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Today Date : Tuesday, April 23, 2024

Bajaj Allianz Life reports 581% Solvency Ratio

Bajaj Allianz Life reports 581% Solvency Ratio

Bajaj Allianz Life Insurance Company's Solvency Ratio stands at 581% (FY22), and Claim Settlement Ratio stands at 99.02% according to the company's press release.Solvency Ratio is maintained by insurers, globally, and depicts the financial health of the company. At 581%, 

Bajaj Allianz Life’s solvency ratio which is against the regulatory requirement of 150%, indicates the insurer’s capability of meeting both, short-term and long-term liabilities. 

Further, the company’s Claim Settlement Ratio stands at 99.02% (Individual Claims Settlement Ratio for FY22), which is amongst one of the highest in the industry. This is indicative of the Company’s commitment towards honoring its promise made to customers, which is settling the claim on the customer’s policy, said Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance.