Registers an Individual Weighted New Business Premium income of INR 7,093 Cr, an increase of 59%; IWNBP income grew by 73% in Q4

• Total premium income of INR 20,503 Cr crossed the 20,000 mark with a 42% growth 
• Consolidates its dominance in the Protection Solutions Segment with a Retail Sum Assured of INR 443,479 Cr
• The Company registered a Net Profit of INR 506 Cr., a growth of 615% over the last fiscal

MUMBAI, 19 JUNE, 2023 (GPN): Tata AIA Life Insurance Co. Ltd. (Tata AIA) reported an Individual Weighted New Business Premium income of INR 7,093 Cr in FY 2022-23, an increase of 59% over INR 4,455 Cr in the Financial Year 2021-22. This performance places the Company 3rd among private life insurers in IWNBP incomes. The Total Premium Income for the fiscal grew by 42% to INR 20,503 Cr. compared to INR 14,445 Cr in the previous year. During the year, Net Profit grew by 615% to INR 506 Cr. from INR 71 Cr. In FY22

The Retail Sum Assured underwritten by Tata AIA Life has grown from INR 3,07,804 Cr to INR. 443,479 Cr, a growth of 44.08 % over FY22. Amongst the Private Life Insurers, Tata AIA’s market share based on Retail Sum Assured in FY23 has increased to 27% from 21% in FY22. The total Renewal Premium income witnessed a 32% growth compared to the previous financial year and raised from INR 9,086 Cr to INR 11,964 Cr in FY22. The Asset Under Management (AUM) grew by 21% – increasing to INR 71,006 Cr from INR 58,570 Cr.

Tata AIA also delivered very impressively on the two most important operational metrics despite Claim Settlement Ratio and Persistency. The Individual Death Claims Settlement ratio for FY23 improved from 98.53% in FY22 to 99.01% in FY23. The Company continues to deliver robust Persistency, a hallmark of life insurance companies’ operational excellence. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1% from 87.76%. The company’s 25th Month Persistency for the year was at 79.6%.

Today, holistic wellness is an essential topic of conversation. Consequently, life insurers can differentiate their products at the point of sale and contribute meaningfully to our customers’ health, thereby reducing Mortality and Morbidity with holistic wellness solutions. During the year, Tata AIA also evolved in response to changing consumer needs and introduced innovative and consumer-centric solutions driven by its value of ‘Consumer Obsession’.

As a means of enabling its consumers to live healthier and happier lives, Tata AIA introduces an industry-leading holistic wellness program called Vitality to Indian consumers. In addition, it has partnered with Medix, a global company that provides medical management solutions for critical illnesses through a network of over 4,500 independent and world-leading specialists. These initiatives have enabled Tata AIA Life to evolve from a Payor of benefits & claims into a more value-added Partner for consumers at every stage of their lives.

A testament to its ongoing and consistent efforts to create a work environment that fosters growth, collaboration, and innovation, Tata AIA was recognised as a Kincentric Best Employer in India for 2022. The win also propelled Tata AIA into the Kincentric Best Employers Club, an exclusive group with just ten companies. Earlier. The Company earned the Great Place to Work® Certification, a hallmark of Best Workplaces in the country. This recognition results from a rigorous work culture assessment process and requires 70% or more of a company’s employees to rate it as a great workplace.-Ends

About Tata AIA Life

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. 

About the Tata Group  

Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals.

The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.

In 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.

Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022.

Companies include Tata Consultancy Services, Tata Motors Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics. 

About AIA 

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR, and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$302 billion as of 30 June 2022.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 40 million individual policies and over 17 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).