Mumbai, Aug. 21 -- The brokerage expects Bajaj Finserv's core earnings to grow at 22% CAGR over FY25-28, led by strong growth at Bajaj Finance, improving profitability in Bajaj Allianz General Insurance (BAGIC) and Bajaj Allianz Life Insurance (BALIC), and upside from new ventures in mutual funds, healthcare, and tech.

The company holds 51% in Bajaj Finance, and 74% each in BAGIC and BALIC.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It serves millions of customers by providing solutions for asset acquisition through financing, asset protection through general insurance, family and income protection in the form of life and health insurance, and retirement and savings solution...