Bajaj Finserv Limited CC-Jun25.pdf · 2025-07-25
Hi sir, Thank you for the opportunity. I have two quick questions on one each on BAGIC and BALIC. So, in BAGIC I wanted to understand that we have seen some strong growth in areas like motor TP and fire where we have been hearing that the competitive intensity remains very strong. So just wanted to know your thoughts on what are you seeing in the market? Are you going after favourable micro markets where you expect the profitability to be better than what we would normally expect in case of a highly competitive intensity. That is what I wanted to ask from you regarding BAGIC. And maybe anything you can talk about motor TP price hike related that will also be very useful. And in terms of BALIC, I just wanted to understand that I think this is possibly the third consecutive quarter that I think the agency channel seems to be degrowing on a year-on-year basis. So just wanted to understand that given that how you have steadily improved on the margins and VNB, growth is better than the top line growth. So, I think, definitely this does not hint towards a productivity drop in terms of how VNB is generated. So, if you could give us some colour on how the underlying product mix would be on the agency side, keeping this in perspective. So yes, those would be my two questions.
Yes. So, sir, at one point of time, Bajaj General is known for their best-in-class operating profitability, combined ratio has been for many years under 100%. But now we are seeing that this number generally creeps up ahead of 100%, maybe 101%, 102%. So, should we think this as a steady state given how situations are there? I mean offline, I understand that there is an impact of 1/N. But overall, should we expect that maybe this will continue to remain elevated? Or is there any scope that we can go back to less than 100% scenario over the next 2, 3 years?