NewsVoir
Mumbai (Maharashtra) [India], September 18: HDFC Pension Fund Management Limited (HDFC Pension), the largest private sector Pension Fund Manager under the National Pension System (NPS), has reached a significant milestone, surpassing Rs. 1,00,000 crore in Assets Under Management (AUM) as of September 12, 2024. This achievement marks a doubling of AUM in just 16 months, from Rs. 50,000 crore in May 2023, driven by a remarkable 34.1% growth in the Company's Subscriber base, now totaling over 21 lakhs.
As a wholly owned subsidiary of HDFC Life Insurance Company Ltd., HDFC Pension's rapid growth underscores its leadership in the Pension Fund sector and its unwavering commitment to helping individuals secure their financial future.
HDFC Pension recently marked 11 years of successful operations and currently manages 43.6% of the total NPS AUM in the Retail and Corporate segment, with over 36.8% of all Subscribers in this segment choosing HDFC Pension as their preferred Pension Fund Manager (PFM), underscoring the Company's strong market leadership and the trust it enjoys amongst investors. The company has over 5000 committed Pension Agents and is the largest Corporate NPS Point of Presence working with over 2800 companies servicing over three lakh employees across these Corporates.
Sriram Iyer - Chief Executive Officer, HDFC Pension, remarked on this significant achievement, "We are truly humbled by the trust that so many individuals and institutions have placed in us. At HDFC Pension, our focus has always been on offering the best possible service to our Subscribers, Partners, Pension Agents, and Distributors. Reaching Rs. 1,00,000 crore AUM is a significant achievement and is the result of collective efforts and the faith of our stake holders. We would like to express our sincere gratitude to our customers, regulator - Pension Fund Regulatory and Development Authority (PFRDA), National Pension System Trust, and our CRA partners - Protean eGov Technologies, KFin Technologies Ltd. and CAMS NPS for all their support."
He further added, "The National Pension System (NPS) is an invaluable financial tool, empowering individuals to plan for their retirement with flexibility and cost-effectiveness. We remain committed to growing alongside our Subscribers, and we are confident that the NPS will continue to empower more individuals to prepare for their future with confidence."
Market Leadership: A Commitment to Excellence
Technological Advancements: HDFC Pension is at the forefront of leveraging technology to improve the NPS experience for its Point of Presence Subscribers and Partners. By investing in seamless digital journeys and introducing services such as WhatsApp BOT support, the Company aims to streamline processes and deliver exceptional customer service.
Operational Excellence: HDFC Pension's strong operational framework ensures seamless, smooth and efficient delivery of services. This dedication to operational excellence was recognised when the company was honoured with the 'Best Pension Customer Service Provider' award at the India Insurance Summit 2024.
In addition, HDFC Pension has been awarded the title of 'Best Performing PFM' by Money Today for three consecutive years, from 2019 to 2022, further solidifying its leadership position in the fund management sector.
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