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An analysis of September 2023 data shows that three pension funds - SBI Pension Funds, LIC Pension Fund and UTI Retirement Solutions collectively manage around 92% or Rs.9.34 lakh crore of NPS AUM.
Individually, SBI Pension Funds has the largest share of the AUM pie. It holds 37% or Rs.3.81 lakh crore. LIC Pension Fund follows next with a share of 28% or Rs.2.85 lakh crore and UTI Retirement Solutions manages the third largest share of 24% or Rs 2.69 lakh crore.
Other pension funds hold a modest slice of the AUM pie.
HDFC Pension Management manages 6% or Rs.58,357 crore and ICICI Prudential Pension Fund Management has 2% or Rs.20,274 crore.
Kotak Mahindra Pension, Aditya Birla Sunlife Pension Management, Axis Pension Fund Management, Max Life Pension Fund Management and Tata Pension Management follow next, in the said order. Collectively they manage 0.56% or Rs.5,759 crore.
Overall, the total NPS AUM as on September 2023 is Rs.10.19 lakh crore.
Year-on-year growth
Overall, the industry assets report a 27% growth and three pension funds Aditya Birla Sunlife Pension Management, HDFC Pension Management and ICICI Prudential Pension Fund Management independently record over 50% growth.
Given the modest asset base, Aditya Birla Sunlife Pension Management is the fastest-growing pension fund with a 67% rise in AUM. HDFC Pension Management and ICICI Prudential Pension Fund Management report the next highest growth of 66% and 53%, respectively.
|
Pension Fund |
AUM in Crore |
YOY Growth in Crore |
YOY Growth in % |
|
|
30-Sep-22 |
28-Sep-23 |
|||
|
SBI Pension Funds |
3,04,316 |
3,80,639 |
76,323 |
25% |
|
LIC Pension Fund |
2,26,565 |
2,84,648 |
58,082 |
26% |
|
UTI Retirement Solutions |
2,17,515 |
2,68,865 |
51,351 |
24% |
|
HDFC Pension Management |
35,146 |
58,357 |
23,210 |
66% |
|
ICICI Prudential Pension Fund Management |
13,244 |
20,274 |
7,031 |
53% |
|
Kotak Mahindra Pension |
2,450 |
3,471 |
1,021 |
42% |
|
Aditya Birla Sunlife Pension Management |
626 |
1,046 |
421 |
67% |
|
Axis Pension Fund Management |
*1 |
623 |
623 |
*1 |
|
Max Life Pension Fund Management |
16 |
409 |
393 |
*2 |
|
Tata Pension Management |
13 |
209 |
196 |
*2 |
|
Total |
7,99,890 |
10,18,542 |
2,18,651 |
27% |
Includes APY fund scheme figures on September 28, 2023
*1 - Axis Pension Fund Management commenced its operations from October 21, 2022 onwards
*2 - Max Life Pension Fund and Tata Pension Management ventured into the pension space in 2022 and are fairly new players. Given their low asset base, the YOY growth figures are significantly high i.e. over 1000%.