Bajaj Allianz Life's assets under management crosses Rs 1 lakh crore

MUMBAI: Bajaj Allianz Life Insurance on Wednesday said its assets under management has surpassed the Rs 1 lakh crore mark.

The Pune-based leading private sector life insurance player in a statement said this makes them one of the fastest growing life insurers among the top-10 players and the AUM touching Rs 1 lakh crore reflects a 1.8 times growth from Rs 56,085 crore in FY20.

Bajaj Allianz Life managing director and chief executive Tarun Chugh said this is a milestone and is a testament to the trust that the customers have in the company.

In the last three years till August 2023, the company has grown exponentially with the individual new business annual premium equivalent growing at 41.3% at a compounded rate as against the industry growth rate of 13.5% and the private sector's 22.4%.

This significant growth revival has helped the company achieve the Rs 1,00,000 crore AUM milestone.

At an overall industry level, the market share of Bajaj Life has almost doubled from 2.6 per cent in FY20 to 5 per cent in FY23.

The market share within the private sector has expanded from 4.6 per cent in FY20 to 7.6 per cent in FY23.

Since its inception in 2001, it has served over 4.49 crore individuals and group customers as of end of October 2023. It has 505 branches and over 1,39,006 agents.

Meanwhile, the company has launched a new product that allows a policyholder to customise income to beat increasing expenses and inflation.

Called Allianz Life Ace, the company said the plan has been designed to enhance financial stability for the future despite increasing expenses.