 "Bajaj Allianz Life Insurance gets AAA rating from CARE")
Private life insurer Bajaj Allianz Life Insurance has been rated AAA for its ability to settle claims and financial strength by rating agency CARE.
The rating agency said that Bajaj Allianz Life Insurance’s 'strong parentage, strong solvency position, experienced management, healthy profitability, good asset quality, strong system and processes, comfortable liquidity and moderate persistency ratios' were factored in while giving the company a CARE AAA rating.
“Bajaj Allianz Life Insurance has high degree of business synergies and brand linkages with the promoter groups viz. Bajaj group and Allianz group. Continued strong parentage and profitability are the key rating sensitivities,” the rating agency said.
The rating agency also said most of the life insurance companies generally take longer period (typically 9 to 10 years) to breakeven and Bajaj Allianz Life Insurance has been reporting profit since 2009-10 (started business in 2001).
Bajaj Allianz reported profit in 2009-10, despite a global economic crisis during that period. The Company reported a net profit of Rs 1,025 crore in FY14, as compared with Rs. 1,286 crore in FY13.
The rating agency said that Bajaj Allianz Life Insurance’s 'strong parentage, strong solvency position, experienced management, healthy profitability, good asset quality, strong system and processes, comfortable liquidity and moderate persistency ratios' were factored in while giving the company a CARE AAA rating.
“Bajaj Allianz Life Insurance has high degree of business synergies and brand linkages with the promoter groups viz. Bajaj group and Allianz group. Continued strong parentage and profitability are the key rating sensitivities,” the rating agency said.
The rating agency also said most of the life insurance companies generally take longer period (typically 9 to 10 years) to breakeven and Bajaj Allianz Life Insurance has been reporting profit since 2009-10 (started business in 2001).
Bajaj Allianz reported profit in 2009-10, despite a global economic crisis during that period. The Company reported a net profit of Rs 1,025 crore in FY14, as compared with Rs. 1,286 crore in FY13.
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