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Bajaj Finserv Q1: fare well

Among the 3 key businesses of Bajaj Finserv, general insurance and lending fared well while life insurance remained weak in Q1, FY15. We expect consistent performance from lending and general insurance business to continue and life insurance business growth to pick up in Q2FY15.

 Bajaj Allianz General Insurance: Gross written premium grew 7 per cent YoY, which is higher than private general insurance industry average.

Bajaj Allianz Life Insurance: Business growth was weak due to recent regulatory changes. Management focus on improving persistency is now bearing fruits as decline in renewal premium slowed (down 9 per cent vs. 39 per cent in Q1FY14).

Bajaj Finance: Overall loan growth (AUM up 40 per cent YoY, disbursements up 48 per cent YoY) was much above our estimate led by Consumer and SME segments. However, management expects growth rates to normalise and maintains its earlier guidance of 20-25 per cent business growth for FY15.

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