Mumbai, 28 December 2021: Tata AIA Life Insurance Co. Ltd. (Tata AIA Life), one of the leading life insurers in the country in terms of Individual Weighted New Business Premium (IWNBP), has announced its results for H1 FY22. The Insurer registered an IWNBP income of Rs. 1,593 crore in H1 FY22, a robust growth of 24.5% compared to Rs. 1,280 crore garnered in H1 FY21. For Q2 FY22, IWNBP growth was even better at 39% growth (Rs. 1,027 crore) over Q2 FY21 (Rs. 741 crore).
The Company continues to maintain its focus and pre-eminence as a life insurance protection provider. For September 2021, it registered the highest Retail Sum Assured among private Life insurers in the country. Total premium income increased to Rs. 5,255 crore in the first half of the current fiscal as against Rs. 4,269 crore in H1 FY21, a growth of 23%. For the same period, the total renewal premium income grew by 27% to Rs. 3,375 crore from Rs. 2,653 crore. Total Assets Under Management (AUM) grew by 38% in H1 FY22, increasing to Rs. 51,704 crore from Rs. 37,409 crore in H1 FY21.
The Company has been delivering industry-leading fund performance in recent years. As of 31st March 2021, 99.93% of Tata AIA Life’s Assets Under Management have been rated 4-star or 5-star on a 5-year rating. 82% of these assets were rated 5-star over the same period by Morningstar*.
Commenting on the performance, Mr. Naveen Tahilyani, MD and CEO, Tata AIA Life, said, “Our robust performance across protection and savings categories is a testimony to the trust that our customers have reposed in us. We are committed to provide the best life insurance solutions that are backed by convenient service and easily accessible platforms. As we look ahead, we will be introducing more innovative solutions that address the various life, wealth and health related needs of our customers.”
Tata AIA Life continues to deliver very healthy performance on all critical consumer parameters. The 13th Month Persistency remained at 88.50% compared to 87.10% in the same period last fiscal despite the adverse impact of the Covid-19 Pandemic. In FY21, it registered an Individual Death Claims Settlement ratio of 98.02%.
The Company has created a healthy mix of Proprietary channels and a partnership-led distribution network. Its partners include leading domestic and multinational banks that provide access to 12,000 branches across the country and more than 100 million retail customers. As of September 2021, Tata AIA Life has over 50,000 in force agents who have taken up life insurance distribution as a full-time career.