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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 regrouped and/or restated wherever necessary
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01. PERFORMANCE SUMMARY FOR THE QUARTER 03. BAJAJ GENERAL INSURANCE LIMITED 04. BAJAJ LIFE INSURANCE LIMITED 05. EMERGING BUSINESSES 06. BAJAJ FINANCE LIMITED 07. BAJAJ HOUSING FINANCE LIMITED 08. INDEX a. BAJAJ FINSERV HEALTH LIMITED b. BAJAJ FINSERV DIRECT LIMITED (Marketplace) c. BAJAJ ASSET MANAGEMENT LIMITED ANNEXURES a. MORE ABOUT US – ONE FINSERV STORY b. ENVIRONMENTAL, SOCIAL AND GOVERNANCE c. INDIA & BFSI OPPORTUNITY 02. BAJAJ FINSERV LIMITED – GROUP STRUCTURE AND STRATEGY 2
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PERFORMANCE SUMMARY Update for the quarter 3
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PAT Includes unrealized mark-to-market (MTM) loss on equity investments measured at fair value through profit and loss of Bajaj General and Bajaj Life of ₹ 121 Crore and ₹ 56 Crore respectively, for Q2 FY2027 as compared to MTM loss of ₹ 70 Crore and ₹ 91 Crore respectively for Q2 FY2026. Also realized equity gain routed through OCI stands at ₹ 42 Crore for Bajaj General and ₹ 1 Crore for Bajaj Life for Q2 FY2027 as compared to realized gain of ₹ 38 Crore and ₹ 6 Crore for Q2 FY2026 respectively. Growth in PAT (attributable to owners), excluding MTM gain/loss and including realized equity gains booked under OCI for the quarter was 22%. For the Quarter For the Period For the Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 Total Revenue (Consolidated) 43,416 37,215 16.7% 85,453 72,515 17.8% 150,530 Profit after Tax1 (Consolidated) 5,952 4,746 25.4% 12,249 10,076 21.6% 19,669 Profit after Tax2 (Attributable to owners) 2,758 2,244 22.9% 5,890 5,033 17.0% 9,801 Net worth (Standalone) 12,902 9,995 29.1% 12,902 9,995 29.1% 10,181 Net worth (Consolidated) 83,974 76,490 9.8% 83,974 76,490 9.8% 77,915 Surplus Funds (Standalone) 4,702 3,484 35.0% 4,702 3,484 35.0% 2,392 All Figures in ₹ Crore Bajaj Finserv – Performance Summary Q2 FY2027 41. Consolidated Profit for the Company; 2. Consolidated Profit attributable to owners
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Bajaj General – Performance Summary Q2 FY2027 [1/6] 5 ↓ 2.2% (abs) COMBINED RATIO 104.5% | Q2 FY27 102.3% | Q2 FY26 ↑ 3.8% ASSETS UNDER MANAGEMENT ↓ 18.8% PROFIT AFTER TAX ₹ 517 Cr | Q2 FY26 ↓ 0.9% (abs) RETURN ON EQUITY (ANNUALISED) 15.1% | Q2 FY27 16.0% | Q2 FY26 ↑ 10.0% TOTAL GWP ₹ 7,056 Cr | Q2 FY27 ₹ 6,413 Cr | Q2 FY26 • Healthy performance amidst fierce market conditions • Q2 GDPI growth at 10.0% marginally lower than Industry growth of 12.4% on account of tactical reduction in Crop segment due to weak pricing • Q2 GDPI growth excluding Crop & Govt. health at 21.5%, significantly higher vs Industry at 13.2% - primarily driven by strong growth in Health* (31.5%) & Motor (18.3%) • De-growth in PAT due to lower capital gains attributable to the volatile equity markets and external Macro Environment, NATCAT claims of ₹ 75 Crore (Net) and impact of Buyback & Dividend • COR largely impacted on account of higher NATCAT claims and higher loss ratios in Health segment. COR excluding NATCAT at 102.0% • Solvency Margin for the Company stands at 229% as against the regulatory norm of 150%; down from Q2 FY2026 on account of Buyback & Dividend • Lower growth in AUM attributable to Buyback and Dividend payout - ₹ 1,590 Crore in Q4 FY2026 and ₹ 1,925 Crore Q1 FY2027 respectively ↑ 21.3% EX. CROP & GOVT HEALTH ₹ 5,636 Cr | Q2 FY27 ₹ 4,647 Cr | Q2 FY26 ROE (annualized @200% solvency) is estimated to be ~16.2% ₹ 420 Cr | Q2 FY27 GWP – Gross Written Premium, COR – Combined Ratio, Industry includes SAHI, Private Insurers, PSU and excludes AIC & ECGC *Health = Retail + Group + PA+ Travel ₹ 36,313 Cr | Q2 FY27 ₹ 34,974 Cr | Q2 FY26 OTHER METRICS PROFITABILITY GROSS WRITTEN PREMIUM
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Bajaj Life – Performance Summary Q2 FY2027 [2/6] 6 OTHER METRICS ↑ 10.8% ASSETS UNDER MANAGEMENT ₹ 146,322 Cr | Q2 FY27 ₹ 132,060 Cr | Q2 FY26 VNB AND MARGIN ↑ 39.6% VNB REVENUE ↑ 22.8% GWP ₹ 10,277 Cr | Q2 FY27 ₹ 8,366 Cr | Q2 FY26 • Financial outcomes as per our strategy of focusing on ‘sustainable and profitable growth’ • Focus continues on Retail protection which grew at 51% with 11% retail product mix • Absolute VNB and margin improvement primarily driven by retail business (product mix, cost optimisation, etc.) despite the impact of GST • Renewal growth continued at 17% for Q2 FY2027 • Solvency remains healthy at 255% • PAT growth on a lower base – Q2 FY2026 had one time GST impact of Rs. 112 Crore, partially offset by lower capital gains attributable to external macro environment • Operations from GIFT City started in October 2026 and retail business with IndusInd bank will start in Q3 FY2027 ↑ 5.0% RWRP ₹ 1,942 Cr | Q2 FY27 ₹ 1,850 Cr | Q2 FY26 21.6% | Q2 FY27 17.1% | Q2 FY26 ₹ 512 Cr | Q2 FY27 ₹ 367 Cr | Q2 FY26 ↑ 4.5% (abs) VNB MARGIN GWP – Gross Written Premium, RWRP – Retail Weighted Received Premium, VNB – Value of New Business ↑ 324.7% PROFIT AFTER TAX ₹ 55 Cr | Q2 FY27 ₹ 13 Cr | Q2 FY26
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Bajaj Finance – Performance Summary Q2 FY2027 [3/6] 7 OTHER METRICS ↑ 0.18% (abs) GNPA 1.06% | Q2 FY27 ↑ 0.18% (abs) NNPA 0.42% | Q2 FY27 0.60% | Q2 FY26 PROFITABILITY ↑ 28.5% PROFIT AFTER TAX ₹ 6,267 Cr | Q2 FY27 ₹ 4,876 Cr | Q2 FY26 ↑ 1.5% (abs) RETURN ON EQUITY (ANNUALISED) 20.6% | Q2 FY27 19.1% | Q2 FY26 REVENUE ↑ 23.0% NET TOTAL INCOME ₹ 15,974 Cr | Q2 FY27 ₹ 12,982 Cr | Q2 FY26 ↑ 26.5% ASSETS UNDER MANAGEMENT ₹ 584,624 Cr | Q2 FY27 ₹ 462,261 Cr | Q2 FY26 1.24% | Q2 FY26 AUM – Assets Under Management, GNPA – Gross Non-Performing Assets, NNPA – Net Non-Performing Assets Profit attributable to owners of the Company • An excellent quarter across all key metrics of AUM, new customer addition, credit cost, profit, ROA and ROE • 1.35 Crore new loans booked in Q2 FY2027 as against 1.22 Crore in Q2 FY2026, growth of 10.7% • 44 lakh new customers added during the quarter • PAT growth before prudent management and macro-economic provision grew by 33.8% to ₹6,619 Crore • Loan losses and provisions in Q2 FY2027 were ₹ 2,166 Crore as against ₹ 2,080 Crore in Q2 FY2026. Q2 FY2027 includes a prudent management and macro-economic provision of ₹ 337 Crore. Excluding this, loan losses and provisions were ₹ 1,829 Crore, a decline of 12.1% as against Q2 FY2026 • FINAI remains central to BFL’s long-term vision. The phase wise implementation across businesses and functions is underway. This will help augment customer-centricity, tech transformation and strengthen our lowest-risk strategic framework
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• Overall good quarter across growth, asset quality and profitability metrics • AUM surpassed the ₹ 1.5 Lakh Crore milestone with a growth of 24.8% driven by 25.3% increase in disbursements on YoY basis • PAT growth at healthy 17.7% driven by lower opex to NTI down from 19.7% in Q2 FY2026 to 19.1% in Q2 FY2027 • Capital adequacy ratio stood at 21.24% as of 30 Sept 2026 as against regulatory requirement of 15.0%, of which Tier-1 capital was 20.83% Bajaj Housing Finance* – Performance summary Q2 FY2027 [4/6] OTHER METRICS ↓ 0.03% (abs) GNPA 0.29% | Q2 FY27 0.26% | Q2 FY26 NNPA 0.12% | Q2 FY27 0.12% | Q2 FY26 PROFITABILITY ↑ 17.7% PROFIT AFTER TAX ₹ 757 Cr | Q2 FY27 ₹ 643 Cr | Q2 FY26 ↑ 0.5% (abs) RETURN ON EQUITY (ANNUALISED) 12.7% | Q2 FY27 REVENUE ↑ 15.0% NET TOTAL INCOME ₹ 1,254 Cr | Q2 FY27 ₹ 1,090 Cr | Q2 FY26 ↑ 24.8% ASSETS UNDER MANAGEMENT ₹ 158,205 Cr | Q2 FY27 ₹ 126,749 Cr | Q2 FY26 12.2% | Q2 FY26 AUM – Assets Under Management, GNPA – Gross Non-Performing Assets, NNPA – Net Non-Performing Assets *Subsidiary of Bajaj Finance Limited ↑↑ 8
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↓ NETWORTH PROFITABILITYREVENUE NETWORTH Bajaj Finserv Direct – Performance Summary Q2 FY2027 [5/6] 9 ↑ PROFIT AFTER TAX ₹ (28) Cr | Q2 FY27 ₹ (45) Cr | Q2 FY26 ₹ 242 Cr | Q2 FY27 ₹ 383 Cr | Q2 FY26 ↑ 44.6% OPERATING REVENUE ₹ 120 Cr | Q2 FY27 ₹ 83 Cr | Q2 FY26 • Revenue back on growth trajectory after planned digital customer journey enhancements • Some of the revenue structures are now trail revenue based, providing stability, predictability and non-linearity to future revenue PROFITABILITY ↓ PROFIT AFTER TAX ₹ 414 Cr | Q2 FY27 ₹ 455 Cr | Q2 FY26 REVENUE ↓ 31.9% OPERATING REVENUE ₹ 190 Cr | Q2 FY27 ₹ 279 Cr | Q2 FY26 NETWORTH • Muted revenue growth due to planned Business Model realignment in line with the regulatory changes • About 5.7 MM healthcare transactions processed during the quarter Bajaj Finserv Health – Performance Summary Q2 FY2027 ₹ (58) Cr | Q2 FY27 ₹ (32) Cr | Q2 FY26 ↓ NETWORTH
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Bajaj AMC – Performance Summary Q2 FY2027 [6/6] 10 PROFITABILITY ₹ (45) Cr | Q2 FY27 ₹ (56) Cr | Q2 FY26 ₹ 35,768 Cr | Q2 FY27 ₹ 28,814 Cr | Q2 FY26 REVENUE ↑ 71.5% OPERATING REVENUE ₹ 24 Cr | Q2 FY27 ₹ 14 Cr | Q2 FY26 ASSETS UNDER MANAGEMENT • Ranked 26th amongst all Mutual Funds with Equity mix at 60% and non-group share at 90.7% of total AUM • The Company’s incremental SIP book stood at ₹ 213 Crore as of Sep 2026, compared to ₹ 150 Crore in Sep 2025, reflecting a growth of ~42%, while SIP folios registered a growth of ~41% • Average AUM for Q2 FY2027 stood at ₹ 37,842 Crore, having crossed the ₹ 40,000 Crore AUM mark during the quarter PROFITABILITY ↑ 36.2% PROFIT AFTER TAX ₹ 64 Cr | Q2 FY27 ↑ 58.7% ASSETS UNDER FINANCE ₹ 12,058 Cr | Q2 FY27 ₹ 7,597 Cr | Q2 FY26 REVENUE ↑ 20.3% OPERATING REVENUE ₹ 160 Cr | Q2 FY27 ASSETS UNDER FINANCE • Good quarter on AUM, PAT and new customer addition • Retail and HNI customer franchise stood at 16.1 Lakh as on 30 Sep 2026 Bajaj Financial Securities1 – Performance Summary Q2 FY2027 ₹ 133 Cr | Q2 FY26 ₹ 47 Cr | Q2 FY26 AUM – Assets Under Management, 1 Wholly owned subsidiary of Bajaj Finance Limited ↑ PROFIT AFTER TAX ↑ 24.1% ASSETS UNDER MANAGEMENT
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BAJAJ FINSERV LTD. 11 Group Structure & Strategy
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India Opportunity: Rising incomes, a young workforce and low financial penetration create a growth runway for financial services India FY26 → 2035E GROWTH PRECEDENT FOR THE NEXT DECADE India FY2026 Similar starting point as China in 2010 based on GDP and Income per capita with a younger population and stronger digital rails Trajectory of household savings remains upward • Gross household savings as % of GDP: 17.6% → 21.5% (FY16 → FY25) • Financial savings as % of total gross household saving at healthy ~45% Population growth FY26 → FY35E Population (Bn) 1.46 → 1.51 Working-age % 68.4% Youth bulge 26.1% Old | child dep. 10.8% | 35.4% Income growth FY26 → FY35E GDP (₹ L Cr) 345 → 920 GDP / capita (₹ L) 2.4 → 6.1 ~2.5× growth in Nominal GDP/Capita at ~11% CAGR Financialization IMPETUS · JAM + UPI DIGITAL RAILS Jan Dhan a/cs 57.8 Cr 3.9× since FY15 Aadhaar IDs 134.8 Cr Mobile users 118.6 Cr 85%+ smartphones UPI volumes 22.6 bn txns / mo ₹29.5 L Cr / month Insurance, Lending, Investments FY26 → FY35E India continues to be amongst the best growth markets in the world for financial services Sources: RBI, IMF, Swiss Re, Bain Dep. = Dependency per 100 people of working age (15-64); Old Dependency for 64+ years; Child dependency for sub-15 years; Youth bulge is 15-29 years Pen. = Insurance penetration (premium as % of GDP); Retail credit for India in 2035E assumed at China CY2025 level General Insurance (gross direct premium, ₹ L Cr) 3.4 → 11.0 Pen. 1.0 → 1.2% 9.9 → 34.9 Pen. 2.9 → 3.8% Retail Credit 45.5 → 59.5 % of GDP MF AUM 21.4 → 32.6 % of GDP Life Insurance (gross direct premium, ₹ L Cr) 12
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Digital Marketplace (Bajaj Finserv Direct Limited) Shareholding as on 30 Sep 2026 Bajaj Finserv overview: A diversified financial services group Bajaj Finserv Limited (Listed) Consumer and Finance Business (Bajaj Finance Limited) General and Health Insurance (Bajaj General Insurance Limited) Life insurance, Retirement and Pension (Bajaj Life Insurance Limited) Mutual Funds (Bajaj Asset Management Limited) 51.30%1 77.33%2 100% Digital Stock Broking (Bajaj Financial Securities Limited) Mortgage and Developer Finance (Bajaj Housing Finance Limited) 86.70% 100% Alternative Investments (Bajaj Alternate Investment Management Limited3) 100%19.90% Health-Tech, TPA and SAAS/PAAS provider (Bajaj Finserv Health Limited) 100% 1. 54.67% holding via promoter holding & promoter group 2. 100% holding along with promoter group companies 3. Newly formed Company, commenced Portfolio Management Services business and launched Cat II AIFs 80.10% 77.33%2 Direct Subsidiaries Indirect Subsidiaries Lending Platforms Insurance Investments 13
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*Unit Linked Insurance Plan Financial Life cycle needs of Individual, SME and corporate customers Asset acquisition Loan (Personal, Home, Business), Credit lines, Gold loan Asset protection General Insurance, Health care Platform Investment/ Wealth management ULIPs*, Fixed Deposits, Mutual Funds, Shares, AIF, PMS etc. Retirement Annuities, Pension, Wealth Planning Family, Health & Income Protection General, Health & Life Insurance, Digital access to health ecosystem PRODUCTS & SOLUTIONS Bajaj General Insurance Limited (General and Health Insurance) Bajaj Life Insurance Limited (Life Insurance, Retirement & Pension) PLATFORMS Bajaj Finserv Direct Limited (Digital Marketplace) Bajaj Finserv Health Limited (Health-tech Platform and TPA services) Bajaj Financial Securities Limited (BFSL) (Digital Stockbroker) Bajaj Finance Limited (BFL) (Consumer & Finance Business) Bajaj Housing Finance Limited (BHFL) (Mortgage and Developer Financing) Bajaj Asset Management Ltd. (Bajaj AMC) (Mutual Funds) Our Vision – Lifecycle Partner to every Indian to achieve financial goals Bajaj Alternate Investment Management Limited (Bajaj ALTs) (AIF, PMS) 14
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Dominance across financial services space in India 1. Market Cap in aggregate for BFS, BFL, BHFL, BHIL and MSL as on 29 Oct 2026 2. AUM as on 30th Sep 2026, Revenue and PAT is for FY2026 3. Leadership position, Customer and Distribution network as on 31 st Mar 2026 4. IRDAI handbook 2024-25; Industry includes SAHI, Private Insurers, PSU and excludes AIC & ECGC 5. 10 year CAGR above is from FY2016 – FY2026 ₹ 1,040,000+ Cr Group Market Capitalisation1 10 year CAGR : 28% ₹ 150,500+ Cr Consolidated Revenue2 10 year CAGR : 22% 18 Cr+ Group Customer Franchise 4,050+ Locations across India 570,000+ Strong distribution network ₹ 9,800+ Cr Consolidated PAT2 10 year CAGR : 18% 1st Largest and amongst most profitable NBFC in India 2nd Largest Private General Insurer in India and contributing to 19%4 of Industry’s profit pool 2nd Largest Non-Bank backed Private Life Insurer in India …powered by a deep and wide customer and distribution network3 …with leadership positions3 across sectors… One of the largest financial conglomerates in India… 110,000+ Full Time Employees ₹ 800,000+ Cr Consolidated AUM2 10 year CAGR : 22% 2nd Largest and amongst most profitable HFC in India NBFC – Non Banking Financial Company; HFC – Housing Finance Company 15
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Bajaj Finserv – Driving Sustainable Business Models 16 Group Capital Deployable across opportunities Brand 100 years of Trust Customer Franchise Decades of behavioural insights Data and Technology Insights Enterprise wide AI, digital and data capabilities Leadership Talent Culture and leadership mindset Bajaj Finserv - Sets direction & tracks outcomes “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 shareholder returns” “We do this by creating institutional frameworks while empowering our leaders and encouraging disruptive thinking” Profitable Growth Consistency through diversified businesses: target ROE expectation Meaningful Market Share Scale in every business Capital Efficiency Long term value creation with capital optimisation Resilience Sustainability even during headwinds Customer satisfaction Consistent customer and distributor experience ESG and CSR initiatives of the group driven centrally by BFS Strategy Driver & Capital Allocation • Identify & invest in new opportunities • Long Range Strategy • Annual Operating Plans & performance monitoring with accountable empowerment Enterprise Risk & Governance • Centrally drive all board policies & frameworks • Periodic review of risks & mitigants • Thematic oversight on emerging risks – DPDP, Cyber, AI Governance Group Capabilities • Group Knowledge Forums – Analytics, Technology and AI, Risk, Legal & Compliance, Cybersecurity, Data Governance • Centralised sourcing for economies of scale Customer First and Partner Centric • Defining Service & Product protocols • Digital and AI enabled • Data based personalisation • Distribution synergies Succession Planning • Talent assessment – Performance, Potential & Leadership Mindsets • Succession planning for key positions & leadership talent pipelines One Finserv Talent Pool • Group Talent mobility • Group Young Leader Program (GYLP) • 30 Under 30 Program • Women Talent Acceleration Program • 3 Tier Merit based remuneration INPUTS OUTCOMES
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BFS capital allocation framework Capital generated across mature companies efficiently redeployed in new growth opportunities Risk Business Future OpportunitiesAnnuity Business Platform Business New Businesses • Both businesses have been delivering Industry best ROE and generating capital over the past many years • 20%+ ROE target • Wealth Management being set up under Bajaj Broking • Re-insurance business - approved by Board in July 2026, IRDAI approval to be sought • Pensions Fund Management Company – IRDAI/PFRDA approval awaited • NRI market through GIFT city through Life Insurance, Asset Management and Alternative Investments companies • 13%-15%+ ROE target • 18%-20% ROEV target • Established business models, will require capital as per business construct • Less than ₹500 Crore additional burn over the next 3 years • Operating breakeven by FY2029 • Fully capitalized • Breakeven by FY2027 • Insurance Marketplace by FY2028 • Less than ₹500 Crore additional burn over the next 3 years • Breakeven is projected at around ₹100,000 Crore AUM • Less than ₹2,000 Crore sponsor capital upto FY2028 Net capital generator Future capital deployment avenues Will require capital over medium term Visibility of path to profitability, incremental capital consumption, High ROE expectation Will require capital over medium term M E1 E2 NMature Business Emerging Business with tested business model Emerging Business with newer business model New Business M M M M E1 E2 E2 E1 N 17
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Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Consistently delivering superior returns to shareholders 25.8% a year Bajaj Finance 28.3% Nifty Financial Services 13.8% Nifty 50 11.4% 0.50 Bajaj Finance 0.51 Nifty Financial Services 0.30 Nifty 50 0.26 Chart is based on change in the rebased share price of BFS, BFL vs Nifty 50 index *All metrics are for 10 year period – FY2017 to FY2026 NIFTY 50 Bajaj Finserv Bajaj Finance 0.48 Bajaj Finance 0.50 Nifty Financial Services 0.25 SHARPE RATIO*CAGR* INFORMATION RATIO* Consistent outperformance vs Benchmark, twice the outperformance compared to the sectorHigher Risk Adjusted ReturnsSuperior returns across business cycles 18
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2,197 2,894 2,334 3,707 6,041 7,586 8,543 9,774 2019 2020 2021 2022 2023 2024 2025 2026 BFS PBT volatility would have been 23.0% if the 3 engines had moved together vs actual PAT volatility of 17.8%, which is slightly below the 18.4% it would have been if the 3 engines were fully independent 948 1,072 1,414 1,231 1,286 1,564 1,732 1,604 2019 2020 2021 2022 2023 2024 2025 2026 1. Profit attributable to BFS shareholders 2. Insurance PAT is as per Indian GAAP 3. Correlations are for the period FY2019 – FY2026; Covid period is considered as Q4FY2020 to Q4FY2021 4. Analysis is done on PBT to avoid dividend related taxation effects Diverse business models enduring strength across market conditions – mitigating risk while delivering profitable growth PAT – Insurance1,2 (19%) +32% During COVID, impact in Lending was offset by better Insurance results PAT – Lending1 All Figures in ₹ Crore Quarterly PBT Correlation 3,4 Incl. Covid Excl. Covid Life Insurance VNB + General Insurance PBT vs Lending PBT Independent (0.22) +0.08 Life Insurance + General Insurance PBT vs Lending PBT Independent (0.18) +0.12 19
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Bajaj Finserv – Market Pricing provides a lucrative opportunity Anchored to the Allianz stake acquisition in Bajaj General and Bajaj Life, the value for the Insurance businesses would be ~93,000 Crore (77% of which is owned by Bajaj Finserv), further making the valuation attractive ₹267,223 Cr BAJAJ FINSERV MARKET CAP – ₹299,876 Cr FINSERV SHARE OF BAJAJ FINANCE = – ₹32,653 Cr IMPLIED RESIDUAL VALUE WHAT COUNTS IN THE RESIDUAL VALUE INVESTED CAPITAL | TILL FY2026 ₹26,774 Cr EMBEDDED VALUE | H1 FY2027 + Opportunity to own the Bajaj Finserv ecosystem at attractive valuation 1. Market Cap Data as of 29 October 2026 ₹23,326 Cr GWP | FY2026 ₹1,942 Cr PAT | FY2026 ₹1,121 Cr REVENUE | FY2026 ₹35,768 Cr AUM | H1 FY2027 + ₹375 Cr REVENUE | FY2026 ₹150 Cr INVESTED CAPITAL | TILL H1 FY2027 20
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21 Enterprise AI Consumer AI AI Governance Data AI FinAI + InsurAI Agentic AI Enterprise AI Consumer AI Agentic AI Data AI • Voice and Text AI: Bots deployed across lead generation, servicing, marketing etc • Vision AI: KYC process automation, auto quality check of documents • Content AI: on-demand content creation in the form of videos, banners and podcasts • Tech AI: Business Requirement Documents (BRD) being generated by AI • Business Intelligence AI: Use of AI to enable incremental volumes through better offers, approval rates, risk assessment and underwriting • An AI platform that allows customers to interact and experience features and capabilities using multimodal AI features like text, voice, vision within digital assets • Enable customer discovery across leading AI platforms such as ChatGPT and Gemini • Autonomous, intelligent agents across Sales, Operations, Collections, HR, IT and Risk that go beyond predefined workflows and rule-based automation • These agents are designed to reason, plan, adapt and collaborate across systems and processes • Scalable data intelligence platform including feature marts, embeddings and data annotation across voice, text, video, images, unstructured data and knowledge graphs • Model equipped to generate behavioural insights from digital and voice signals, building custom models for credit and insurance risk, personalisation and propensity scoring Transforming businesses through next gen technology Realised impact for H1 FY2027: Loan disbursements 6,500+ Crore; Insurance Revenue 90+ Crore Dedicated 500+ member team across subsidiariesProjects: 400+ total; 150+ deployed AI Governance • Progressively deploy the AI governance policies across all AI domains and subsidiaries • Continuously conduct Red Teaming of AI systems in a structured format
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WHY BAJAJ FINSERV? 22 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 through cycles, its distribution dominance, large customer franchise, tech and data-led innovation drive growth, and all of it rests on 100 years of trust in a group that fully controls its businesses.
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Total Income (INR ‘000 Cr) Profit After Tax (INR ‘000 Cr) Bajaj Finserv (Consolidated) Customer Franchise (in MM) 134 315-340 2025 2030 9 21-24 2025 2030 ~100 ~220 2025 2030 Any statements that may look like forward looking statements are just estimates and do not constitute an assurance or indication of any future performance result Our aspiration basis Long Range Strategy for 2025-30* *Presented in Dec 2025 ~20% CAGR ~2.5x ~2x 23
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BAJAJ FINSERV LTD. 24 Financial Performance
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43,416 Bajaj Finserv Consolidated +17% Consolidated Revenue components for Q2 FY2026 (Ind AS) Bajaj Finance General Insurance Life Insurance Others2 9,248 +17% 8,047 (8%) 389 (1,943) Intercompany adjustments 37,215 Bajaj Finserv Consolidated +11% Bajaj Finserv- Standalone 1,482 +21% 19,992 +19% 1 Includes Bajaj Finserv Health ₹ 190 Crore, Bajaj Finserv Direct ₹ 123 Crore, BFS AMC ₹ 24 Crore and BFDL ₹ 19 Crore 2 Includes Bajaj Finserv Health ₹ 285 Crore, Bajaj Finserv Direct ₹ 89 Crore and BFS AMC ₹ 14 Crore Consolidated Revenue components for Q2 FY2027 (Ind AS) All Figures in ₹ Crore Consolidated Revenue components – Q2 FY2027 5% 57% 23% 21% 1% -7% Revenue Mix ( Q2 FY2027) BFS Standalone BFL (Consolidated) Bajaj General Bajaj Life Others Inter-company eliminations 25 Bajaj Finance General Insurance Life Insurance Others1 9,991 +8% 9,302 +16% 356 (2,856) Intercompany adjustmentsBajaj Finserv- Standalone 2,047 +38% 24,576 +23% Positive growth over previous period Negative growth over previous period
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85,453 Bajaj Finserv Consolidated +18% Consolidated Revenue components for H1 FY2026 (Ind AS) Bajaj Finance General Insurance Life Insurance Others2 17,810 +10% 15,500 (1%) 739 (2,839) Intercompany adjustments 72,515 Bajaj Finserv Consolidated +12% Bajaj Finserv- Standalone 1,936 (10%) 39,369 +20% 1 Includes Bajaj Finserv Health ₹ 420 Crore, Bajaj Finserv Direct ₹ 234 Crore, BFS AMC ₹ 49 Crore and BFDL ₹ 40 Crore 2 Includes Bajaj Finserv Health ₹ 528 Crore, Bajaj Finserv Direct ₹ 181 Crore and BFS AMC ₹ 29 Crore Consolidated Revenue components for H1 FY2027 (Ind AS) All Figures in ₹ Crore Consolidated Revenue components – H1 FY2027 4% 56% 22% 23% 1% -6% Revenue Mix ( Q2 FY2027) BFS Standalone BFL (Consolidated) Bajaj General Bajaj Life Others Inter-company eliminations 26 Bajaj Finance General Insurance Life Insurance Others1 18,983 +7% 19,518 +26% 745 (5,124) Intercompany adjustmentsBajaj Finserv- Standalone 3,589 +85% 47,742 +21% Positive growth over previous period Negative growth over previous period
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3,218 +29% 2,758 Bajaj Finserv Consolidated +23% Excluding MTM Gain/Loss4 +22% Consolidated profit components for Q2 FY2027 (Ind AS) 1 Bajaj Finance General Insurance Life Insurance Others2 Bajaj Finserv- Standalone 170 (37%) (17) (142) 1,458 +34% (1,929) Intercompany adjustments Consolidated profit components for Q2 FY2026 (Ind AS) 1 Bajaj Finance General Insurance Life Insurance Others3 270 (21%) (88) (136) (1,391) Intercompany adjustments 2,244 Bajaj Finserv Consolidated +8% Excluding MTM Gain/Loss4 +12% Bajaj Finserv- Standalone 1,085 +19% 2,504 +22% 2 Includes Bajaj Finserv Health ₹ (58) Crore, BFS AMC ₹ (45) Crore, Bajaj Finserv Direct ₹ (26) Crore, Bajaj ALTs ₹ (10) Crore and BFS Ventures ₹ (2) Crore 3 Includes Bajaj Finserv Health ₹ (33) Crore, BFS AMC ₹ (56) Crore, Bajaj Finserv Direct ₹ (41) Crore and BFS Ventures ₹ (6) Crore Consolidated Profit components – Q2 FY2027 1 Post BFS stake in respective companies 4 For insurance companies 27 All Figures in ₹ Crore Positive growth over previous period Negative growth over previous period
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6,289 +28% 5,890 Bajaj Finserv Consolidated +17% Excluding MTM Gain/Loss4 +13% Consolidated profit components for H1 FY2027 (Ind AS) 1 Bajaj Finance General Insurance Life Insurance Others2 Bajaj Finserv- Standalone 575 (20%) 116 +452% (273) 2,576 +82% (3,393) Intercompany adjustments Consolidated profit components for H1 FY2026 (Ind AS) 1 Bajaj Finance General Insurance Life Insurance Others3 715 +3% 21 (88%) (278) (1,760) Intercompany adjustments 5,033 Bajaj Finserv Consolidated +19% Excluding MTM Gain/Loss4 +23% Bajaj Finserv- Standalone 1,415 (8%) 4,920 +21% 2 Includes Bajaj Finserv Health ₹ (102) Crore, BFS AMC ₹ (86) Crore, Bajaj Finserv Direct ₹ (59) Crore, Bajaj ALTs ₹ (19) Crore and BFS Ventures ₹ (5) Crore 3 Includes Bajaj Finserv Health ₹ (76) Crore, BFS AMC ₹ (108) Crore, Bajaj Finserv Direct ₹ (86) Crore and BFS Ventures ₹ (8) Crore Consolidated Profit components – H1 FY2027 1 Post BFS stake in respective companies 4 For insurance companies 28 All Figures in ₹ Crore Positive growth over previous period Negative growth over previous period
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29 BAJAJ GENERAL INSURANCE LTD.
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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 STRATEGY DIFFERENTIATORS ▪ Industry leading combined ratios consistently over the years ▪ Business construct is to deliver superior ROE on target solvency ▪ Strive to be amongst the best claims paying general and health insurers Diversified Product Mix ▪ Diversified product portfolio offering across retail segments (mass, mass affluent & HNI) , commercial segments and corporates segments (SME & MSMEs) ▪ Continuous innovations in products to maintain competitive edge Deep and wide distribution ▪ Large multi channel distribution network encompassing multiline agents, bancassurance, motor dealers’, broking, direct, & ecommerce network serving all segments ▪ Focus on penetrating Small Towns (Geo Model) Operational Efficiency Technology and Data Analytics ▪ Deep investments in technology to drive efficiencies for the Company and convenience for all stakeholders – customers, distributors and employees ▪ Drive the theme of “Caringly yours” on the foundation of customer obsession through innovations in customer experience Bajaj General – Key Strategic Differentiators 30
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For the Quarter For the Period For the 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 & Govt. health 5,636 4,647 21.3% 11,268 9,754 15.5% 18,131 Combined Ratio (CoR) 104.5% 102.3% 2.2% abs 104.7% 102.9% 1.8% abs 102.8% Combined Ratio (CoR) Ex. NATCAT 102.0% 102.3% 0.3% abs 103.3% 102.9% 0.4% abs 102.8% Combined Ratio (CoR) Ex. NATCAT & 1/n impact 101.4% 101.4% - 102.7% 101.9% 0.8% abs 101.9% Underwriting Result (115) (92) - (246) (208) - (441) Profit after Tax 420 517 (18.8%) 898 1,177 (23.7%) 1,942 Return on Average Equity1 (Annualized) 15.1% 16.0% (0.9%) abs 15.2% 18.7% (3.5%) abs 15.9% Solvency Ratio (Regulatory requirement of 150%) 229% 339% (110.0%) abs 229% 339% (110.0%) abs 302% 1. Return on Equity (ROE) is excluding fair value change. ROE (annualised @200% solvency) for FY2027 is estimated to be at ~16.2% All Figures in ₹ Crore Bajaj General – Key financial highlights Q2 FY2027 31
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24,558 26,114 43,742 48,933 10,427 13,425 6,384 7,029 78,727 88,472 Q2 FY26 Q2 FY27 49,649 51,499 77,708 88,454 19,578 25,586 9,694 11,221 146,936 165,539 H1 FY26 H1 FY27 23,027 23,810 36,757 42,293 10,427 13,425 4,617 5,610 70,211 79,528 Q2 FY26 Q2 FY27 52,317 54,885 85,714 95,648 19,578 25,586 11,554 12,798 H1 FY26 H1 FY27 86,554 95,853 141,743 160,633 38,411 45,866 16,090 17,984 266,708 302,352 FY25 FY26 Source : IRDAI/GIC, GDPI : Gross Direct Premium Income, Private Insurers : Excludes SAHI, AIC & ECGC Industry includes SAHI, Private Insurers, PSU and excludes AIC & ECGC All Figures in ₹ Crore Bajaj General Private Industry PSU 12% 13% 11% 13% 6.0% 5.9% Bajaj General Market Share 16% 14% 4% 13% 6.6% Bajaj General Private Industry PSU 8% 8% 8% 9% Bajaj General Market Share Bajaj General – Growth v/s Industry; sustained market share in most competitive market Q2 FY2027 GrowthFY2026 Growth H1 FY2027 GrowthFY2026 Growth 7.9%8.1% 10% 12% 6% 12% 7.1% 32 Bajaj GeneralPrivate SAHIPSU SAHI 19% 29% GDPI GDPI excl. Crop and Govt. Health SAHI 19% 31% Bajaj GeneralPrivate SAHIPSU 95,247 102,580 162,899 175,936 38,411 45,866 21,417 23,179 296,557 324,383 FY25 FY26 7.1%7.2% 7.3% 7.3% H1 FY2027 Growth 11% 12% 5% 12% 31% 157,638 176,119 6.8%6.6% 21% 15% 3% 13% Q2 FY2027 Growth 29%
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1,583 (329) (18) (176) 214 1,274 (75) 1,199 UW: Underwriting, PBT: Profit Before Tax, Net Expense: Net Commission + Operating Expenses All Figures in ₹ Crore UW Loss ₹ 208 Crore Interest, Other Income and Capital Gains ₹ 1,791 Crore Interest, Other Income and Capital Gains ₹ 1,444 Crore Increase in Claim ratio Lower Realized Gains Decrease in net expense ratio PBT H1 FY2026 Decrease in interest and other Income (Buyback & Dividend impact) Bajaj General – Profit (PBT) waterfall H1 FY2027 over H1 FY2026 33 UW Loss ₹ 246 Crore PBT H1 FY2027 before NATCAT NATCAT Claims Impact PBT H1 FY2027 after NATCAT UW Loss ₹ 171 Crore Interest, Other Income and Capital Gains ₹ 1,444 Crore
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33,122 35,529 34,974 36,313 FY25 FY26 H1 FY26 H1 FY27 AUM (Cash and Investments) 277 274 277 274 12,222 11,675 13,156 10,457 12,498 11,949 13,433 10,731 FY25 FY26 H1 FY26 H1 FY27 Capital Invested and Net Worth* Net Worth Reserves Capital Invested All Figures in ₹ Crore Investment Leverage: AUM/Net worth, Capital Invested includes Share capital and share premium, Net worth includes fair value change 1. Others includes Mutual funds, Fixed Deposits & Money Market Instruments No Capital infusion since FY2008 Accumulated profit 97% of Net Worth as on 30 Sep 2026 94.1% of debt portfolio is in AAA or sovereign securities. 88.0% of Equity investment is in BSE 100 stocks ROE (annualized @200% solvency) for FY2027 is estimated to be ~16.2% 2.97 Investment Leverage 2.65 Bajaj General – Lowest invested capital, Superior ROE & Investment Performance 34 *Fall in Net Worth and AUM attributable to Buyback and Dividend payout - ₹ 1,590 Crore and ₹ 1,925 Crore respectively 3.382.60 16.0% 16.2% 16.0% 15.1% 18.7% 15.2% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 ROE (Annualized) 8.0% 8.6% 9.1% 7.7% 10.5% 8.2% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Realised Investment Return (Annualized) 46% 17% 33% 4% AUM Mix Bonds Equity Gsec Others1 7.3% 3.8%
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Bajaj General – Diversified product mix to maintain competitive edge and performance over cycles 35Note: The components might not add up to total of 100% due to rounding off 30% 31% 27% 29% 29% 30% 5% 5% 5% 6% 5% 6% 15% 15% 21% 25% 19% 24% 17% 17% 13% 12% 22% 18% 10% 7% 15% 13% 9% 7% 15% 15% 13% 7% 7% 5% 8% 8% 7% 9% 8% 10% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 BUSINESS MIX Motor (Retail) Health (Retail) Group Health Prop, Liability, Engg Agri (Crop Insurance) Govt health Others
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Bancassurance ▪ Over 260+ corporate agents and banca partners ▪ Major New Tie-ups in H1 FY2027: Shriram Wealth Ltd., Easy Home Finance Ltd., The Kolhapur Urban Co-op Bank Ltd., The Sardargunj Mercantile Co-op Bank Ltd Agency & Retail ▪ 73,900+ agents & 95,000+ POSP ▪ Realignment of retail channels to drive profitable growth segmented into Hybrid Zonal & vertical structure ▪ Dedicated ‘GEO’ channel to Increase penetration with underpenetrated Tier II & Tier III cities OEMs & Dealer ▪ 50+ national Tie-ups and over 9,500 network of dealers across pan India ▪ Major National Tie-ups: Maruti, Honda, Toyota, Mahindra, Hyundai, MG, Kia, VW, BMW, Mercedes, TATA Motors, Bajaj, RE, Yamaha, Piaggio, JCB, Suzuki TW, Hero, BGauss, Revolt, Lexus, Nissan, Renault, Hero Electric, Ampere, Nissan EW Rural Focus ▪ 3.48 Lakh farmers insured in H1 FY2027 ▪ Issued more than 2.44 Lakh Crop Insurance policies during H1 FY2027 ▪ Received crop insurance enrollments from 14,172 CSC centers in H1 FY2027 Digital ecosystem ▪ 25+ Partnerships across Insuretech companies, aggregators, wallets such as Phone Pe, Flipkart Internet Pvt. Ltd., Paytm Insurance Broking Pvt. Ltd., etc. Note: The components might not add up to total of 100% due to rounding off ; OEM - Original Equipment Manufacturer, CSC - Customer Service centers Govt health is through the direct business. Others Include: CSC,IMF,POSP, MISP & Web Aggregators Amongst the largest and most balanced distribution network in the industry Bajaj General – Deep and wide distribution with penetration across all geographies and lower concentration risk on any channel 36 13% 14% 12% 13% 14% 14% 10% 8% 7% 8% 7% 8% 2% 2% 1% 2% 1% 2% 39% 39% 35% 39% 44% 44% 29% 30% 40% 34% 29% 28% 8% 7% 4% 4% 5% 5% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Channel Mix Individual Agents Corporate Agents - Banks Corporate Agents - Others Brokers Direct Business Others
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3,072 3,317 791 970 1,547 1,769 3,268 3,960 931 1,067 1,857 2,133 6,340 7,278 1,722 2,037 3,404 3,903 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Product Mix (GDPI) and Loss Ratio Motor OD (GDPI) Motor TP (GDPI) 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% Loss Ratio All Figures in ₹ Crore Bajaj General – Product portfolio: Motor 72.4%65.8% 58.9%71.1% Motor OD Motor TP 65.2%68.5%Motor Total 37The components might not add up to total of 100% due to rounding off 70.9% 67.7% 65.0% 74.8% 61.8% 50.7% 73.0% 60.7% 50.5% 72.9% 65.6% 59.0% 70.0% 73.3%Motor OD ex. NATCAT 70.9% 72.9%
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1,117 1,269 301 389 563 710 3,260 3,494 1,322 1,765 2,233 3,026 3,260 3,588 800 508 806 685 192 176 47 46 109 103 214 191 43 54 112 114 8,043 8,717 2,514 2,762 3,824 4,639 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Product Mix (GDPI) and Loss Ratio Retail (GDPI) Group Employer-Employee/Others (GDPI) Govt. Schemes (GDPI) Travel Insurance (GDPI) P.A. (GDPI) 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% 2% 2% 2% 3% 2% P.A 3% 2% 2% 2% 3% 3% Grand Total 100% 100% 100% 100% 100% 100% All Figures in ₹ Crore Bajaj General – Product portfolio: Health, PA and Travel 38The components might not add up to total of 100% due to rounding off Loss Ratio 87.3% 87.5% 89.8% 97.6% 86.4% 93.8%
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2,499 2,744 534 509 1,743 1,417 383 424 82 146 210 363 459 538 126 144 272 333 682 760 163 158 512 517 2,067 1,607 966 911 1,055 891 944 1,111 278 362 535 734 7,034 7,184 2,147 2,230 4,327 4,256 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Product Mix (GDPI) and Loss Ratio Fire Marine Engineering Liability Crop insurance Others 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% 42% 43% 63% 62% Crop Insurance 29% 22% 45% 41% 24% 21% Others# 13% 15% 13% 16% 12% 17% Grand Total 100% 100% 100% 100% 100% 100% All Figures in ₹ Crore 98.1%55.0% # Includes Rural, extended warranty, aviation, credit and all other miscellaneous segments The components might not add up to total of 100% due to rounding off 51.1% 75.1% Bajaj General – Product portfolio: Commercial Lines and Others 39 Loss Ratio 62.0% 60.7% 78.1% 64.9%ex. NATCAT 62.0% 60.7%
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1. Relationship NPS (Net Promoter Score) survey done by third party agency Martinet Research appointed by Bajaj General| Customer touchpoints surveyed - overall Pre & post sales experience with agent, services provided by the company till now, renewals / claims experience 2. Grievances numbers as per IRDAI (Insurance Regulatory and Development Authority of India) ^Includes top 5 Private multiline insurers on Gross Written Premium basis Consistent outperformance on NPS Ensured consistent industry dominance with lowest grievances amongst large peers Most revered for claims payments - Consistent growth in NPS year on year for majority of Retail portfolio Bajaj General – Customer obsession backed by “Caringly yours” theme 40 68 69 70 72 7470 72 75 78 82 FY22 FY23 FY24 FY25 FY26 Bajaj General Net Promoter Score1 Health Motor 0.92 0.73 0.77 1.35 1.97 2.36 2.64 2.33 2.59 3.61 FY23 FY24 FY25 FY26 Q1 FY27 Total Grievances2 per 10,000 New Policies Bajaj General Average of Top 5 Peers^
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Digital Journey Metrics H1 FY2027 92.9% • 115.1 MM BOT messages exchanged • ~7 out of 10 customers (68.9%) are serviced by AI BOT (Chatbot: 34.8%, Voicebot: 34.2%) • Multilingual – English 76.1% | Hindi 13.7% | Marathi: 3.4% | Gujarati: 2.4% | Telugu: 2.0% | Kannada: 1.2% | Tamil: 1.2% H1 FY2026 82.0% 96.0% • RPA for Issuance: 1,280 Crore premium booked through Robotic Process Automation • GMC/ GPA: 97% digital health card adoption, with ~₹1.2 Cr opportunity cost saving H1 FY2026 96.0% H1 FY2027 97.5% • 173 locations live with QR enabled payment collection terminals • 0.13% premium collection in cash H1 FY2026 97.0% H1 FY2027 Introduced GenAI-driven automation for extraction and processing of third-party legal claim documents, enhancing accuracy, reducing manual effort, and accelerating claims processing timelines. Text-Xtract-Pro – TP Legal Claim Automation (Phase-1) Implemented an AI-driven document intelligence and financial assessment solution that extracts, standardizes, and analyzes information from unstructured sources, enabling faster and more informed underwriting evaluations AI-Powered Document Intelligence for Surety Bond Key AI Initiatives for the Quarter Digital Servicing @ 92.9% (68.9% through AI BOTs) Digital Policy Issuance @ 96.0% Digital Payment @ 97.5% (Cash @ 0.13%) Bajaj General - Key Investments in technology with focus on all stakeholders (1/2) Auto Inspect analyzes vehicle photos to detect damage, while the Admissibility Agent assesses claims against policy coverage, endorsements, IMT & admissibility rules. Together, these agents provide structured recommendations to enable faster, consistent & auditable claim decisions, while preserving human review & override. Motor Claims Adjudication All the numbers are as on 30 Sep 2026, 1. TAT: Turn around time 41 Reduced Claims Admissibility time by 60% | Annual saving of ₹1+ Crore Claims registration TAT1 reduced by 50% Underwriting TAT1 reduced by 80%
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Existing Digital Capabilities Enhanced & Scaled-up Redesigned and optimized the website buy journey for Car, Two-Wheeler, Travel and Pet to enhance user experience Website 121.6 Lakh Visitors | 3.0 Lakh Policies Issued Our Customer facing app delivers a seamless insurance experience making policy purchase, renewal, and claims effortless on mobile Bajaj General App 67.8 Lakh Total Downloads1 | 10.9 Lakh Active Users Salesforce is now live for few channels, bringing together OEM DMS integration, automated renewals, and end-to-end digital journeys BAGICARE – CRM 25.2 Lakh Service Requests | 85.3 Lakh Leads generated Our flagship agent portal & mobile App provides seamless access to 90+ insurance products, enabling instant policy issuance and comprehensive service. B Care Portal & App 22 Lakh Policies Issued | 2.0 Crore of Premium collection The Farmer-focused app continues to gain strong traction, driving higher adoption and user engagement Farmitra App1 16.7 Lakh Downloads1 WhatsApp-based issuance journeys and AI- driven features have been integrated across customer, partner, and employee-facing bots WhatsApp BOING 2.0 + Other Chatbots 10.9 Lakh Unique Users | 11.5 Crore Messages Exchanged AI enabled multilingual voice bot for claim intimation and status checks across Motor,health, Non-Motor & EW Voice Bot 4 Lakh total inbound calls | 1 Lakh Claim registered | 37K claim status check done Our Banca Portal created for bank RMs and customers has over 38 products available for issuance. 2 Lakh Policies Issued with over 74.9 Crore of Business Booking Banca portal Bajaj General - Key Investments in technology with focus on all stakeholders (2/2) All the numbers are for the period H1 FY2027; 1 Lifetime Downloads A total of 240 integrations were delivered across 59 partners (28 New partners) Partners Integrated Digitally 42
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Asset Quality Pricing & Underwriting Re-Insurance Reserving & Solvency ▪ 94.1% of the debt portfolio in AAA and sovereign assets and 88.0% in BSE100 stocks ▪ Robust ALM position ▪ Superior underwriting capability leading to relatively low Combined Ratio ▪ Diversified exposure across business lines & geographies ▪ Granular loss ratio modelling – geography, distribution, car make/model, vintage, etc. ▪ Robust investigation, loss management & analytics intervention ▪ Reinsurance ceded primarily to A- and above & AA rated foreign reinsurers and GIC ▪ Large reinsurance capacity & optimum retention ▪ Robust process and analytics to monitor concentration of risk ▪ Catastrophic events adequately covered ▪ Ultimate Loss triangles show prudent reserving at point of accident year with low paid to ultimate for long-tail claim management (Motor TP) over Vintages ▪ The company has consistently maintained a favorable reserving position year after year, reflecting prudent underwriting practices and a robust approach to risk management ▪ Amongst the highest solvency in the market Bajaj General – Superior Risk management 43
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44 BAJAJ LIFE INSURANCE LTD.
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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 increasing Value of New Business (VNB) STRATEGY DIFFERENTIATORS ▪ Pan India distribution reach with presence in 598 branches ▪ Balanced Distribution mix – Agency, Institutional Business including Bancassurance ▪ Proprietary Channel-Bajaj Life Direct propelling up-selling and cross-selling Diversified Product mix ▪ Diversified Product mix with balance of ULIP, Traditional and Group products ▪ Diverse and innovative suite of products across various need segments, with an aspiration to provide customers “Best in Class” features ▪ Use of innovation & data analytics as a strategic differentiator for customers & sales partners ▪ Use of AI across lifecycle – enablement, login, underwriting, claims and servicing Deep and wide distribution ▪ Customer obsession to deliver seamless, simplified & personalized experience ▪ Focusing on faster issuances, claim settlement and driving FTR ▪ Customer centricity at our core FTR : First Time Right Operational Efficiency Technology and Data Analytics Bajaj Life – Key Strategic Differentiators 45
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For the Quarter For the Period For the Period Particulars Q2 FY2027 Q2 FY2026 Growth H1 FY2027 H1 FY2026 Growth FY2026 Retail weighted received premium 1,942 1,850 5.0% 3,416 3,104 10.1% 7,514 Retail Protection NB 217 144 50.7% 393 254 54.7% 628 Group Protection NB 1,357 750 80.9% 2,723 1,450 87.8% 3,156 Renewal Premium 5,106 4,354 17.3% 8,827 7,516 17.4% 18,310 Gross Written Premium 10,277 8,366 22.8% 17,675 13,844 27.7% 32,897 Profit after Tax 55 13 324.7% 106 184 (42.4%) 226 AUM 146,322 132,060 10.8% 146,322 132,060 10.8% 133,563 Value of New Business (VNB) 512 367 39.6% 783 512 52.9% 1,626 New Business Margin (NBM) 21.6% 17.1% 4.5% abs 19.2% 14.8% 4.4% abs 19.2% Solvency Ratio (Regulatory requirement of 150%) 255% 346% (91%) abs 255% 346% (91%) abs 266% All Figures in ₹ Crore Bajaj Life – Key Financial Highlights Q2 FY2027 NB – New Business, AUM – Asset under Management 46
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53,894 60,856 38,443 43,058 3,104 3,416 2,500 3,000 3,500 4,000 4,500 5,000 - 5,000 10,000 15,000 20,000 25 ,000 30,000 35 ,000 40,000 45,000 50,000 55 ,000 60,000 65 ,000 70,000 75,000 80,000 85 ,000 90,000 H1 FY26 H1 FY27 RWRP Trend Industry Private Life Insurers Bajaj Life Bajaj Life Market Share* 120,376 132,667 85,023 95,479 7,067 7,514 - 2,000 4,000 6,000 8,000 10,000 12,000 (10,000) 10,000 30,000 50,000 70,000 90,000 110,000 130,000 150,000 FY25 FY26 RWRP Trend Industry Private Life Insurers Bajaj Life Source : IRDAI, RWRP: Retail weighted received premium * Based on RWRP for the entire industry 6%Bajaj Life Pvt Market Overall Industry 12% 10% All Figures in ₹ Crore Bajaj Life Market Share* 5.9% 5.7% Bajaj Life RWRP – Growth v/s Industry; RWRP in line with our plan FY2026 Growth 10% 12% 13% 5.6%5.8% H1 FY2027 Growth Bajaj Life Pvt Market Overall Industry 47 31,428 34,748 22,895 25,164 1,850 1,942 - 2,000 4,000 6,000 8,000 10,000 12,000 - 10,000 20,000 30,000 40,000 50,000 60,000 Q2 FY26 Q2 FY27 RWRP Trend Industry Private Life Insurers Bajaj Life 5%Bajaj Life Pvt Market Overall Industry 10% 11% Bajaj Life Market Share* 5.9% 5.6% Q2 FY2027 Growth
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6% 8% 8% 11% 8% 12% 21% 16% 20% 14% 19% 13% 5% 10% 9% 12% 7% 11% 24% 23% 21% 21% 21% 21% 45% 43% 43% 41% 44% 43% FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Product Mix Individual - Non Par Protection Individual - Non Par Savings Individual - Annuity Individual - Par Individual - Unit Linked Product mix is based on RWRP – Retail Weighted Received Premium - (100% of first year premium & 10% of single premium excluding group products) Note: The components might not add up to total of 100% due to rounding off Bajaj Life – Stable product mix with innovative product suite 48
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2,616 3,156 750 1,357 1,450 2,723 FY2025 FY2026 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Group Protection (NBP) 393 628 144 217 254 393 FY2025 FY2026 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Retail Protection (NBP) +21%+60% +81% All Figures in ₹ Crore Bajaj Life – Continuous focus on increasing protection 49 +51% +55% +89%
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7,067 7,514 1,850 1,941 3,104 3,416 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Whole Company All Figures in ₹ Crore Y-o-Y Growth Q-o-Q Growth Bajaj Life – Diversified Channel Mix 50 +6% +5% +10% 3,647 4,082 976 1,064 1,596 1,796 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Institutional Business 2,549 2,460 638 644 1,105 1,211 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Agency 870 973 236 233 403 409 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Bajaj Life Direct YTD Growth +12% +9% +13% +12% (1%) +2%(4%) +1% +10% Based on RWRP
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47,262 50,633 51,713 55,997 76,473 82,930 80,347 90,325 123,734 133,563 132,060 146,322 FY25 FY26 H1 FY26 H1 FY27 AUM Other than unit linked Unit Linked 1,211 1,206 1,211 1,206 9,688 8,391 9,717 8,567 10,899 9,597 10,928 9,774 FY25 FY26 H1 FY26 H1 FY27 Net worth Capital Invested Reserves & Surplus 96.4% of debt portfolio is in AAA or sovereign securities No Capital infusion since FY2008 Accumulated profit 88% of Net Worth as on 30 Sep 2026 All Figures in ₹ Crore Capital Invested includes Share capital and share premium The components might not add up to 100% due to rounding off Bajaj Life – Capital and Assets under Management 51 5% 12% 76% 6% AUM (Mix) - Unit Linked Corporate Bonds G-sec Equity Others Net worth and AUM impacted by Buyback of equity shares ₹ 1,200 Cr in Q4 FY2026 30% 53% 13% 3% AUM (Mix) - Non Unit Linked Corporate Bonds G-sec Equity Others
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1. ANP refers to annualized new business written during the year and is calculated by assigning a 10% weight to single premium a nd 100% weight to regular premium. Group Fund business is included in the definition of ANP 2. Value of new business represents discounted present value of expected net cash flows from new business written 3. Rolling FY2027 refers to VNB calculated for the period Oct 2025 to Sept 2026 and rolling FY2026 refers to VNB calculated for the period Oct 2024 to Sept 2025 ▪ VNB grew by 39.6% in Q2 FY2027 over Q2 FY2026 driven by high growth (retail and group), product restructuring, higher term mix, yield curve benefit and expense saves; partially off-set by impact of GST on retail business ▪ Q2 VNB growth and NBM is a reflection of the Bajaj Life 2.0 journey All Figures in ₹ Crore Bajaj Life – VNB & NBM update 52 Particulars Q2 FY2027 Q2 FY2026 Change (%) H1 FY2027 H1 FY2026 Change (%) Rolling3 FY2027 Rolling3 FY2026 Change (%) 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 52.9% 1,897 1,315 44.3% New Business Margin (NBM) on ANP 21.6% 17.1% 4.5% abs 19.2% 14.8% 4.4% abs 20.8% 17.2% 3.6% abs
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512 276 90 878 (95) 783 VNB - H1 FY2026 New Business mix and Profile* Business Volume VNB - H1 FY2027 (before GST impact) GST Impact VNB - H1 FY2027 (after GST impact) All Figures in ₹ Crore NBM - New Business Margin, VNB – Value of New Business NBM 14.8% NBM 19.2% Bajaj Life - VNB and NBM Walk 53 NBM 21.6% *Reflects the impact of changes in the mix across segments, distribution channels, policy tenure, customer age, sum assured m ultiples, economic assumption change, and other underlying factors
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15,635 1,046 783 23 331 31 March 2026 Unwinding VNB Operational Variance Investment Variance 30 Sept 2026 All Figures in ₹ Crore Shareholders’ share of the MTM on assets and derivatives in policyholders’ funds have been reclassified to VIF from NAV to th e tune of Rs. 1,198 Cr with no impact on EV VNB – Value of New Business, VIF – Value in Inforce, NAV – Net Asset Value Bajaj Life – MCEV Analysis of Movement 25,300 26,774 Embedded Value Operating Profit EVOP: ₹ 1,806 Crore (H1 FY2026: ₹ 1,426 Crore) RoEV Annualized : 14.8% (H1 FY2026: 12.3%) 54 VIF: 15,635 NAV: 9,665 VIF: 16,903 NAV: 9,871
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54% 51% 55% 52% Persistency 61st Month FY25 FY26 H1 FY26 H1 FY27 61% 62% 63% 62% Persistency 49th Month FY25 FY26 H1 FY26 H1 FY27 74% 71% 75% 71% Persistency 25th Month FY25 FY26 H1 FY26 H1 FY27 65% 67% 65% 68% Persistency 37th Month FY25 FY26 H1 FY26 H1 FY27 82% 81% 82% 81% Persistency 13th Month FY25 FY26 H1 FY26 H1 FY27 Note : Persistency as per IRDAI framework; Individual business excluding single premium and fully paid-up policies. Persistency ratios for the year ended March have been calculated on April of that year for the policies issued in April to March period of the relevant years Persistency for the quarter is calculated based on rolling 12 months. Ratios for Sep are calculated using policies issued Sep to Aug period For the Period ended 30th Sep 2026 Bajaj Life – Focus on enhanced business quality backed by enhanced customer segments 55
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PASA: Pre-approved Sum Assured, ML; Machine Language Bajaj Life Contextual Innovation: Data, Tech and AI in everything Business Empowerment Login & Underwriting Customer & Distributor Servicing • Gen AI powered self assessment platform to boost sales productivity basis custom roleplays, personalized feedback and insights • 1.4L roleplays in H1 & 17K+ Users Certified Gen AISmart Coach • Empowering sales teams with a 360° view of customers and upsell opportunities • Over 75% of adoption & 17.8L+ sessions with 1.5Cr+ activities on the platform in H1 Customer 360 DIGI 2.0 • Ensuring near-zero business disruption • Enhanced configuration capabilities to onboard a new partner/ user-journey • Detailed control charts Planned for Go-Live by Nov 2026 Tech Customer APP • All-in-one life insurance app with enhanced service experience, value-added features and real-time nudges. • 4.9L+ downloads, ~8 million+ sessions in H1 • Play Store Rating: 4.1 Gen AI Humanoid • Gen AI powered Conversational Voice Bots for generating leads and activating sales representatives • Renewal of about Rs. 225 cr collected through GenAI based Humanoid Gen AISmart Pitch • All-in-one platform to create compelling Sales pitches tailored to customer’s preference • 1.0L+ sessions in H1 with 17K+ users Analytical Models • 1.3L non-term policies issued as PASA • 69% term logins received financial waivers • 2.4L reports processed via AI based medical UW engine • More than 5% improved collection though renewal persistency models AI / ML Core System Transformation • Micro-service enabled Policy Admin • Configuration capabilities to roll-out a new product/ rider 100% Products & Riders to be onboarded on platform by Dec 2026 Tech • One Stop Portal for Customized and personalized marketing content • Co-branded content with Vernacular capabilities • 49%+ active users; 3.6L+ downloads in H1 Marketing Assist Tech 56
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Bajaj life – Focusing on faster issuances, claim settlement and driving FTR 69 per 10k policies Grievance Incidence Rate 13.8 lakhs Unique WhatsApp Users 89.4% Digital Adoption1 10.7 lakh transactions Customer App 98.5% Retail Claim Settlement Ratio 95.2% Electronic Payout 81.2% Digital Self Servicing2 All the numbers are for period ended 30 Sep 2026, FTR: First time right 1 Digital Adoption – Number of Customers interacting through Digital Assets / Total Number of Active Customers 2 Digital Self Servicing - Number of Customers using Digital Assets without assistance from staff 57
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▪ Prudent assumptions built in product pricing ▪ Stress and multi - scenario testing of pricing ▪ Regular review of pricing based on prevailing interest rates Product Pricing ▪ Prudent interest rate assumptions to ensure adequacy of statutory reserves ▪ Periodic product condition monitoring, periodic sensitivity & stress testing ▪ Regular monitoring of business mix ▪ Mortality risk is managed by diligent in-house underwriting, analytics driven risk scoring and diversification of reinsurance arrangements ▪ Board approved principles on management of product guarantees Ongoing Risk Management ▪ Interest rate risk on the Individual Non-Participating Savings, Protection and Annuity portfolio managed through partly paid bonds, and Forward Rate Agreements ▪ ALM focused on cashflow matching ▪ Underlying bonds on Bond Forward Agreements are chosen based on liability profile ▪ For annuities, there is continuous monitoring of business mix in different variants, age bands and deferment period Asset Liability Management (ALM) Asset Quality ▪ 96.4% of the debt portfolio in AAA and sovereign assets and 82.3% in NSE100 stocks Bajaj Life – Superior Risk Management 58
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59 BAJAJ FINSERV HEALTH LTD.
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60 • 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 lakh crore is already outsourced² Indian Landscape¹International² 38% 27% 21% 14% Hospitalisation (inpatient) OPD & Preventive Care Pharmaceuticals Diagnostics & Others 44% 43% 9% 4% Government Out of Pocket Private Insurers Others 31% 21%17% 31% Private Hospitals Pharmacies Government Hospitals Inpatient care is the largest function (~38.0%); preventive only ~9.0% Pharmacy share fell from 36.0% to 21.0% over the decade; ticked up in FY23 Govt (43.7%) now edges out out-of- pocket (43.4%) of total spend Govt health spend ~3x since FY14 to ₹3.85 lakh crore (1.4% of GDP) Private insurance share ~3x (3.4% → 9.2%); 100% insurance FDI passed Dec-25 Private hospitals' share at decade high: 30.8% (21.0% in FY14) Households still fund ~56.0% of current spend incl. premiums 11.7 5.3 2.7 1.1 Payer Provider US Healthcare Operations, CY23 (INR Lakh Crore) Core operations spend Already outsourced 1. National Health Accounts Estimates for India FY23 (MoHFW / NHSRC, May 2026). Services & Providers: share of current health expenditure (₹7.67 lakh crore); Payers: share of total health expenditure (₹8.81 lakh crore). "Others" segments are re siduals 2. US market only; Sagility India DRHP (CY23). Outsourced = mid-point of penetration (payer 22–24%, provider 19.5–21.5%) Market Opportunity in Healthcare Ecosystem & Commercial Flows Services Payers Providers Tech enabled outsourced services to International Partners (US as a reference)2 US outsourced market: ~₹ 3.8 Lakh Crore • India has ~18% of the global population but only ~1% of global healthcare spending • Listed Indian players (Sagility, IKS Health) already serve US payers and providers
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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, Outpatient (OPD) and Inpatient (IPD) services, thus providing Continuum of care STRATEGY DIFFERENTIATORS DIFFERENTIATORS Diversified Product Mix ▪ Differentiated product plans for Life Insurers, Non-Life Insurers, NBFCs and corporates ▪ Integrated OPD +IPD + Wellness offerings for retail and corporate customers Operational efficiency ▪ Q2 FY2027 servicing of ~5.6 MM transactions across services ▪ Over 660 Doctors for claim adjudication Technology and Data Analytics ▪ Comprehensive digital journey for cashless and reimbursement healthcare transactions ▪ Artificial intelligence (AI) First claims adjudication platform ▪ PaaS SaaS offerings Deep and wide network ▪ 130,000+ Doctors on platform, with 9,500+ Hospital doctors; 10,000+ lab touch points1 ▪ 32,000+ Hospitals2, including 2,500+ Hospitals for Cashless OPD Bajaj Finserv Health – Key Strategic Differentiators 61 1 4,300+ centres across 400+ cities and 5,600+ home collection pincodes 2 Numbers restated to include Vidal private hospital tie-ups without preferred tariffs
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• Full stack offering- Preventive, Primary, Secondary and Tertiary • OPD benefits as valuable upsell • Loss ratio management through fraud services Payer Stack • Sending prepaid traffic • Digital transaction capability • POS integration Network Stack • Cashless IPD + OPD for Prepaid - Insurance • Digital transaction capabilities • India Stack- ABHA compliant services Consumer Stack Cashless booking flow Service Guarantee Provider listing ABHA enabled Health Vault Consumer API Integrations / Seamless App in App Experience Cashless IPD + OPD Managed Care Value Based Care Health data insights for Cognitive decisioning Empowering patients and providers supporting patient centricity for payers Corporates Non-Life Insurer Life Insurer Government International Payer Stack Doctors Dental Diagnostics Fitness & Wellness Hospitals Pharma Network Stack Bajaj Health’s Differentiators 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 healthcare ecosystem Our Indicative Progress- Initiated Growing Strong Well Entrenched Matured Bajaj Finserv Health – Digital first Health Tech Company providing differentiated products & services on a digital platform 62
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Bajaj Finserv Health & Vidal Health1 TPA Services – Corporate TPA Services – Ayushman Bharat TPA Services – Retail OPD Services • PUM of ₹ 3,879 Crore2 • 1,992 Corporates • 1.1 MM + txns processed • PUM of ₹ 722 Crore2 • 121 MM lives • 17.3+ MM txns processed • PUM of ₹ 445 Crore+ • 4 PSU Insurers • 85K+ txns processed • 16 Insurers • 414 Corporates • 7 MM Lives • 3.6 MM txns processed • GMV of ₹ 3,131 Crore • 2 partners • 2.7 MM+ txns processed Uniquely positioned to service Healthcare partners through deep domain knowledge of 660 medical professionals and digital first solutions through 500+ Technology & Product resources 1 All the numbers for 12 months Q3 FY2026 to Q2 FY2027 (Bajaj Finserv Health Ltd. and Vidal Health) 2 Data for Insurance mode in 4 states, rest in Trust mode PUM – Premium under Management, GMV – Gross Merchandise Value, PSU – Public Sector enterprises Bajaj Finserv Health + Vidal Health Landscape – Providing Continuum of Care 63 Services to International Insurers
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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 Bajaj Finserv Health - Progress on Health Service Canvas Preventive (5 Services) 2,117,704 Primary (6 Services) 19,631,230 Secondary (3 Services) 544,041 Tertiary (5 Services) 2,184,495 Preventive Health Check Ups 1,410,990 GP Services & Doctor Consultation 3,280,661 Specialist Consultations 430,132 Acute & Emergency Care 185,903 Diet Management 186,530 Lab Diagnostics 818,291 Diagnostic Imaging 71,094 Chronic Care 170,075 Fitness & Gyms 114,257 Dental Care 267,622 Chronic Care 42,815 Multi-Specialty Care 748,468 Step Tracker & Vitals 398,087 Obstetrics 235,902 Mother & Child Care 226,341 Smoking Cessation 112 Pediatrics 249,389 Pharmacy 14,779,365 Offered by Vidal HealthOffered by BFHL Vaccination 7,728 Advanced Diagnostics 853,708 641 All numbers for 12 months Q3 FY2026 to Q2 FY2027
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Technology Services Technology services to Payers and Providers to International and Domestic partners Employer-Employee Corporates providing health benefits to employees Services to Govt TPA & Technology services for Central govt or state govt schemes Retail Products to Insurers Retail Products for GI/ HI and LI Indian or International Value Add Products Financial distributors like NBFCs, Housing Finance Companies, Credit Card carriers, etc Consumer Services Financing for hospitalization, Managed Care and Health Services Structured OPD benefits TPA services for employer Pre and Post natal Maternity services Wellness Fraud and Abuse services Claims processing OPD & Wellness product as Riders TPA services to Insurer customers Pre-Insurance Medical services NDHM compliant health vault Access to best-in- class OPD stack Personalized healthcare services SaaS / PaaS Cognitive Services e-Hospital solution Enigma- Gen AI enabled services for claims process Cashless OPD Booking Diabetes management 2,400+ Partners 9 State Schemes 12 Partners Align the operations into 6 vertical business segments, having differentiated products and distinct go to market strategy to deliver value to stakeholders TPA Services to GI/HI - 28 OPD Product to GI/HI -10 OPD Product to LI - 6 International Insurers - 2 Indian Insurers - 4 20 Healthcare Service Canvas Bajaj Finserv Health – Business segments aligning towards Integrated Healthcare Platform 65
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Bajaj Finserv Health – Consumer Stack Metrics 66 Key Developments for Q2 FY2027 • Company has built strong network supporting business • Hospitals – 32,000+ • Doctors – 130,000+ • Diagnostic – 10,000+ • Dental – 23,500+ • Onboarded new partners to increase service fulfilment and improve customer experience • Won Tamil Nadu NHIS – Government Employees & pensioners scheme • RBI Circular and IRDAI Discussion paper leading to structural changes in the industry • Star Health onboarded to offer OPD plans to its customers 499 438 545 401 440 235 221 248 266 323 4,058 4,143 4,213 4,340 3,958 584 605 802 659 660 546 533 748 425 313 5,922 5,939 6,556 6,090 5,694 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Healthcare Transactions (in ‘000’s) Corporates Non Life Insurers Government International Others 1,095 965 1,109 958 1,153 140 122 128 128 129 1,145 1,141 1,068 1,368 1,198 667 663 897 759 812 2 2 3 3 3 3,049 2,893 3,205 3,216 3,295 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Healthcare Transactions Value (in ₹ Crores) Corporates Non Life Insurers Government International Others
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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) (Infused during the Year) 1,250 50 Net Worth (as on 30th Sept 2026) 414 All Figures in ₹ Crore Bajaj Finserv Health – Key financial highlights Q2 FY2027 Transactions monitored for fraud prevention 112,284 Instances Frauds prevented | Saved 4,634 Instances | ₹ 44 Crore Active lives managed in TPA business 77+ Lakh Pre-authorisations processed 522,062 Number of members serviced in Government schemes 12.5+ Crore Discharges within 60 minutes 74.50% Metrics are for H1 FY2027 67
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68 BAJAJ FINSERV DIRECT LTD. Bajaj Markets
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BFSD Market Opportunity - Why Marketplace amongst BFSI manufacturers in the group? Earns from product sales and owns inventory Extremely large and valuable franchise Product-out Offers manufactured lending & payment products Caters to shareholders most efficiently by: Operating with the best risk return equation in the industry Digital lending will cross ₹ 11,310Crore opportunity by FY2030 Enables other manufacturers to sell on platform. Operates low inventory and high margin business As a result, Amazon & Amazon Marketplace together cater to a much larger cross section of population across wide variety of needs Customer–in Offers choice from 55+ lenders Caters to large consumers pyramid of India by: Best-matching risk return equations of mfg. with applicants Ability to generate large profit pools with annuity revenue due to deep strategic partnership with manufacturers Mix of Digital and traditional lending is slated to be 50:50 by FY2030 B2C B2B2C Bajaj Markets Efficient utilization of capital: least burn amongst peers Deep ecosystem integration with 100+ partners Strategic Edge amazon amazon marketplace 69
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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. STRATEGY DIFFERENTIATORS • Open Architecture platform offers Financial products variants across Loans, Cards, Insurance, Investments & Payments in partnership with leading industry players • Compare, select & buy from unique financial products Operational Efficiency • Multiple AI use-cases across businesses & functions are being worked upon for Revenue increase, Opex optimization and Productivity increase Diversified Product MIx Technology & Data Analytics • Leveraging large customer franchise and its digital footprint through advanced data science and machine learning to give personalized recommendations and increase cross-sell • Convenience of end-to-end digital journey and frictionless fulfilment Bajaj Markets – BFSI Marketplace 70
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Bajaj Markets – Diversified Marketplace Supply- side Large number of BFSI manufacturers 100+ Partners All possible retail finance products 34 financial products & 140+ offerings Diverse consumer traffic with high intent 221+ MM traffic & 48+ MM App Installs, ~ 2.0 MM Monthly active users One-stop shop for BFSI needs 90K+ Transacting Customers (Q2) 990+ MM Loans mobilization run-rate Open Architecture Marketplace Superior analytics Real time offers, dynamic rule engine, best match logic Differentiated experience AI-driven omni channel digital experience through Web & App Demand-side Wide choice Neutral Large TAM1 71 Trust Convenience 1 TAM: Total addressable market
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Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience 72 Vertical Partners Lending 58 Cards 7 Insurance 19 Investment 4 VAS 6 Securities 11 ONDC 1 Unique Partners 106 Category Partners Bank 10 NBFC 20 Fintech 29 HFC 10 Insurance 19 VAS 6 Broker 11 ONDC 1 Total 106 Banks Fintechs Insurance Companies NBFCs
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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 2026) (Infused during the year) 809 - Net Worth (as on 30th Sept 2026) 242 All Figures in ₹ Crore Bajaj Finserv Direct – Key financial highlights Q2 and H1 FY2027 73 28 41 38 47 47 Q2 FY2026 Q3 FY2026 Q4 FY2026 Q1 FY2027 Q2 FY2027 Organic Traffic (in Lakhs) 1,549 1,800 2,046 2,269 2,535 Q2 FY2026 Q3 FY2026 Q4 FY2026 Q1 FY2027 Q2 FY2027 Lending Volume (in Crore)
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74 BAJAJ ASSET MANAGEMENT LTD.
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2,300 7,373 AUM Growth (‘000 Crore) 2020 2026 8,200 32,087 SIP Inflow (Crore/month) 2020 2026 1.3x 16.1% 20.6% AUM to Deposit 2020 2026 3.9x 3.2x2.9x Capitalize on the Bajaj Finserv brand to penetrate a well-established MF industry through Differentiators Source: AMFI, PWC report 2026 2047 Growth Total AUM (‘Lakh Crore) 74 2,791 ~38x Retail Investors (Crore) 6.0 26.3 ~4x AUM/GDP 21% 112% ~5x Distributors/RIAs (Lakh) 2.3 9.9 ~4x Future Scalability India’s retail mutual fund penetration is set to grow over 4x—from 4% in 2026 to 15% by 2047 Growth Outlook Market Opportunity 21% 21% 79% 140%AUM to GDP India China UK US USA ~ 50% India ~ 4.0% Retail MF Penetration 2.1 6.0 Retail Investors (in Crore) 2020 2026 Industry with a potential to scale gradually with low burn rate 75
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▪ Equity schemes to have clear and differentiated investment strategies to create long term wealth for the investors ▪ High Credit Quality investments in Fixed Income schemes to ensure safety and mitigate risk. ▪ Launch of Passive in space where appropriate opportunities are seen in investor’s interest. Differentiated Products Technology as a differentiator Investment Philosophy ▪ INQUBE ▪ Informational Edge ▪ Quantitative Edge ▪ Behavioral Edge ▪ Streamlined digital touchpoints for investors and distributors for empanelment and transactions ▪ Strategy built on innovation, win-win partnerships and a future-ready business model through usage of data and tech platforms RISK MANAGEMENT DATA AND ANALYTICS Innovative, Future focused and differentiated AMC Bajaj AMC - Key Strategic Pillars 76
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Bajaj AMC – Equity (+Equity oriented) funds with differentiated strategies: Investment with Intent 77 Investment StrategyCategory Style MegatrendsFlexi Cap Growth Investing Moat InvestingLarge and Mid Quality Investing Dividend yield + CouponMulti Asset Value Investing High ConvictionLarge Cap Focus (Concentrated) Over and Under reactionMulti Cap Contrarian Fundamental + Sentiment IndicatorBalanced Advantage Active Allocation (Beta) Quality + Growth + ValueSmall Cap True to label
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17,435 20,365 25,011 28,814 30,250 26,819 31,444 35,768 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 QoQ AUM growth 41,880 43,637 45,689 47,937 49,527 50,857 51,886 52,996 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 QoQ Distributors Growth 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) (Infused during the year) 900 125 Net Worth (as on 30th Sept 2026) 137 Categories of Mutual Funds launched by AMC All Figures in ₹ Crore Bajaj AMC - Key financial highlights Q2 and H1 FY2027 Category AUM Equity 21,379 Debt1 13,053 Passives 1,337 Total AUM 35,768 1 Debt includes Arbitrage 2 YR CAGR – 16% 78 2 YR CAGR – 48%
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79 BAJAJ FINANCE LTD.
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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 experience to create growth opportunities STRATEGY DIFFERENTIATORS Overall customer franchise of 12.88 Crore and Cross sell client base of 8.23 Crore Strong focus on cross selling to existing customers Centre of Excellence for each business vertical to bring efficiencies across businesses and improve cross sell opportunity Focus on mass affluent and above clients Highly agile & highly innovative Continuous improvement in features of products & timely transitions to maintain competitive edge Deep investment in technology and analytics AI enabled technology architecture that integrates AI across all its processes to deliver significant operating leverage and create a virtuous growth cycle Diversified asset mix supported by strong ALM and broad-based sources of borrowings Consolidated lending AUM mix for Urban : Rural : MSME : Commercial : Mortgages stood at 30% : 12% : 13% : 13% : 32% as of 30 Sept 2026 Consolidated borrowing mix for Money Markets: Banks: Deposits: ECB stood at 52% : 29% : 14% : 5% as of 30 Sept 2026 BFL – Key Strategic Differentiators 80
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For the Quarter For the Period For the 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% 12.88 11.06 16.5% 11.9 Deposit Book 69,754 69,766 - 69,754 69,766 - 68,533 Net total Income 15,974 12,982 23.0% 31,198 25,441 22.6% 53,324 Profit after tax* 6,267 4,876 28.5% 12,252 9,575 28.0% 19,017 Annualized Return on assets 4.6% 4.5% 0.1% abs 4.6% 4.5% 0.1% abs 4.3% Annualized Return on Equity 20.6% 19.1% 1.5% abs 20.7% 19.2% 1.5% abs 18.1% Opex as a % of Net total Income 33.0% 33.1% 0.1% abs 33.2% 33.1% (0.1%) abs 33.3% GNPA 1.06% 1.24% 0.18% abs 1.06% 1.24% 0.18% abs 1.01% NNPA 0.42% 0.60% 0.18% abs 0.42% 0.60% 0.18% abs 0.41% BFL – Consolidated Key financial highlights Q2 and H1 FY2027 All Figures in ₹ Crore * Profit attributable to owners 81
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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 ▪ As of 30 Sep 2026, deposits book contribution to consolidated borrowing was 14% ▪ Loan losses and provisions in Q2 FY2027 was ₹ 2,166 Crore vs. ₹ 2,080 Crore in Q2 FY2026 ▪ In Q2 FY2027, stage 2 & 3 assets increased by ₹ 1,601 Crore, including ₹1 ,047 Crore increase in the gold loan business due to short-tenor schemes that are no longer being offered, taking stage 2 & 3 assets to 2.02% of loans from 1.87% in Q1 FY2027. The Company does not expect impact on its credit cost from this transitional increase in gold loan stage 2 ▪ Loan loss to average AUF was 1.56% in Q2 FY2027 as against 1.88% in Q2 FY2026 ▪ Capital adequacy remained strong at 20.33% as of 30 Sep 2026. Tier-1 capital was 19.43% ▪ Net total income grew by 20% to ₹ 160 Crore as against ₹ 133 Crore in Q2 FY2026 and Profit after tax grew by 36% to ₹ 64 Crore in Q2 FY2027 ▪ In Q2 FY2027, the Company delivered annualized ROE of 11.6% against 12.0% in Q2 FY2026 Bajaj Financial Securities Limited – Key Highlights 82AUF – Assets Under Finance
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Total Franchise Credit segment filter Overall Cross sell franchise Non delinquent customers Cross sell franchise 11.07 Crore 9.43 Crore 9.05 Crore 8.07 Crore 7.13 Crore (64.5%)1 11.11 Crore 10.6 Crore 9.46 Crore 8.23 Crore (63.9%)1 12.89 Crore Q2 FY2026 Q2 FY2027 Customer Franchise addition 1 Represents cross sell franchise as a % of total franchise Q1 FY2027 10.67 Crore 12.44 Crore 10.21 Crore 9.11 Crore 7.92 Crore (63.7%)1 Q1 FY2026 0.47 Crore BFL – Strong focus on cross selling to existing customers and increase in customer franchise Q2 FY2026 0.41 Crore 83 Q3 FY2026 0.48 Crore Q4 FY2026 0.39 Crore Q1 FY2027 0.51 Crore Q2 FY2027 0.44 Crore
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84 BAJAJ HOUSING FINANCE LTD.
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Focus on building scalable balance sheet with reasonable ROE STRATEGY DIFFERENTIATORS Low Risk Business Model Deliver low-risk scalable balance sheet Prime Housing and Lease Rental Discounting to act as Anchor Products Deliver Reasonable Return Balanced portfolio mix between products, customer category and segmentation Aim to deliver reasonable return Full Mortgage Product Suite Diversified suite of mortgage products to target all customer categories across all transaction types and segments (Prime and Non Prime) Diversified Borrowing mix Diversified Borrowings mix between Banks : Money market : NHB with focus on longer tenor borrowings to support longer tenor lending ROE – Return on Equity, NHB – National Housing Bank BHFL – Key Strategic Differentiators 85
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BHFL – Key financial highlights Q2 and H1 FY2027 For the Quarter For the Period For the 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% 4,391 Profit after tax 757 643 17.7% 1,472 1,226 20.1% 2,560 Return on assets (Annualized) 2.2% 2.3% 0.1% abs 2.2% 2.3% 0.1% abs 2.3% Return on Equity (Annualized) 12.7% 12.2% 0.5% abs 12.6% 11.9% 0.7% abs 12.1% GNPA 0.29% 0.26% 0.03% abs 0.29% 0.26% 0.03% abs 0.27% NNPA 0.12% 0.12% - 0.12% 0.12% - 0.11% Opex to Net Total Income 19.1% 19.7% 0.6% abs 19.3% 20.4% 1.1% abs 19.7% Disbursements 19,935 15,914 25.3% 39,444 30,565 29.0% 64,616 All Figures in ₹ Crore 86
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ANNEXURES 87
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ONE FINSERV STORY 88
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‸‸ R EW A R D S AND R O Y A LTIES BROKING P A Y M E N TS ASSE T MANAGE M E N T L I F E I N S U R A N C E GENERAL INSURANCE WELLNESS M S M E M O R TG A G E CREDIT LINES C O N S UMER L E NDI NG PARTNER S H I P S & VALUE ADDED S E R V I C E S BFS CUSTOMERS Utilities Consumer Durable Retail Spends Business / Professional Loans Lifestyle Asset Creation Asset Finances and Protection Healthcare and Wellness Life Insurance Savings Investments Fund Transfers Travel and Dining Recreation and Entertainment Digital Consumption Daily Household Services Protection An ecosystem that supports profitable growth through partnerships, marketplace, payments, rewards and loyalty Create constant value across the customer lifecycle, build sustainable businesses and deepen financial inclusion Diversified financing businesses helping individuals meet their lifestyle needs, acquire homes and small/medium corporates fulfill their requirement of growth and working capital through a wide array of products and solutions Very strong technology and data- orientation helping to enhance wallet share of customers and controlling fraud. Digital technology services to enhance overall native capability of the group General Insurance offering protection across property, casualty & health; diversified across retail, commercial and Government-sponsored business with focus on core profitability and strong market position Life Insurance, stock broking and mutual fund business to help customers meet their wealth accumulation goals Health and wellness services, seeking to connect providers and payers with consumers offering products, services, and claims management through a digital platform founded on operational excellence Bajaj Finserv - Lifecycle Partner to every Indian to achieve financial goals 89
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Prospect & exploit new business lines • Crop and Government health insurance • Setup of Bajaj Life direct as a proprietary sales force • Bajaj Pay • Integrated health and wellness services • Bajaj Market place – Digital BFSI marketplace • Technology services - BFSI focused Bajaj Finserv - Core strategic principles • Expanding product suite: over 750 products across all Companies • Geo expansion: Presence over 4,000 cities • Distribution network of greater than 0.5 MM agent, banks, brokers and dealers • Date led Upsell, Cross-sell and retention capabilities across all Companies • Strategic tie-ups: Airtel, SFDC • Virtual JVs with insurance distributors • Preferred network for several large distributors including banks • Strategic Investment in IT services companies • Investments in Insurtech’s/Fintech’s to enhance digital capabilities 90 • Data led models to assess the risk leading to lowest NPA's and best COR • Diversified high quality reinsurance network • Strong underwriting • Robust stress testing, ECL Modelling, Claim reserving • Risk Control Self-Assessment Models • Consumable durables, SISO, Surety Bond, Leasing, Green Financing, ACE • INQUBE, Megatrends and Moat Investing in the AMC • Bajaj Finance - FIN AI 3.0 • Variable cost agency model • Integrated outpatient, hospitalization and wellness offerings to consumers and payers • PASA: Pre-underwritten customers for touch free sales in Life insurance • Adoption of account aggregator data for enhanced risk assessment • Active adopter of Cloud • Digital platforms with Omnipresence strategy • Customer 360˚ • Web = App • End - end partner integration • Amongst the highest digital adoption by customers and distributors • Carried out annually as part of long-range strategy to benchmark one global Company across large companies • Segment specific benchmarking to be best in class (Eg: Gold Loans, Protection business, Affordable housing, Standalone health insurer, Ecommerce) • NPS/CSAT tracking - Amongst highest scores, lowest grievances • Vernacular Content - Digital and Physical • Seamless digital journeys across all customer & distributor touch points • Product innovation: EMI Card, Flexi, OPD rider, Pet insurance, Pay Per Use Broadening offerings to customers Deep complementary partnerships Prospect and exploit new initiatives Desire to differentiate Digitisation Continuous benchmarking Customer obsession Efficient risk & capital management 90
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Being responsible Growth Mindset Customer Obsession Develop & Delegate Innovate to Simplify Continuous Transformation Talent Builder Do The Right Thing “A place where innovation, agility and ownership thrives, creating responsible leaders who build long term businesses with sustainable growth/profit, to delight our customers” Purpose Founder’s Ethos: Behaviours: Culture we drive – Purpose enabled through Leadership DNA 91
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All the numbers above are till the period ended 31 March 2026 What is achieved so far BAJAJ FINANCE (NBFC) • One of the largest wealth generator, value of ₹100 invested in 2000 = ₹ 2,34,715 in 2026 • Largest NBFC in India with AUM of ₹ 372,986 Crore • One of the most profitable NBFC in India with PAT of ₹ 19,332 Crore • Over 11 Crore customer franchise • Transforming to BFL 3.0, A FIN AI company BAJAJ GENERAL (P&C and Health) BAJAJ LIFE (Life insurance) • Fastest growing LI company in last 5 years on RWRP amongst top 10 Pvt. players • VNB growth faster than RWRP growth: 5-year VNB CAGR of 35% and RWRP CAGR of 25% • Deep and diversified distribution across agency, Bancassurance and proprietary sales • Present in 7 out of 10 top private banks in India • AUM of ₹133,563 Crore • 3rd largest multi-line insurer • Profitable since first full year • Among the most profitable insurers – consistent industry beating COR (abs. 18% delta vs. industry) with superior ROE • Over 5 crore customer franchise • Pan India geographical presence with broad and deep distribution BAJAJ FINSERV HEALTH (Health-tech) • Full-suite integrated health-tech platform • ~ 2 MM health transactions a month • AI enabled transaction management • Deep distribution network of doctors, hospitals and labs, handling outpatient, wellness and hospitalisation needs BAJAJ FINANCIAL SECURITIES BAJAJ AMC (Mutual fund) • Wide range of capital market products • ~14 Lakhs customers; ₹6,783 Crore of margin trade finance book and ₹1,201 Crore ESOP financing • Delivering Relationship-based broking solutions through branches • Target to become full-fledged digital broker BAJAJ HOUSING FINANCE • Amongst the largest & most profitable HFCs with AUM of ₹ 140,706 Crore & PAT of ₹2,560 Crore • CAGR of 29% in AUM and 41% in PAT over past 5 years • One of the most successful IPOs in recent past BAJAJ FINSERV DIRECT (Marketplace and Tech) • AUM of ₹ 26,819 Crore; ranked 26/50 within 3 years of operations • 59% of AUM is equity oriented • 50K distributors empanelled, over 11 lakh folios opened • Different approach to products • Amongst the largest & well diversified digital marketplace • 103 financial manufacturer tie-ups • ~2.2 MM paid transacting customer till date in marketplace • B2B technology services as a business division Highest credit ratings for all lending & insurance companies (AAA (Stable) & A1+) 92
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Entire data is as on 30 Sep 2026 Strong capital generation by risk bearing businesses All Figures in ₹ Crore Strong Solvency and Capital Adequacy * As a mortgage company, BHFL qualifies for risk-weight benefits on its Home Loan portfolio when computing capital adequacy rati o. Consequently, leverage thresholds act as a constraint on additional borrowings. Based on a leverage threshold of 7.5 times, the estimated surplus capital as of 31 st March 2021 and 30 Sep 2026 was ₹ 984 Crore and ₹ 4,928 Crore respectively Solvency BFL BAJAJ LIFE BAJAJ GENERAL 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% Excess capital available 17,403 8,442 3,831 1,781 31,457 Actual capital adequacy/solvency margin as on 30th Sep'2026 20% 255% 229% 21% Excess capital available 25,900 4,145 3,197 7,019 40,261 Capital generated/(Consumed) since 01 Apr 2021 8,497 (4,297) (634) 5,238 8,804 Less: External capital raised since 01 Apr 2021 11,777 - - 8,060 19,837 Add: Dividend paid (incl. buyback) since 01 Apr 2021 13,076 2,767 4,854 - 20,697 Net capital generated/(Consumed) since 01 Apr 2021 9,796 (1,530) 4,220 (2,822) 9,664 93
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All Figures in ₹ Crore Only material subsidiaries included above Significant growth trajectory across diverse and sustainable businesses (1/2) Particulars FY 2016 FY 2021 FY 2025 FY 2026 Growth for the year 5 YR CAGR 10 YR CAGR Bajaj Finserv Limited (Consolidated) Net total Income 20,534 60,592 132,944 150,523 13% 20% 22% Profit after tax 1,863 4,470 8,872 9,801 10% 17% 18% Net Worth 13,391 35,830 72,395 77,915 8% 17% 19% Bajaj General Insurance Limited Gross Written Premium 5,901 12,624 21,583 23,326 8% 13% 15% GWP ( Ex crop and Govt. Health) 5,533 9,924 16,256 18,131 12% 13% 13% Profit after tax 564 1,330 1,832 1,942 6% 8% 13% Combined Ratio 99.3% 96.9% 102.3% 102.8% (0.6%) - - Return on Equity % 22.5% 20.3% 16.0% 16.2% 0.2% - - Assets under Management 9,211 23,150 33,112 35,529 7% 9% 14% Bajaj Life Insurance Limited Retail Weighted received premium 717 2,468 7,067 7,514 6% 25% 26% New Business Premium 2,885 6,313 12,293 14,587 19% 18% 18% Renewal Premium 3,013 5,712 14,867 18,310 23% 26% 20% Gross Written Premium 5,897 12,025 27,160 32,897 21% 22% 19% Value of New Business -13 361 1,152 1,626 41% 35% 62% Embedded Value 9,876 15,534 23,805 25,299 6% 10% 10% Profit after Tax 879 580 508 226 (55%) - - Assets under Management 44,107 73,773 123,734 133,563 8% 13% 12% 94
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Particulars FY 2016 FY 2021 FY 2025 FY 2026 Growth for the year 5 YR CAGR 10 YR CAGR Bajaj Finance Limited (Consolidated) Net total Income# 4,406 17,269 44,954 54,126 20% 26% 29% Profit after tax 1,279 4,420 16,779 19,332 15% 34% 31% Assets under Management 44,229 152,947 416,661 509,975 22% 27% 28% Return on Assets (%) 3.5% 3.1% 4.6% 4.3% - - - Return on Equity (%) 20.9% 12.8% 19.2% 18.1% - - - Net NPA 0.28% 0.75% 0.44% 0.41% - - - Provisioning Coverage 77% 58% 54% 60% - - - Bajaj Housing Finance Limited* Net total Income NA 1,189 3,575 4,391 23% 30% - Profit after tax NA 453 2,163 2,560 18% 41% - Assets under Management NA 38,871 114,684 140,706 23% 29% - Return on Assets (%) NA 1.5% 2.4% 2.3% - - - Return on Equity (%) NA 7.8% 13.4% 12.1% - - - Net NPA NA 0.22% 0.11% 0.11% - - - Provisioning Coverage NA 38% 60% 60% - - - All Figures in ₹ Crore *BHFL started its operations in 2017 #Before presentation change Only material subsidiaries included above Significant growth trajectory across diverse and sustainable businesses (2/2) 95
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Environmental, Social and Governance (Towards a Sustainable Future) ESG UPDATE 96
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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 identified following as our areas of focus: Governance Conduct and govern business with integrity in a manner that is ethical, transparent and accountable Financial Inclusion Provide access to relevant and affordable financial products and services that meet the needs of larger society Preserving & Protecting Environment Strive to adopt environmental practices and processes that minimize / eliminate the adverse impact of company operations on the environment Empowering Society Promote social welfare activities for inclusive growth, equitable development, and well-being of society Customer Centricity Innovate / invest in products, technologies and processes that enhance customer experience and promote professional, fair and transparent dealings Human Capital Management Create a thriving, safe and inclusive workplace for its employees and providing merit-based opportunities for professional development and growth Information and Cyber Security Adopt robust information security, cyber security and fraud controls Stakeholder Engagement Engage with relevant stakeholders for enhancing the sustainable and responsible business practices ESG – Our focus area 97
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Being Responsible: ESG Key metrics ESG is not just the right thing to do, it is what will shape a better tomorrow for all 98 • Robust governance structure across all our companies including unlisted ones • Responsible Investments – Insurance portfolios exceeded the 80% target for responsible investments: Bajaj General at 95%, Bajaj Life at 98% Governance • New to BFL credit customers - 30+ MM* • BFL MFI branches – 440+ covering 7 Lakh+ women customers • PMJJBY (Bajaj Life) - 0.14 MM lives covered • PMFBY & PMJAY-MA (Bajaj General) – 9.5 MM farmers covered & 49.1 MM lives covered Financial Inclusion • Wind power generated – 90.4 MM kWh • Solar power installed - 757 kW • Saplings planted - 0.2+ MM • ISO 14001 certification- 44 Offices • 20 EVs for inter office movement Preserving & Protecting Environment • Board committees for customer protection • CAST scores computed & monitored centrally for all companies • Highest claim settlement ratios: Bajaj Life (Retail) at 99.3% & Bajaj General at 95.4% • Highest level of Digitization for customer convenience Customer Centricity • BRSR Assurance - Reasonable Assurance for BRSR Core (Mandatory) and Limited Assurance for BRSR non-core disclosures (Voluntary) for all listed companies and material subsidiaries • Value Creation Model: In line with the Integrated Reporting framework advised by SEBI (voluntary for top 500 listed companies), the FY2026 ESG report focuses on value creation across six capitals: Financial, Manufactured, Intellectual, Human, Social & Relationship, and Natural Capital Stakeholder Engagement • CSR expenditure – ₹ 416 crore • Number of beneficiaries – 9.3 MM • Impact Assessment - 34 projects • CPBFI (Flagship Program): Active in 22 states, 159K beneficiaries (58% women), 50K new enrolments in FY2026 Empowering Society • Gender Diversity ratio ~14% • Gender Diversity in new hiring ~ 17.5% • Women agents ~ 29% Total • (Bajaj General: 23%, Bajaj Life: 33%) • Over 105,000 employees trained (93% coverage) Human Capital Management The BFS Group consistently produces more renewable energy than it consumes Group endeavors to be carbon neutral on scope 1 & 2 emissions by FY2032 PMJJBY - Pradhan Mantri Jeevan Jyoti Bima Yojana, PMFBY – Pradhan Mantri Fasal Bima Yojna, Group IJP – Group Internal Job postings, MFI – Microfinance institutions, CPBFI- Certified Program in Banking, Finance & Insurance, PMJAY-MA – Pradhan Mantri Jan Arogya Yojana – Mukhyamantri Amrutam , All the numbers are for the period ended FY2026; *New-to-credit Customers added in the last 6 years
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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 Youth Skilling Child Development Pune City SKILLING via NGOs Provides skills in financial services industry and comprehensive and industry- relevant training Diverse range of training and skilling programs, ensuring broader access to skill development Focus on digital & foundational learning, mental health, vocational education, scholarships etc Treatment for cleft lip/palate, diabetes, heart conditions, pediatric cancer, and epilepsy Initiatives focus on vulnerable children at risks like trafficking, abuse, and labor Focus on wellbeing of people with intellectual, developmental, physical & locomotor disabilities EDUCATION HEALTH PROTECTION INCLUSION FOR PERSONS WITH DISABILITIES Child hospitals and hospital infrastructure to strengthen paediatric healthcare INFRA 1,59,000 trained since inception 2,53,774 lakh youth skilled for income enhancement 67,60,785 children impacted 39,176 children impacted for healthier living 56,138 children impacted 3,93,708 lakh individuals impacted Type 1 Diabetes Centre launched & Super speciality hospitals underway Note: Beneficiary numbers are based on the full project period and not just the financial year under consideration CSR Update 99
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100 Fastest growing; opportunity for every household India and BFSI opportunity
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Fintech $1 Trillion in AUM & $200 Billion in revenue by 2030 Insurance & Insurtech $88 Bn in size by 2030 Ayushman Bharat Digital Mission Source : NPCI | ABDM | Straits Research | Inc42.com | Deloitte | Goldman Sachs | BCG I UIDAI 97.8 Crore+ ABHA ID’s 120 Crore+ Health Linked Records 590K+ Verified HFR Revenue from India’s technology Industry to reach USD 500 billion in 2030 Fintech Market to reach USD 422 billion by 2029 CAGR of 27% during 2022-30 ONDC facilitated more than 500 million transactions till date Rising Income India Stack Powered the Financial Inclusion 1.45 Bn+ Aadhaar generated 24.07 Bn monthly transactions – Sep 2026 India is digitising rapidly 101
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7.3% 6.2% 4.2% 2.9% 2.5% 2.0% 1.4% 0.9% China India Taiwan Malaysia Singapore Thailand HongKong Japan GDP PER CAPITA CAGR FY 2015-2025 5,923 2,539 2,084 1,501 448 313 201 72 1,545 1,075 654 1,894 175 245 170 25 Singapore Taiwan Japan South Korea Malyasia China Thailand India Insurance Density (US$) Life Insurance Non Life Insurance 7.5% 6.5% 6.4% 4.2% 3.8% 2.4% 2.7% 2.7%3.2% 1.7% 2.0% 5.3% 1.5% 1.9% 2.3% 1.0% Taiwan Singapore Japan South Korea Malyasia China Thailand India Insurance Penetration as a % of GDP Life Insurance Non Life Insurance 26.1% 22.3% 18.0% 67.2% 68.9% 67.0% 6.7% 8.8% 15.0% 2020 2030 2050 Population Composition Less than 15 Yrs 15 to 64 Yrs 65 Yrs and above Source : Population trends Asia Pacific | IMF |IRDAI Annual Report 2024-25 | Insurance Penetration is measured as ratio of premium (in US Dollars) to GDP (in US Dollars). India remains vastly under-insured, both in term of penetration and density Indian Insurance Market – Growth Opportunity 102
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103 Others
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Partnerships (Group / Government) Health & Travel • Group Health Indemnity and Benefit Insurance • Group Personal Accident Policy • Group Travel Insurance • Tender Driven Health Insurance Business Other Covers • Group Affinity Jewellery Insurance • Group Asset Breakdown Insurance • Card Fraud Protection Insurance • Banks Locker Insurance • Crop Insurance • Flexi Protect Plus –Sachet options suite for bundling Cyber • Cyber Insurance - Digital Suraksha with Value added services Personal • Motor Pvt Car & 2 Wheelers - Standalone OD and Package Policy • Third Party Only Cover for Pvt Car & 2 Wheelers • Pay as you go cover for Pvt Car • Electric Vehicle/ Hybrid System Protection Cover • Add-on Covers for Named Driver & Eco Repair • V Pay Prime • Loss of Documents • Vehicle Relocation Cover Health & Travel Insurance • AAP Ke Liye for 25 state specific products • My Health Care Plan • Health Guard • HERizon Care • Personal Accident • Hospital Cash Daily Allowance • Critical illness • My Health Companion • My Swasthya Care • My Family Complete • My Infinite Care • Travel Prime Policy Home Insurance • My Home All Risk Insurance • Peril Based Home Insurance Other Insurance Covers • Extended Warranty – Motor & Non Motor • Asset Protection Insurance • Pet Insurance • Cyber Insurance • Flexi Secure Plus SME Property • Fire & Allied Perils (up to 5 Cr.) – Bharat Sookshma Udyam Suraksha • Fire & Allied Perils (up to 50 Cr. ) – Bharat Laghu Udyam Suraksha • Flexi Commercial Property Guard Other Covers • Burglary Insurance • Package Insurance for Offices • Package Insurance for Shops • Package Insurance for Jewellers • Insurance for Workers (Employees Compensation) Liability • Product Liability Insurance • Professional Indemnity Insurance • Public Liability Insurance • Directors and Officers Liability Commercial Motor Insurance • Commercial vehicle Insurance Property Insurance • Industrial All Risks • Standard Fire & Special Perils • Peril Based Fire and Allied Perils Insurance • Business Interruption Cover Other Insurance Covers • Motor Dealer Package Policy • Flexi Business Advantage - All Risk insurance for Non- Industrial entities • Event Insurance Package • Education Package Cover for Institutions, students & staff • Trade Credit Insurance • Surety Bond Insurance • Drone Insurance • Eco-repairs for Commercial Vehicle • Carrier’s Legal Liability Engineering Insurance • Projects Insurance • Machinery Breakdown. Electronic Equipment, Boiler & Pressure Plant, Contractor’s Plant & Machinery Insurance • Advanced Loss of Profit Insurance Liability Insurance • Mergers & Acquisition • Investment Management • Comprehensive General Liability • Cyber insurance for Corporates Rural Rural & Agriculture • Parametric Index Based Insurance (Group & Retail) • Crop and Weather Insurance • Micro Care Accident and Hospital Cash Policy • Farmer's Package Insurance • Cattle and Livestock Insurance Product • Care Plus - Outpatient Services Add On Under Cattle And Livestock Insurance Policy • Poultry Insurance Policy • Janata Personal Accident • Pradhan Mantri Suraksha Bima Yojana (PMSBY) • Tender Driven Crop Insurance Business New Products launched during the period Bajaj General – Product Suite 104
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Bajaj Life – Product Suite 105 Mortality (Life protection) Morbidity (Health protection) Longevity (Retirement planning) Long Term Wealth
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BFL and BHFL – Product Suite BAJAJ FINANCE LIMITED Consumer 1. Consumer Durable Loans 2. Digital Product Loans 3. Lifestyle Product Loans 4. Lifecare financing 5. EMI Card 6. Retail spend financing 7. 2W and 3W financing 8. Personal Loan Cross- Sell 9. Salaried Personal Loans 10. E-Commerce financing 11. Retailer finance 12. Solar Financing SME 1. Unsecured Working Capital Loans 2. Loans to self- employed and Professionals 3. Business Loans Secured 4. Used-car financing 5. Medical equipment financing 6. Loan against property 7. New car financing 8. Commercial vehicle financing 9. Auto leasing 10. Industrial Equipment financing Commercial 1. Loan against securities 2. IPO financing 3. Large corporate lending 4. Mid-corporate lending 5. Emerging corporate lending Rural 1. Consumer Durable Loans 2. Digital Product Loans 3. Lifestyle Product Loans 4. Personal Loans Cross Sell Salaried 5. Personal Loans 6. Gold Loans 7. Loans to Professionals 8. Microfinance 9. Tractor finance 10. Affordable mortgage Deposits 1. Retail Term Deposits 2. Corporate Term Deposits Payments Issuance 1. PPI 2. UPI 3. BBPS 4. Fastag 5. Bajaj Prime Acquiring 1. Merchant QR 2. EDC machine Partnerships & Services 1. Life Insurance Distribution 2. General Insurance Distribution 3. Health Insurance Distribution 4. Pocket Insurance 5. Financial Pulse Report BAJAJ HOUSING FINANCE LIMITED 1. Salaried Home Loans 2. Salaried Loan Against Property 3. Near Prime &Affordable housing finance 4. Loan Against Property 5. Self Employed Home Loans 6. Lease Rental Discounting(LRD) 7. Developer Finance 8. Construction Finance 9. Corporate (LRD) BAJAJ FINANCIAL SECURITIES LIMITED 1. Trading Account 2. Depository Services 3. Margin Trading Financing 4. HNI Broking 5. Retail Broking 6. IPOs and OFS 7. Distribution of Mutual Funds 8. Distribution of PMS 9. Proprietary Trading 10. ESOP financing 106
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All metric are for five years period FY2022 to FY2026; GWP: Gross written premium; COR: Combined Ratio , UW: Underwriting Result, NWP : Net written Premium Industry = Private Insurers + PSU Source – Public disclosures Bajaj General with it’s business construct has been able to constantly outperform on all the business metrics based on strong selection of risk & prudent underwriting Bajaj General Key Financial Metrics vs. Industry – Outperformance GWP (5 Yr CAGR) 13.1% Industry 10.7% Combined Ratio (5 Yr Avg.) 101.1% Industry 118.5% Solvency Margin (FY 2026) 302% Industry 119% (Avg.) Cumulative PAT (5 Yr) 8,011 Crore Industry 4,859 Crore Return on Equity (5 Yr Avg.) 15.9% Industry 1.3% (Avg.) 3rd largest general insurer grown organically; having surpassed 3 PSUs of vintage Consistently maintaining prudent underwriting and cost efficiency to achieve one of the lowest COR in the industry Superior Profitability (contributing 25% of top 10 private players profitability) Delivering Superior ROE; ROE (annualized @200% solvency) estimated for FY2026 at 18.5% Highest solvency ratio among the peers, with consistent dividend payouts Y-o-Y Bajaj General Market Share 7.4% 8.3% FY2022 FY2026 Strengthened market share in a highly competitive market Significant tailwinds expected from IFRS 17 implementation (effective 01 Apr 2027), primarily driven by discounting of claims and deferment of acquisition expenses All Figures in ₹ Crore 107
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1. Commercial Lines : Fire, Marine, Engineering & Liability 2. Travel, PA, Aviation, Credit, Rural, Extended Warranty & all oth er miscellaneous segments *Health = Retail + Group + PA+ Travel Note: Industry growth is including standalone health but excluding specialized insurers Line of Business GDPI Growth Q2 FY2027 Bajaj General Q2 FY2027 Industry H1 FY2027 Bajaj General H1 FY2027 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% 12.4% 14.7% 13.1% Retail Health 29.3% 32.3% 26.2% 32.0% Group Health 33.4% 16.9% 35.5% 15.3% Other Misc. Segments2 25.6% 3.9% 25.7% 17.3% Total 10.1% 12.4% 10.8% 11.7% Total (ex. Crop & Govt. Health) 21.5% 13.2% 15.8% 12.7% • Q2 GDPI growth excluding Crop & Govt. health at 21.5% significantly higher vs Industry at 13.2% primarily driven by strong growth in Health* (31.5%) & Motor (18.3%) • Commercial lines growth excluding fire at 21% vs industry at 15% for Q2 FY2027 Bajaj General – Performance by lines of business: GDPI 108
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Line of Business Net Loss Ratio 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% 47.0% 73.7% Motor OD / Motor OD ex. NATCAT 73.0% / 70.0% 70.9% 74.8% / 73.3% 72.9% Motor TP 50.5% 65.0% 50.7% 59.0% Motor Total 60.7% 67.7% 61.8% 65.6% Health, PA & Travel 97.6% 89.8% 93.8% 86.4% Crop 95.3% 74.5% 42.9% 67.9% Total 83.7% 75.8% 79.2% 73.5% Total (ex. Crop & Govt. Health) 77.4% 73.9% 73.6% 72.6% Total (ex. Crop, Govt. Health & NATCAT) 74.2% 73.9% 72.0% 72.6% Net Loss Ratio: Net claims incurred divided by Net Earned Premium | LOB trend for major LOB Bajaj General – Performance by lines of business: Loss ratio 109
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Accident Year Cohort Particulars (Rs. Cr) 31/03/2016 and before 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] Ultimate Net loss Cost - Original Estimate 16,869 3,529 4,258 5,288 6,294 5,303 6,592 6,600 7,476 8,115 8,109 D] Ultimate Net Loss Cost re- estimated one year later - 1st Diagonal 16,737 3,329 3,883 4,855 5,961 4,674 6,101 6,063 6,778 7,343 two year later - 2nd Diagonal 16,682 3,246 3,727 4,760 5,714 4,544 5,875 5,875 6,603 three year later - 3rd Diagonal 16,624 3,219 3,717 4,707 5,647 4,453 5,792 5,755 four year later - 4th Diagonal 16,662 3,231 3,703 4,597 5,529 4,396 5,667 five year later - 5th Diagonal 16,731 3,215 3,637 4,585 5,510 4,336 six year later - 6th Diagonal 16,695 3,215 3,649 4,585 5,498 seven year later - 7th Diagonal 16,765 3,216 3,657 4,580 eight year later - 8th Diagonal 16,769 3,218 3,653 nine year later - 9th Diagonal 16,760 3,219 ten year later - 10th Diagonal 16,721 Favourable / (unfavorable) development Amount(A-D) 148 311 605 709 797 967 925 845 873 772 - 1. Ultimate Net loss Cost – Original estimate: is the year end position for the year (For 2016 and prior it is the position as at 2016 end for all prior year) 2. Outstanding losses & IBNR includes outstanding claims provisions, IBNR / IBNER & ALAE 3. Ultimate Net loss cost (A) – Net Claims provision (B) = Amount of claims paid within the year 4. IMTPIP : Indian Motor Third Party Insurance Pool All Figures in ₹ Crore Bajaj General Loss Triangle – Whole Account Excluding IMTPIP on Net Basis as at 31 March 2026, Ultimate Net Loss Cost Re-estimate 110
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Accident Year Cohort Particulars (Rs. Cr) 31/03/2016 and before 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] Ultimate Net loss Cost - Original Estimate 16,869 3,529 4,258 5,288 6,294 5,303 6,592 6,600 7,476 8,115 8,109 B] Net Claims Provisions2 3,532 1,678 2,338 2,676 3,287 3,073 3,320 3,619 3,807 3,511 3,550 C] Cumulative Payment as of one year later - 1st Diagonal 13,989 2,288 2,671 3,305 3,814 2,845 3,954 3,800 4,563 5,471 two year later - 2nd Diagonal 14,304 2,432 2,829 3,409 4,068 3,062 4,178 4,041 4,789 three year later - 3rd Diagonal 14,642 2,529 2,885 3,580 4,247 3,222 4,353 4,199 four year later - 4th Diagonal 14,936 2,572 2,989 3,709 4,384 3,352 4,482 five year later - 5th Diagonal 15,045 2,656 3,081 3,816 4,527 3,451 six year later - 6th Diagonal 15,246 2,742 3,153 3,914 4,637 seven year later - 7th Diagonal 15,444 2,803 3,212 3,993 eight year later - 8th Diagonal 15,612 2,861 3,269 nine year later - 9th Diagonal 15,745 2,906 ten year later - 10th Diagonal 15,848 Cumulative Payment till year 41 89% 73% 70% 70% 70% 63% 68% - - - - Cumulative Payment till year 72 92% 79% 75% 76% - - - - - - - 1. Ultimate Net loss Cost – Original estimate: is the year end position for the year (For 2016 and prior it is the position as at 2016 end for all prior year) 2. Outstanding losses & IBNR includes outstanding claims provisions, IBNR / IBNER & ALAE 3. Ultimate Net loss cost (A) – Net Claims provision (B) = Amount of claims paid within the year 4. IMTPIP : Indian Motor Third Party Insurance Pool 1 Payment details are available only till year 2022 2 Payment details are available only till year 2019 All Figures in ₹ Crore Bajaj General Loss Triangle – Whole Account Excluding IMTPIP on Net Basis as at 31 March 2026, Cumulative Payment 111
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Accident Year Cohort Particulars (₹ Cr) 31/03/2016 and before 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] Ultimate Net loss Cost - Original Estimate 4,087 1,027 1,258 1,625 2,101 1,988 2,302 2,530 2,578 2,159 2,178 D] Ultimate Net Loss Cost re- estimated one year later - 1st Diagonal 3,983 972 1,167 1,484 1,997 1,773 2,100 2,263 2,233 1,858 two year later - 2nd Diagonal 3,938 916 1,009 1,400 1,761 1,633 1,930 2,085 2,040 three year later - 3rd Diagonal 3,892 888 989 1,359 1,679 1,538 1,856 1,976 four year later - 4th Diagonal 3,916 897 976 1,253 1,572 1,485 1,727 five year later - 5th Diagonal 3,980 887 915 1,248 1,553 1,429 six year later - 6th Diagonal 3,951 884 927 1,247 1,543 seven year later - 7th Diagonal 4,020 886 936 1,243 eight year later - 8th Diagonal 4,024 890 933 nine year later - 9th Diagonal 4,018 890 ten year later - 10th Diagonal 3,981 Favourable / (unfavorable) development Amount(A-D) 106 137 325 381 558 559 575 554 537 301 1. Ultimate Net loss Cost – Original estimate: is the year end position for the year (For 2016 and prior it is the position as at 2016 end for all prior year) 2. Outstanding losses & IBNR includes outstanding claims provisions, IBNR / IBNER & ALAE 3. Ultimate Net loss cost (A) – Net Claims provision (B) = Amount of claims paid within the year 4. IMTPIP : Indian Motor Third Party Insurance Pool All Figures in ₹ Crore Bajaj General Loss Triangle – Motor TP Excluding IMTPIP on Net Basis as at 31 March 2026, Ultimate Net Loss Cost Re-estimate 112
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Accident Year Cohort Particulars (Rs. Cr) 31/03/2016 and before 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] Ultimate Net loss Cost - Original Estimate 4,087 1,027 1,258 1,625 2,101 1,988 2,302 2,530 2,578 2,159 2,178 B] Net Claims Provisions2 2,873 1,021 1,255 1,619 2,093 1,982 2,275 2,503 2,540 2,126 2,140 C] Cumulative Payment as of one year later - 1st Diagonal 1,480 51 51 86 48 129 175 194 209 186 two year later - 2nd Diagonal 1,745 144 160 148 234 263 335 364 358 three year later - 3rd Diagonal 2,060 231 204 307 393 379 492 497 four year later - 4th Diagonal 2,328 270 304 430 515 501 611 five year later - 5th Diagonal 2,429 352 391 525 644 592 six year later - 6th Diagonal 2,623 436 459 619 745 seven year later - 7th Diagonal 2,811 494 515 691 eight year later - 8th Diagonal 2,960 550 568 nine year later - 9th Diagonal 3,082 591 ten year later - 10th Diagonal 3,176 Cumulative Payment till year 4* 57% 26% 24% 26% 25% 25% 27% - - - - Cumulative Payment till year 7# 69% 48% 41% 43% - - - - - - - 1. Ultimate Net loss Cost – Original estimate: is the year end position for the year (For 2016 and prior it is the position as at 2016 end for all prior year) 2. Outstanding losses & IBNR includes outstanding claims provisions, IBNR / IBNER & ALAE 3. Ultimate Net loss cost (A) – Net Claims provision (B) = Amount of claims paid within the year 4. IMTPIP : Indian Motor Third Party Insurance Pool 1 Payment details are available only till year 2022 2 Payment details are available only till year 2019 All Figures in ₹ Crore Bajaj General Loss Triangle – Motor TP Excluding IMTPIP on Net Basis as at 31 March 2026, Cumulative Payment 113
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• 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 required to participate in the pooling arrangement to cover at rates notified by IRDAI. Losses from the pool were distributed to each company in proportion to their market share from all lines of business • The pool was dismantled on 31st March 2012.The outstanding claims in respect of vehicles ceded by Bajaj General to the pool were transferred back to the company. An amount of ₹2,059 Crore was paid to Bajaj General to pay off the outstanding claims The position of the IMTPIP claims transferred to Bajaj General as at 31st March 2026 is as follows: Particulars FY2026 FY2025 Expected (Ultimate) Claims from Pool 2,374 2,374 Claims paid till year end (2,118) (2,086) Provisions as at year end1 256 288 Amount received by Bajaj General from the disbanded pool 2,059 2,059 1Provision as at year end FY2026 includes outstanding claims of ₹ 160 Crore (PY: ₹ 186 Crore) and IBNR of ₹ 96 Crore (PY: ₹ 102 Crore) All Figures in ₹ Crore Bajaj General Loss Triangle – IMTPIP reserving 114
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GWP (5 Yr CAGR1) 22% Industry 10% RWRP (5 Yr CAGR1) 25% Industry 12% Solvency Margin (FY 2026) 266% Industry3 170%-240% VNB (5Yr CAGR1) 35% Industry 17%2 AUM (5 Yr CAGR1) 13% Industry 11%3 Highest solvency ratio among the peers, with consistent dividend payouts Y-o-Y Growth 2.6X the industry Superior growth to RWRP Growing in line with Industry 1. All metric are for five-year period (CAGR) FY2021 to FY2026; 2. VNB CAGR of industry is of 4 private listed players (information available) 3. Industry: Top 12 players including LIC NBP : New Business Premium; AUM: Assets under Management; VNB: Value of Net Business ; ATS : Average Ticket Size (Retail) RWRP: Retail weighted received premium includes 100% of first year premium & 10% of single premium excluding group products Source – Public disclosures Growth 2X the industry Successful transformation from a Mass-to-Mass affluent market (ATS increased by 71% in last 5 years), Agency focused and ULIP driven insurer to a full stock multi channel and multi product insurer with diversified customer segmentation Now well positioned to maintain steady growth and long-term sustainable profitability Bajaj Life Market Share 3.3 % 5.7% FY21 FY26 Strengthened market share in a highly competitive market Bajaj Life – Key Financial Metrics v/s Industry: Fastest growth Significant tailwinds expected from IFRS 17 implementation (effective 01 Apr 2027), primarily driven by deferment of acquisition expenses and release of global actuarial reserves All Figures in ₹ Crore 115
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Thank You 116
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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 securities, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied upon in connection with, any contract or commitment therefor. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. The financial information in this presentation may have been reclassified and reformatted for the purposes of this presentation. You may also refer to the financial statements of the Company available at www.bajajfinserv.in, before making any decision on the basis of this information. This presentation contains statements that may not be based on historical information or facts but that may constitute forward-looking statements. These forward looking statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company presently believes to be reasonable in light of its operating experience in recent years but these assumptions may prove to be incorrect. Any opinion, estimate or projection constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. This presentation does not constitute and should not be considered as a recommendation by the Company that any investor should subscribe for, purchase or sell any of Company’s securities. By viewing this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. Company, book running lead managers, their affiliates, agents or advisors, the placement agents, promoters or any other persons that may participate in any offering of any securities of the Company shall not have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith. This presentation and its contents are confidential and should not be distributed, published or reproduced, in whole or part, or disclosed by recipients directly or indirectly to any other person. Viewing this information may not be lawful in certain jurisdictions. In other jurisdictions only certain categories of person may be allowed to view this information. Any person who wishes to view this site must first satisfy themselves that they are not subject to any local requirements which prohibit or restrict them from doing so. If you are not permitted to view this presentation on this website or are in any doubt as to whether you are permitted to view these materials, please exit this webpage. 117