Wednesday, June 4, 2014

Bajaj Allianz Gets 'AAA' Rating From CARE For Claims Settlement, Financial Strength

Leading private sector insurance player Bajaj Allianz Life Insurance has been rated with 'AAA' for smooth claims settlement and financial strength by CARE (Credit Analysis and Research Limited), a credit rating agency promoted by Industrial Development Bank of India (IDBI), Canara Bank, Unit Trust of India (UTI) and other financial and lending institutions.

“Bajaj Allianz has been working well from past few years. Despite of the glooming economy, Bajaj Allianz reported a net profit of Rs 1,025 crore for fiscal year that ended on March 31, 2014, as compared with Rs 1,286 crore in fiscal year 2012-13", said CARE.

The company has better performance than the other insurance companies, it said adding, “The company reported a solvency ratio of 734 % as on March 31, 2014, whereas the minimum regulatory requirement was 150 %."

Bajaj Allianz Life Insurance started its business in 2001. From past 4-5 consecutive years company has shown profit in its reports and is doing quite well. The company's total assets under management (AUM) stood at Rs 38,780 crore as on March 31, 2014.

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