Tata AIA Life continues to show strong business performance in Q3 FY22

Highlights:

  • 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 Rs.2,786 CR
  • 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

Mumbai, India, February 24, 2022 /PRNewswire/ — Tata AIA Life Insurance Co. Ltd. (Tata AIA Life), one of india fastest growing life insurers, announced an Individual Weighted New Business Premium (IWNBP) of INR 1,193 crore for the third quarter of FY 2021-22, an increase of 44% on the INR 831 billion harvested for the third quarter of 2020-21. For the nine-month period ending December 2021the Company recorded a growth of 32% with an IWNBP income of INR 2,786 crorescompared to the INR. 2,110 crores for the same period of the previous year.

Total premium income for FY22 Q3 increased to INR. 3,652 crores compared to the INR. 2,766 crore, representing growth of 32%. Total bounty income changed to INR. 8,907 crore for the nine-month period ending December 2021against INR 7,035 crore over the same period of FY21, a growth of 27%.

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.

Advertising

From December 31, 2021total assets under management (AUM) increased by 29% compared to December 31, 2020changing to INR 55,492 crore INR 43,033 crore. It is the result of Tata AIA’s investment philosophy of building a portfolio through bottom-up stock selection focusing on companies with sustainable earnings growth to create long-term wealth for its insured. Fund rating agency Morningstar* has rated the majority of Tata AIA Life’s rated assets under management either 4 stars or 5 stars on a 5-year rating parameter. At 31st March 2021, 99.93% of Tata AIA Life’s assets under management have been rated 4 stars or 5 stars on a 5 year rating. 82% of these assets were rated 5 stars over the same period by Morningstar*.

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 Trusted life insurance solution provider with its simple and transparent product offerings, customer-focused service delivery and strong claims performance. Our passion for excellence, complemented by our obsession with the customer, has helped us overcome recent environmental challenges and continue our journey of delivering maximum value to both our consumers and our shareholders. »

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)

src=”https://rt.prnewswire.com/rt.gif?NewsItemId=EN72997Transmission_Id=202202240701PR_NEWS_EURO_ND__EN72997DateId=20220224″ style=”border:0px; width:1px; height:1px;”/>

Comments are closed.