Tata AIA Life continues to show strong business performance in Q3 FY22
- The company recorded the Individual Weighted New Business Premium (IWNBP) of INR 1,193 cr. in Q3 FY22, a growth of 44% compared to Q3 FY21
- In the first nine months of FY22, IWNBP increased 32% to
- Over the same period, Retail Protection Premium increased by 89%.
- The retail sum insured in Q3 FY22 was INR 102,520 Cr, a growth of 148% compared to Q3 FY21; Tata AIA ranks #1 in the private life insurance industry on this metric.
- Total premium income increased by 27% to INR 8,907 Cr.
- 13and Month# Persistence Ratio came in at 86.68% vs. 85.38% in Q3 FY21
Total premium income for FY22 Q3 increased to INR.
Tata AIA Life reinforced its leadership in the Retail Protection business with 89% growth in Q3 FY22. Tata AIA was the retail sum assured leader among private life insurers. The retail sum insured for Q3 FY22 is INR 102,520 Cr, a growth of 148% compared to the same period last year and a market share of 25.4% compared to 13.1%.
The Company continued to show robust growth in Persistence. For FY22 Q3, the company recorded a 13th month persistence ratio of 86.68%, an increase from 85.38% for the same period last year.
Commenting on performanceMr. Naveen Tahilyani, MARYLAND and CEO, Tata AIA Lifenoted“Since its inception 21 years ago, Tata AIA Life has established a reputation for
Tata AIA Life recently added 100 new digital branches across 18 Indian states. This step is part of the strategy to expand its distribution and customer connection points. All branches are equipped with digital solutions and processes to facilitate contactless customer service and paperless operations. Customers can interact with branch managers through video calls or, if visiting the branch, can take advantage of a self-service digital kiosk to meet their needs and answer their questions. Such digitization of physical branches will also help maintain physical distancing protocols.
The company has also taken other initiatives on the digital front, including strengthening its online presence to provide a seamless experience for consumers. During the recently concluded quarter, it revamped its consumer portal to provide a simple and easily accessible platform for its consumers to access all policy-related information at their fingertips. Going forward, it is striving to introduce many more convenient digital tools on consumer-preferred channels for the benefit of its consumers.
# Persistence Ration Base Premium (Regular Premium / Limited Premium Payout in Individual Category)
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