In FY 2022–23, Tata AIA Life Insurance Co. Ltd. recorded an Individual Weighted New Business Premium income of INR 7,093 Cr, a 59% increase from INR 4,455 Cr in the Financial Year 2021-22. Net Profit increased by 615% to INR 506 Cr from INR 71 Cr, while Total Premium Income increased by 42% to INR 20,503 Cr. In terms of IWNBP earnings in FY22, Tata AIA finished third among private life insurers.
Tata AIA Life’s Retail Sum Assured has grown by 44.08% over FY22, and its market share has increased to 27%. Renewal Premium income has increased by 32%, and Asset Under Management (AUM) has grown by 21%. Additionally, the Individual Death Claims Settlement ratio improved from 98.53% to 99.01%, and the 13th Month Persistency ratio improved from 87.76% to 79.6%.
Tata AIA Life has evolved from a Payor of benefits & claims to a more value-added Partner for consumers. It was recognized as a Kincentric Best Employer in India for 2022 and earned the Great Place to Work® Certification, a hallmark of Best Workplaces in the country.
