Mumbai, 23rd july 2018: Tata AIA Life Limited, one of India’s fastest growing life insurance companies, announced today that its Board has appointed Rishi Srivastava as the new Chief Executive Officer & Managing Director starting August 1, 2018, subject to regulatory approval from IRDAI. Rishi Srivastava will take over from current Chief Executive Officer Naveen Tahilyani who takes over as Chief Executive Officer, Group Partnership Distribution, AIA Group, Hong Kong.
Rishi is currently Chief of Proprietary Channels, Product, Marketing & Corporate Communication at Tata AIA. He has been instrumental in setting up and driving Tata AIA’s Agency workforce and successfully building the unique Premier Agency model in India that is aimed at providing enhanced overall customer experience. His focus on simplified offerings and addressing multiple needs of the customer also led to innovation in Product and a differentiated marketing strategy.
Rishi has more than twenty years’ experience in finance and insurance. He was previously Chief Agency Officer at ICICI Prudential, before moving to ICICI Bank as General Manager, and then on to AXA as Director of the Agency business in Jakarta. He joined Tata AIA in 2016.
Naveen is currently Chief Executive Officer and Managing Director of Tata AIA in India.
With over twenty years of experience in the financial services industry, Naveen brought a wealth of experience and expertise to this role. He has led strong, profitable growth at Tata AIA over the past three and half years, with a focus on delivering a multi distribution business, best-in-class customer experience and building a differentiated protection oriented franchise.
Tata Sons and AIA Group are confident that the growth momentum in Tata AIA will continue under the strong and capable leadership of Rishi.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. Tata AIA Life has written Individual Weighted New Business Premium (IWNBP) of INR 1,397 crores for the financial year 2017-18 with growth in IWNBP at a CAGR of 81% in the last three years. Tata AIA’s market ranking on IWNBP improved from 17 in 2015 to 6 in 2018. For FY 18, the 13th month persistency of the company was at 81.2% and, the retail claims settlement ratio was 98%.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust'. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2016-17, the revenue of Tata companies, taken together, was $100.39 billion. These companies collectively employ over 695,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $130.13 billion (as on March 31, 2017). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai almost a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$216 billion as of 30 November 2017.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over- the-counter market (ticker symbol: “AAGIY”).