Tata AIA Life Insurance Co. Ltd. (Tata AIA) reported an Individual Weighted New Business Premium income of INR 7,093Crin FY 2022-23, an increase of 59% over INR 4,455 Cr in the Financial Year 2021-22. This performance places the Company 3rdamong private life insurers in IWNBP incomes. The Total Premium Income for the fiscal grew by 42% to INR 20,503Cr. 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
Tata AIA Life’s Retail Sum Assured has grown from INR 3,07,804 Cr to INR 443,479 Cr, a growth of 44.08% over FY22. Their market share based on Retail Sum Assured in FY23 has increased to 27% from 21%. The total Renewal Premium income has also increased, from INR 9,086 Cr to INR 11,964 Cr. The Asset Under Management (AUM) has increased by 21%, from INR 58,570 Cr to INR 71,006 Cr.
Tata AIA improved Individual Death Claims Settlement ratio and Persistency in FY23, with 88.1% and 79.6% respectively. Tata AIA was recognised as a Kincentric Best Employer and earned the Great Place to Work® Certification.
