
Slide 10: Bajaj Finserv Direct and Health – Performance Summary
Bajaj Finserv Direct – Performance Summary Q2 FY2027 [5/6] REVENUE PROFITABILITY NETWORTH ↑ 44.6% ₹ 120 Cr | Q2 FY27 ↑ ₹ (28) Cr | Q2 FY27 ↓ ₹ 242 Cr | Q2 FY27 OPERATING PROFIT AFTER ₹ 83 Cr | Q2 FY26 ₹ (45) Cr | Q2 FY26 NETWORTH ₹ 383 Cr | Q2 FY26 REVENUE TAX • Revenue back on growth trajectory aft
Slide 11: Bajaj AMC and Financial Securities – Performance Summary
Bajaj AMC – Performance Summary Q2 FY2027 [6/6] REVENUE ASSETS UNDER PROFITABILITY MANAGEMENT ↑ 71.5% ₹ 24 Cr | Q2 FY27 ↑ ₹ (45) Cr | Q2 FY27 ↑ 24.1% ₹ 35,768 Cr | Q2 FY27 OPERATING PROFIT AFTER ASSETS UNDER ₹ 14 Cr | Q2 FY26 ₹ (56) Cr | Q2 FY26 ₹ 28,814 Cr | Q2 FY26 REVENUE TAX MANAGEMENT • Ranked
Slide 12: Bajaj Finserv Ltd. Group Structure & Strategy
BAJAJ FINSERV LTD. Group Structure & Strategy 11
Slide 13: India Opportunity: Growth Runway for Financial Services
India Opportunity: Rising incomes, a young workforce and low financial penetration create a growth runway for financial services India FY26 → 2035E Trajectory of • Gross household savings as % of GDP: 17.6% → 21.5% (FY16 → FY25) household savings remains upward • Financial savings as % of total gros
Slide 14: Bajaj Finserv overview: A diversified financial services group
Bajaj Finserv overview: A diversified financial services group Bajaj Finserv Limited (Listed) 51.30%1 100% 77.33%2 100% Consumer and Finance Health-Tech, TPA and General and Health Insurance Mutual Funds Business SAAS/PAAS provider (Bajaj General Insurance Limited) (Bajaj Asset Management Limited) (
Slide 15: Our Vision – Lifecycle Partner to every Indian
Our Vision – Lifecycle Partner to every Indian to achieve financial goals 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 Insurance, General, H
Slide 16: Dominance across financial services space in India
Dominance across financial services space in India One of the largest financial …with leadership positions3 across …powered by a deep and wide conglomerates in India… sectors… customer and distribution network3 ₹ 1,040,000+ Cr 1st 18 Cr+ Group Market Capitalisation1 Largest and amongst most profitab
Slide 17: Bajaj Finserv – Driving Sustainable Business Models
Bajaj Finserv – Driving Sustainable Business Models INPUTS Bajaj Finserv - Sets direction & tracks outcomes OUTCOMES Strategy Driver & Capital Enterprise Risk & Governance Profitable Growth Group Capital Allocation • Centrally drive all board policies & Consistency through diversified Deployable acr
Slide 18: BFS capital allocation framework
BFS capital allocation framework Capital generated across mature companies efficiently redeployed in new growth opportunities Risk Business Annuity Business Platform Business New Businesses Future Opportunities • Wealth Management being M M E2 E1 set up under Bajaj Broking • Re-insurance business -
Slide 19: Consistently delivering superior returns to shareholders
Consistently delivering superior returns to shareholders CAGR* SHARPE RATIO* INFORMATION RATIO* Consistent outperformance vs Benchmark, twice Superior returns across business cycles Higher Risk Adjusted Returns the outperformance compared to the sector 25.8% a year 0.50 0.48 Bajaj Finance 28.3% Baja
Slide 20: Diverse business models enduring strength across market conditions
Diverse business models enduring strength across market conditions – mitigating risk while delivering profitable growth All Figures in ₹ Crore During COVID, impact in Lending was PAT – Insurance1,2 offset by better Insurance results 1,732 Quarterly PBT Correlation 3,4 1,564 1,604 1,414 Incl. Covid E
Slide 21: Market Pricing provides a lucrative opportunity
Bajaj Finserv – Market Pricing provides a lucrative opportunity ₹267,223 Cr – ₹299,876 Cr = – ₹32,653 Cr FINSERV SHARE OF BAJAJ IMPLIED RESIDUAL VALUE BAJAJ FINSERV MARKET CAP FINANCE WHAT COUNTS IN THE RESIDUAL VALUE ₹26,774 Cr ₹1,121 Cr ₹35,768 Cr EMBEDDED VALUE | H1 FY2027 REVENUE | FY2026 AUM |
Slide 22: Transforming businesses through next gen technology
Transforming businesses through next gen technology Enterprise AI Enterprise • Voice and Text AI: Bots deployed across lead generation, servicing, marketing etc AI • Vision AI: KYC process automation, auto quality check of documents • Content AI: on-demand content creation in the form of videos, ban
Slide 23: Why Bajaj Finserv?
WHY BAJAJ FINSERV? India is among the fastest-growing large economies, and financial services, growing at ~1.5x nominal GDP, is its backbone. Bajaj Finserv is the single stock that captures the entire BFSI growth story. Its diversification across lending, insurance and investments builds resilience
Slide 24: Our aspiration basis Long Range Strategy for 2025-30
Our aspiration basis Long Range Strategy for 2025-30* Bajaj Finserv (Consolidated) Total Income Profit After Tax Customer Franchise (INR ‘000 Cr) (INR ‘000 Cr) (in MM) 315-340 21-24 ~220 ~100 134 9 ~20% ~2.5x ~2x CAGR 2025 2030 2025 2030 2025 2030 *Presented in Dec 2025 Any statements that may look
Slide 25: Bajaj Finserv Ltd. Financial Performance
BAJAJ FINSERV LTD. Financial Performance 24
Slide 26: Consolidated Revenue components – Q2 FY2027
Consolidated Revenue components – Q2 FY2027 All Figures in ₹ Crore Consolidated Revenue components for Q2 FY2027 (Ind AS) Revenue Mix ( Q2 FY2027) Intercompany adjustments -7% Bajaj Finserv- 5% (2,856) 1% Standalone Others1 2,047 43,416 Life +38% Bajaj Finserv Insurance 356 Consolidated General Insu
Slide 27: Consolidated Revenue components – H1 FY2027
Consolidated Revenue components – H1 FY2027 All Figures in ₹ Crore Consolidated Revenue components for H1 FY2027 (Ind AS) Revenue Mix ( Q2 FY2027) Intercompany adjustments -6% Bajaj Finserv- 4% 1% Standalone (5,124) Others1 3,589 85,453 Life +85% Bajaj Finserv Insurance 745 Consolidated General Insu
Slide 28: Consolidated Profit components – Q2 FY2027
Consolidated Profit components – Q2 FY2027 All Figures in ₹ Crore Consolidated profit components for Q2 FY2027 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 2,758 Standalone Bajaj Finserv Others2 (1,929) Consolidated Life 1,458 Insurance +23% General +34% (142) Excluding Insurance MTM Bajaj Fin
Slide 29: Consolidated Profit components – H1 FY2027
Consolidated Profit components – H1 FY2027 All Figures in ₹ Crore Consolidated profit components for H1 FY2027 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 5,890 Standalone Bajaj Finserv Others2 (3,393) Consolidated Life 2,576 Insurance +17% General +82% (273) Excluding Insurance 116 MTM Bajaj
Slide 30: Bajaj General Insurance Ltd.
BAJAJ GENERAL INSURANCE LTD. 29
Slide 31: 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 ▪ La
Slide 32: Bajaj General – Key financial highlights Q2 FY2027
Bajaj General – Key financial highlights Q2 FY2027 All Figures in ₹ Crore For the For the Quarter For the Period Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 Gross Written Premium 7,056 6,413 10.0% 12,845 11,615 10.6% 23,326 GWP excluding Crop 5,636 4,647 21.3% 11,
Slide 33: Bajaj General – Growth v/s Industry
Bajaj General – Growth v/s Industry; sustained market share in most competitive market All Figures in ₹ Crore GDPI GDPI excl. Crop and Govt. Health FY2026 Growth Q2 FY2027 Growth H1 FY2027 Growth FY2026 Growth Q2 FY2027 Growth H1 FY2027 Growth Bajaj General 8% 10% 11% Bajaj General 12% 21% 16% Priva
Slide 34: Bajaj General – Profit (PBT) waterfall H1 FY2027
Bajaj General – Profit (PBT) waterfall H1 FY2027 over H1 FY2026 All Figures in ₹ Crore 1,583 214 1,274 1,199 (329) (18) (75) (176) UW Loss UW Loss UW Loss ₹ 208 Crore ₹ 171 Crore ₹ 246 Crore Interest, Other Interest, Other Interest, Other Income and Income and Income and Capital Gains Capital Gains
Slide 35: Bajaj General – Lowest invested capital, Superior ROE & Investment Performance
Bajaj General – Lowest invested capital, Superior ROE & Investment Performance All Figures in ₹ Crore Capital Invested and Net Worth* ROE (Annualized) AUM Mix No Capital infusion Accumulated profit 97% of Net since FY2008 Worth as on 30 Sep 2026 H1 FY27 15.2% 4% H1 FY26 18.7% 10,731 H1 FY27 10,457 2
Slide 36: Bajaj General – Diversified product mix
Bajaj General – Diversified product mix to maintain competitive edge and performance over cycles BUSINESS MIX 8% 8% 7% 9% 8% 10% 13% 7% 7% 5% 15% 15% 9% 7% 13% 10% 7% 15% 18% 12% 22% 17% 13% 17% 25% 24% 15% 15% 19% 21% 5% 5% 6% 6% 5% 5% 30% 31% 29% 29% 30% 27% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY
Slide 37: 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 8% 7% 4% 4% 5% 5% 29% 30% 40% 34% 29% 28% 39% 39% 39% 44% 44% 35% 2% 2% 1% 2% 1% 2% 10
Slide 38: Bajaj General – Product portfolio: Motor
Bajaj General – Product portfolio: Motor All Figures in ₹ Crore Type (Business Mix) FY2025 FY2026 Q2 FY2026 Q2 FY2027 H1 FY2026 H1 FY2027 Motor OD 48% 46% 46% 48% 45% 45% Motor TP 52% 54% 54% 52% 55% 55% Grand Total 100% 100% 100% 100% 100% 100% Product Mix (GDPI) and Loss Ratio Motor OD 65.8% 72.4%
Slide 39: Bajaj General – Product portfolio: Health, PA and Travel
Bajaj General – Product portfolio: Health, PA and Travel All Figures in ₹ Crore Type (Business Mix) FY2025 FY2026 Q2 FY2026 Q2 FY2027 H1 FY2026 H1 FY2027 Retail 14% 15% 12% 14% 15% 15% Group (Employer-Employee & Others) 41% 40% 52% 64% 58% 65% Govt. Schemes 41% 41% 32% 18% 21% 15% Travel Insurance 2
Slide 40: Bajaj General – Product portfolio: Commercial Lines and Others
Bajaj General – Product portfolio: Commercial Lines and Others All Figures in ₹ Crore Type (Business Mix) FY2025 FY2026 Q2 FY2026 Q2 FY2027 H1 FY2026 H1 FY2027 Fire 36% 38% 25% 23% 40% 33% Marine 5% 6% 4% 7% 5% 9% Engineering 7% 7% 6% 6% 6% 8% Liability 10% 11% 8% 7% 12% 12% Commercial Lines 57% 62%
Slide 41: Bajaj General – Customer obsession backed by Caringly yours theme
Bajaj General – Customer obsession backed by “Caringly yours” theme Bajaj General Net Promoter Score1 Total Grievances2 per 10,000 New Policies 3.61 82 75 78 72 72 74 68 70 69 70 2.64 2.59 2.36 2.33 1.97 1.35 0.92 0.73 0.77 FY22 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Q1 FY27 Health Motor Bajaj Gene
Slide 42: 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 @ 92.9% Digital Policy Issuance @ 96.0% Digital Payment @ 97.5% (Cash @ 0.13%) (68.9% through AI BOTs) • 115.1 MM BOT messages exchanged • RPA for Issuance: 1,280 • ~7 out of
Slide 43: 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 App Redesigned and optimized the website buy Salesforce is now live for few channels, bringing Our Customer facing app delivers a
Slide 44: Bajaj General – Superior Risk management
Bajaj General – Superior Risk management ▪ 94.1% of the debt portfolio in AAA and sovereign assets and 88.0% in BSE100 stocks Asset Quality ▪ Robust ALM position ▪ Superior underwriting capability leading to relatively low Combined Ratio ▪ Diversified exposure across business lines & geographies Pri
Slide 45: Bajaj Life Insurance Ltd.
4 LIFE 48 LIFE BAJAJ LIFE INSURANCE LTD. BAJAJ LIFE GOALS. DONE.
Slide 46: 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 47: Bajaj Life – Key Financial Highlights Q2 FY2027
Bajaj Life – Key Financial Highlights Q2 FY2027 All Figures in ₹ Crore For the For the Quarter For the Period Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 Retail weighted received 1,942 1,850 5.0% 3,416 3,104 10.1% 7,514 premium Retail Protection NB 217 144 50.7% 3
Slide 48: 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 FY2026 Growth Q2 FY2027 Growth H1 FY2027 Growth Bajaj Life 6% Bajaj Life 5% Bajaj Life 10% 60,000 12,000 Pvt Market 12% Pvt Market 10% Pvt Market 12% Overall Industry 13% 90,000
Slide 49: Bajaj Life – Stable product mix
Bajaj Life – Stable product mix with innovative product suite Product Mix 45% 43% 43% 41% 44% 43% 21% 21% 21% 23% 21% 24% 9% 12% 7% 11% 5% 10% 20% 14% 19% 13% 21% 16% 8% 8% 11% 8% 12% 6% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Individual - Non Par Protection Individual - Non Par Savings Individual
Slide 50: Bajaj Life – Continuous focus on increasing protection
Bajaj Life – Continuous focus on increasing protection All Figures in ₹ Crore Retail Protection (NBP) Group Protection (NBP) +60% +51% +55% +21% +81% +89% 628 3,156 2,723 2,616 393 393 1,450 1,357 254 217 144 750 FY2025 FY2026 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 FY2025 FY2026 Q2 FY26 Q2 FY27 H1 FY26 H1
Slide 51: Bajaj Life – Diversified Channel Mix
Bajaj Life – Diversified Channel Mix All Figures in ₹ Crore Whole Company Institutional Business +6% +5% +10% +12% +9% +13% 7,514 4,082 7,067 3,647 3,104 3,416 1,796 1,596 1,850 1,941 976 1,064 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Agency Bajaj Life Dire
Slide 52: 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 146,322 3% No Capital Accumulated profit 13% infusion since 88% of Net Worth as 133,563 132,060 30% FY2008 on 30 Sep 2026 123,734 Corporate Bonds G-sec Equity Others 10,899 10,928 90,325
Slide 53: Bajaj Life – VNB & NBM update
Bajaj Life – VNB & NBM update All Figures in ₹ Crore Q2 Q2 Change H1 H1 Change Rolling3 Rolling3 Change Particulars FY2027 FY2026 (%) FY2027 FY2026 (%) FY2027 FY2026 (%) Annualized Premium (ANP)1 2,364 2,149 10.0% 4,070 3,459 17.7% 9,100 7,630 19.3% Value of New Business (VNB)2 512 367 39.6% 783 512
Slide 54: Bajaj Life – VNB and NBM Walk
Bajaj Life - VNB and NBM Walk All Figures in ₹ Crore 90 878 276 783 (95) 512 NBM 14.8% NBM 21.6% NBM 19.2% VNB - H1 FY2026 New Business mix and Profile* Business Volume VNB - H1 FY2027 GST Impact VNB - H1 FY2027 (before GST impact) (after GST impact) NBM - New Business Margin, VNB – Value of New Bus
Slide 55: Bajaj Life – MCEV Analysis of Movement
Bajaj Life – MCEV Analysis of Movement All Figures in ₹ Crore 783 26,774 1,046 25,300 23 331 Embedded Value Operating Profit VIF: VIF: 15,635 EVOP: ₹ 1,806 Crore (H1 FY2026: ₹ 1,426 Crore) 16,903 15,635 RoEV Annualized : 14.8% (H1 FY2026: 12.3%) NAV: NAV: 9,665 9,871 31 March 2026 Unwinding VNB Oper
Slide 56: Bajaj Life – Focus on enhanced business quality
Bajaj Life – Focus on enhanced business quality backed by enhanced customer segments For the Period ended 30th Sep 2026 Persistency 13th Month Persistency 25th Month 82% 81% 82% 81% 74% 75% 71% 71% FY25 FY26 H1 FY26 H1 FY27 FY25 FY26 H1 FY26 H1 FY27 Persistency 37th Month Persistency 49th Month Pers
Slide 57: Bajaj Life Contextual Innovation: Data, Tech and AI
Bajaj Life Contextual Innovation: Data, Tech and AI in everything Customer & Business Empowerment Login & Underwriting Distributor Servicing Smart Coach Gen AI DIGI 2.0 Tech Customer APP • Gen AI powered self assessment platform to • Ensuring near-zero business disruption • All-in-one life insurance
Slide 58: Bajaj Life – Faster issuances, claim settlement and FTR
Bajaj life – Focusing on faster issuances, claim settlement and driving FTR 89.4% 69 per 10k policies 81.2% Digital Adoption1 Grievance Incidence Rate Digital Self Servicing2 95.2% Electronic Payout 98.5% 10.7 lakh transactions 13.8 lakhs Retail Claim Settlement Ratio Customer App Unique WhatsApp Us
Slide 59: Bajaj Life – Superior Risk Management
Bajaj Life – Superior Risk Management Asset Quality ▪ 96.4% of the debt portfolio in AAA and sovereign assets and 82.3% in NSE100 stocks ▪ Prudent assumptions built in product pricing Product Pricing ▪ Stress and multi - scenario testing of pricing ▪ Regular review of pricing based on prevailing int
Slide 60: Bajaj Finserv Health Ltd.
HEALTH BAJAJ BAJAJ FINSERV HEALTH LTD. 59
Slide 61: Market Opportunity in Healthcare Ecosystem
Market Opportunity in Healthcare Ecosystem & Commercial Flows • Indian healthcare expenditure at ₹8.8 lakh crore, 3.37% of GDP and ₹6,373 per capita (FY23)¹ • One of the largest spend categories but highly fragmented • US healthcare operations: ~₹16,889 bn core payer & provider spend, of which ₹3.8
Slide 62: 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 63: Bajaj Finserv Health – 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 64: 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 ₹ 3,879 • PUM of ₹ 722 • PUM of ₹ 445 • 16 Insurers
Slide 65: Bajaj Finserv Health – 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 Experience1 Preventive (5 Services) Primary (6 Services) Secondary (3 Services) T
Slide 66: Bajaj Finserv Health – Business segments
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 67: Bajaj Finserv Health – Consumer Stack Metrics
Bajaj Finserv Health – Consumer Stack Metrics Healthcare Transactions (in ‘000’s) Key Developments for Q2 FY2027 6,556 5,922 5,939 6,090 748 5,694 546 533 425 313 • Company has built strong network supporting business 802 659 584 605 660 • Hospitals – 32,000+ • Doctors – 130,000+ • Diagnostic – 10,0
Slide 68: Bajaj Finserv Health – Key financial highlights Q2 FY2027
Bajaj Finserv Health – Key financial highlights Q2 FY2027 All Figures in ₹ Crore Particulars Q2 FY2027 Q2 FY2026 H1 FY2027 H1 FY2026 FY2026 Total Income 192 285 420 528 1,121 Profit after Tax (58) (32) (102) (75) (160) Capital infused (as on 30th Sept 2026) 1,250 (Infused during the Year) 50 Net Wor
Slide 69: Bajaj Finserv Direct Ltd. Bajaj Markets
BAJAJ FINSERV DIRECT LTD. Bajaj Markets 68
Slide 70: BFSD Market Opportunity – Why Marketplace
BFSD Market Opportunity - Why Marketplace amongst BFSI manufacturers in the group? Product-out B2C Earns from product sales and Offers manufactured lending & payment products owns inventory Caters to shareholders most efficiently by: Operating with the best risk amazon Extremely large and valuable r
Slide 71: 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 72: Bajaj Markets – Diversified Marketplace
Bajaj Markets – Diversified Marketplace Open Architecture Supply- side Demand-side Marketplace Trust Wide choice Neutral Large TAM1 Convenience Large number of BFSI Diverse consumer traffic Superior analytics manufacturers with high intent Real time offers, dynamic rule engine, 100+ Partners 221+ MM
Slide 73: Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience
Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience Category Partners Bank 10 Banks NBFC 20 Fintech 29 HFC 10 Insurance 19 VAS 6 NBFCs Broker 11 ONDC 1 Total 106 Vertical Partners Fintechs Lending 58 Cards 7 Insurance 19 Investment 4 VAS 6 Insurance Companies Securities 11 ONDC 1 Unique Pa
Slide 74: Bajaj Finserv Direct – Key financial highlights
Bajaj Finserv Direct – Key financial highlights Q2 and H1 FY2027 All Figures in ₹ Crore Q2 FY2027 Q2FY2026 H1 FY2027 H1 FY2026 FY2026 Total Income 123 90 234 182 375 PAT after Tax (28) (45) (65) (95) (170) Capital infused (as on 30th Sept 809 2026) (Infused during the year) - Net Worth (as on 30th S
Slide 75: Bajaj Asset Management Ltd.
BAJAJ ASSET MANAGEMENT LTD. 74
Slide 76: Capitalize on the Bajaj Finserv brand in 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) 2026 2047 Growth 7,373 2.9x 6.0 3.2x 79% Total AUM (‘Lakh Crore) 74 2,791
Slide 77: Bajaj AMC – Key Strategic Pillars
Bajaj 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 space wh
Slide 78: Bajaj AMC – Equity funds with differentiated strategies
Bajaj 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 (Beta) Mul
Slide 79: Bajaj AMC – Key financial highlights Q2 and H1 FY2027
Bajaj AMC - Key financial highlights Q2 and H1 FY2027 All Figures in ₹ Crore Bajaj AMC Q2 FY2027 Q2 FY2026 H1 FY2027 H1 FY2026 FY2026 Total Income 24.2 14.1 49.4 28.9 65 Profit after Tax (45.1) (55.7) (86.3) (107.8) (204) Capital infused (as on 30th Sept 2026) 900 (Infused during the year) 125 Net W
Slide 80: Bajaj Finance Ltd.
ee 4 FINANCE BAJA. BAJAJ FINANCE LTD. 4 FINANCE BAJAJ
Slide 81: 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 82: BFL – Consolidated Key financial highlights Q2 and H1 FY2027
BFL – Consolidated Key financial highlights Q2 and H1 FY2027 All Figures in ₹ Crore For the For the Quarter For the Period Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 AUM 584,624 462,261 26.5% 584,624 462,261 26.5% 509,975 Customer Franchise 12.88 11.06 16.5% 12.8
Slide 83: BFL – Key performance highlights: Q2 FY2027
BFL – Key performance highlights: Q2 FY2027 ▪ Number of new loans booked in Q2 FY2027 was at 1.35 Crore as against 1.22 Crore in Q2 FY2026, a growth of 11% ▪ In Q2, the Company added 44.2 Lakh new customers to its franchise ▪ In Q2, cost of funds was 7.31%, an improvement of 9 bps over Q1 FY2027 ▪ A
Slide 84: BFL – Cross selling and customer franchise
BFL – Strong focus on cross selling to existing customers and increase in customer franchise Q2 FY2026 Q2 FY2027 Q1 FY2027 11.07 Crore Total Franchise 12.89 Crore 12.44 Crore 9.43 Crore Credit segment filter 11.11 Crore 10.67 Crore 9.05 Crore Overall Cross sell franchise 10.6 Crore 10.21 Crore Non d
Slide 85: Bajaj Housing Finance Ltd.
BAJAJ HOUSING FINANCE LTD. 84
Slide 86: BHFL – Key Strategic Differentiators
BHFL – Key Strategic Differentiators STRATEGY Focus on building scalable balance sheet with reasonable ROE DIFFERENTIATORS Deliver 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, cus
Slide 87: BHFL – Key financial highlights Q2 and H1 FY2027
BHFL – Key financial highlights Q2 and H1 FY2027 All Figures in ₹ Crore For the For the Quarter For the Period Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 AUM 158,205 126,749 24.8% 158,205 126,749 24.8% 140,706 Net total Income 1,254 1,090 15.0% 2,429 2,100 15.7%
Slide 88: Annexures
> FINSERV BAJAJ ANNEXURES 4 FINSERV BAJAJ 87
Slide 89: One Finserv Story
> FINSERV BAJAJ ONE FINSERV STORY 4 FINSERV BAJAJ 88
Slide 90: Bajaj Finserv – Lifecycle Partner to every Indian
Bajaj Finserv - Lifecycle Partner to every Indian to achieve financial goals IPS & CON 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
Slide 91: 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 • Expanding product suite: over 750 products • Strategic tie-ups: Airtel, SFDC • Crop and Government health insurance
Slide 92: 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 93: 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 multi-line insurer • Fastest growing LI company in last 5 years on ₹100 invested in 2000 = ₹ 2,34,715 in 2026 • Profitable since first
Slide 94: Strong Solvency and Capital Adequacy
Strong Solvency and Capital Adequacy All Figures in ₹ Crore BAJAJ Solvency BFL BAJAJ LIFE BHFL* Total 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 31,
Slide 95: Significant growth trajectory across diverse businesses (1/2)
Significant growth trajectory across diverse and sustainable businesses (1/2) All Figures in ₹ Crore Growth for Particulars FY 2016 FY 2021 FY 2025 FY 2026 5 YR CAGR 10 YR CAGR the year Bajaj Finserv Limited (Consolidated) Net total Income 20,534 60,592 132,944 150,523 13% 20% 22% Profit after tax 1
Slide 96: Significant growth trajectory across diverse businesses (2/2)
Significant growth trajectory across diverse and sustainable businesses (2/2) All Figures in ₹ Crore Growth for Particulars FY 2016 FY 2021 FY 2025 FY 2026 5 YR CAGR 10 YR CAGR the year Bajaj Finance Limited (Consolidated) Net total Income# 4,406 17,269 44,954 54,126 20% 26% 29% Profit after tax 1,2
Slide 97: ESG Update
ESG UPDATE Environmental, Social and Governance (Towards a Sustainable Future) 96
Slide 98: 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 99: Being Responsible: ESG Key metrics
Being Responsible: ESG Key metrics ESG is not just the right thing to do, it is what will shape a better tomorrow for all • Robust governance structure across all our • New to BFL credit customers - 30+ MM* companies including unlisted ones • BFL MFI branches – 440+ covering 7 Lakh+ • Responsible In
Slide 100: 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 Pune City Youth Skilling Development INCLUSION FOR PERSONS EDUCATION HEALTH PROTECTION WITH DISABILITI
Slide 101: India and BFSI opportunity
India and BFSI opportunity Fastest growing; opportunity for every household 100
Slide 102: India is digitising rapidly
India is digitising rapidly Rising Income India Stack Powered the 1.45 Bn+ Aadhaar generated 24.07 Bn monthly Financial Inclusion transactions – Sep 2026 Revenue from India’s Fintech Market to reach ONDC facilitated more than technology Industry to USD 422 billion by 2029 500 million transactions ti
Slide 103: Indian Insurance Market – Growth Opportunity
Indian Insurance Market – Growth Opportunity India remains vastly under-insured, both in term of penetration and density Insurance Penetration as a % of GDP Insurance Density (US$) 7.5% 5,923 6.5% 6.4% 5.3% 4.2% 3.8% 3.2% 2,539 2.4% 2.7% 2.7% 2.3% 2,084 1,894 1.7% 2.0% 1.9% 1,545 1.5% 1.0% 1,075 1,5
Slide 104: Others
> FINSERV BAJAJ Others 4 FINSERV BAJAJ 103
Slide 105: Bajaj General – Product Suite
Bajaj General – Product Suite Personal Commercial SME Rural Partnerships (Group / Government) • Motor Pvt Car & 2 Wheelers - Motor Insurance Property Rural & Agriculture Standalone OD and Package • Commercial vehicle Insurance • Fire & Allied Perils (up to 5 • Parametric Index Based Health & Travel
Slide 106: Bajaj Life – Product Suite
Bajaj Life – Product Suite Long Term Mortality (Life protection) Wealth Longevity Morbidity (Retirement (Health planning) protection) 105
Slide 107: BFL and BHFL – Product Suite
BFL and BHFL – Product Suite BAJAJ FINANCE LIMITED Consumer Commercial Rural Deposits Partnerships & SME Payments Services 1. Consumer Durable 1. Unsecured Working 1. Loan against securities 1. Consumer Durable 1. Retail Term Issuance 1. Life Insurance Loans Capital Loans 2. IPO financing Loans Depo
Slide 108: Bajaj General Key Financial Metrics vs. Industry
Bajaj General Key Financial Metrics vs. Industry – Outperformance All Figures in ₹ Crore GWP Combined Ratio Cumulative PAT (5 Yr) (5 Yr CAGR) (5 Yr Avg.) 8,011 Crore 13.1% 101.1% Industry 10.7% Industry 118.5% Industry 4,859 Crore 3rd largest general insurer grown Consistently maintaining prudent Su
Slide 109: Bajaj General – Performance by lines of business: GDPI
Bajaj General – Performance by lines of business: GDPI GDPI Growth Line of Business Q2 FY2027 Q2 FY2027 H1 FY2027 H1 FY2027 Bajaj General Industry Bajaj General Industry Commercial Lines1 5.9% (8.2%) (3.9%) (10.8%) Motor OD 22.5% 15.9% 14.3% 16.1% Motor TP 14.7% 10.1% 14.9% 11.1% Motor Total 18.3% 1
Slide 110: 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 FY2027 Q2 FY2026 H1 FY2027 H1 FY2026 Fire / Fire ex. NATCAT 136.0% / 69.2% 47.5% 92.9% / 59.2% 58.9% Marine Cargo / Marine Cargo ex. NATCAT 93.5% / 90.1% 109.6% 91.6% / 89.9% 85.6% Engineering 37.6% 68.8%
Slide 111: Bajaj General Loss Triangle – Ultimate Net Loss Cost Re-estimate
Bajaj General Loss Triangle – Whole Account Excluding IMTPIP on Net Basis as at 31 March 2026, Ultimate Net Loss Cost Re-estimate All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (Rs. Cr) 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 31-M
Slide 112: Bajaj General Loss Triangle – Cumulative Payment
Bajaj General Loss Triangle – Whole Account Excluding IMTPIP on Net Basis as at 31 March 2026, Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (Rs. Cr) 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 31-Mar-26 and before
Slide 113: Bajaj General Loss Triangle – Motor TP Re-estimate
Bajaj General Loss Triangle – Motor TP Excluding IMTPIP on Net Basis as at 31 March 2026, Ultimate Net Loss Cost Re-estimate All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (₹ Cr) 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 31-Mar-26 a
Slide 114: Bajaj General Loss Triangle – Motor TP Cumulative Payment
Bajaj General Loss Triangle – Motor TP Excluding IMTPIP on Net Basis as at 31 March 2026, Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (Rs. Cr) 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 31-Mar-26 and before A] U
Slide 115: 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 req
Slide 116: 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 2026) 22% 25% 266% Industry 10% Industry 12% Industry3 170%-240% Growth 2.6X the industry Growth 2X the industry Highest solvency ratio among the peers, with
Slide 117: Thank You
> FINSERV BAJAJ Thank You 116
Slide 118: 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