Mumbai, 19 June 2023: 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.
