Banking News

Bajaj Allianz Life: Bajaj Allianz Life’s Assets Under Management crosses Rs 1 lakh crore


Bajaj Allianz Life Insurance on Wednesday surpassed Rs. 1,00,000 crore in Assets under Management (AUM).

“This milestone underscores the profound trust the customers have in the Company and its investment expertise to help them achieve their long-term Life Goals,” the company said in a press release.

A 1.8 times growth in its AUM, from Rs. 56,085 crores in FY2020, to over Rs.1,00,000 crore in the current financial year is reflective of this growth trajectory, the company said.

“Focus on innovative, customer-focused products, robust omnichannel distribution focus, and top-tier services backed by a solid digital and technology framework have been key drivers of this outstanding performance.”

“This milestone stands as a testament to the unwavering trust our valued customers have vested in us. From an investment perspective, we remain dedicated to delivering robust, risk-adjusted performance in our funds, solidifying the trust our customers have in our long-term investment strategies,” said Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance.

Through various optimum investment strategies and Customer First philosophy Bajaj Allianz Life has fuelled its growth, especially over the past 3 years (ended Aug 2023). The Individual New Business APE (Annual Premium Equivalent) for Bajaj Allianz Life has grown at 41.3% CAGR, vis-à-vis overall industry growth of 13.5% CAGR and private sector growth of 22.4% CAGR. This significant growth revival has helped the Company to achieve the Rs. 1,00,000 crore AUM milestone. At an overall industry level (based on individual new business APE), the market share of Bajaj Allianz Life has almost doubled from 2.6% in FY20 to 5.0% in FY23. The market share of the Company within the private sector has also expanded from 4.6% in FY20 to 7.6% in FY23.


Source link