Tata AIA Life Insurance Co. Ltd. has reported impressive financial results for the fiscal year 2022-23. The company’s Individual Weighted New Business Premium income increased by 59% to INR 7,093 Cr compared to the previous year. Tata AIA is now ranked 3rd among private life insurers in this category. The total premium income grew by 42% to INR 20,503 Cr, and net profit rose by 615% to INR 506 Cr.
Tata AIA’s Retail Sum Assured increased by 44.08% to INR 443,479 Cr, and its market share based on Retail Sum Assured reached 27%. The company’s total Renewal Premium income grew by 32% to INR 11,964 Cr. The Asset Under Management (AUM) increased by 21% to INR 71,006 Cr.
Tata AIA demonstrated strong operational performance with an improved Individual Death Claims Settlement ratio of 99.01% and robust Persistency ratios. The 13th Month Persistency ratio improved to 88.1%, and the 25th Month Persistency ratio stood at 79.6%.
To promote holistic wellness, Tata AIA introduced the Vitality wellness program, aimed at improving customers’ health and reducing mortality and morbidity. The company also partnered with Medix to provide medical management solutions for critical illnesses.
Tata AIA’s efforts to create a positive work environment were recognized with the Kincentric Best Employer in India award. The company also earned the Great Place to Work Certification, affirming its status as one of the best workplaces in the country.
