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  • Bajaj Allianz Life insurance solvency ratio stands at 581%, three times higher than regulatory norms
  • November 08,2022  15:28

  • Bajaj Allianz Life Insurance Company on Tuesday announced its Solvency Ratio stood at 581% for FY22, as against the regulatory requirement of 150%.

    The company added that its claim settlement ratio stood at 99.02% in the current financial year. The number shared by the company is one of the highest in the industry.

    Solvency Ratio is maintained by insurers, globally, and depicts the financial health of the company. At 581%, Bajaj Allianz Life's solvency ratio indicates the insurer's capability of meeting both, short-term and long-term liabilities, stated a press release.

    Key parameters shared by Bajaj Allianz strengthens its position in the market and showcases the insurer's financial strength to keep its customers' life goals secured.

    “Customer First philosophy is now our north star, and through our transformational journey over the last five years we have taken every step to build simplicity and efficiencies to ensure we remain true to our promise made to our customers. Our Solvency Ratio and Claims Settlement Ratio stand testament to this commitment. We will continue to invest in this journey to become the preferred life insurer to enable Life Goals of many more customers in India, said Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance.

    As per IRDAI guidelines, all companies must maintain a solvency ratio of 150% to reduce the risk of bankruptcy. Solvency ratio helps to find out whether the company has enough financial buffer to settle all the claims in extreme situations. Therefore, it is a good indicator of an insurance company's financial ability to meet its short-term and long-term liabilities.

    Solvency margin is calculated by comparing a company's obligation to its current assets. In other words, the solvency ratio is calculated by dividing a company's after-tax operating income by its debt liabilities.

    Solvency Ratio = (Net Income + Depreciation)/Liabilities

    The solvency ratio defines how good or bad an insurance company's financial situation is on defined solvency norms.

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