Mumbai, 28th Aug, 2019: Tata AIA Life Insurance Co. Ltd. (Tata AIA Life), one of the top 5 life insurers in the country in terms of Individual Weighted New Business Premium, (IWNBP), has achieved the highest year-on-year growth of 61.9%% for the period Apr’19-Jul’19, whereas the industry grew at 15.1%. The IWNBP stood at INR 648 Cr as on July 31, 2019 as compared to INR 400 Cr as on July 31, 2018, as per the recent IRDAI released data.
Tata AIA Life Insurance has also achieved the highest individual claim settlement ratio at 99.07% for FY 2018-19 as per the publicly disclosed data. Claim Settlement Ratio is one of the important insurance parameters and is a key consideration for individuals who look at buying Life Insurance.
Claim Settlement Ratio is the number of claims that the insurer pays following the death of policyholders. Thus, if a life insurer has an individual Claims Settlement Ratio of 99%; it means that the insurer pays 99 out of every 100 claims that get filed with the Life Insurer.
Tata AIA Life has written IWNBP of INR 2,232 Cr for FY 2018-19. For the same period, the 13th month persistency of the company was at 83.3%.
Commenting on the performance, Mr. Rishi Srivastava, MD and CEO, Tata AIA said, "Our objective is to be India’s leading Protection provider and bring as many lives as possible under life insurance cover. Our ability to serve our consumers with speed, accuracy and minimal inconvenience to the claimant comes from our high-quality work in under-writing, our prudent risk evaluation process and uncompromising consumer support. When the consumer is taken care of, the business numbers follow. Our financial results as well as our superior individual Claim Settlement Ratio are a result of our consumer-centricity, what we internally refer to as consumer obsession."
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 2,232 Cr for the FY 2018-19. For the same period, the 13th month persistency of the company was at 83.3% and, the individual claims settlement ratio was 99.07%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked no. 5, based on IWNBP
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. 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 2017-18, the revenue of Tata companies, taken together, was $110.7 billion. These companies collectively employ over 700,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 28 publicly-listed Tata enterprises with a combined market capitalisation of about $145.3 billion (as on March 31, 2018). Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Global Beverages, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications
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, Mainland China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka and a 49 per cent joint venture in India. In April 2019, AIA was also granted approval as a preferred applicant to operate in Myanmar through a 100 per cent wholly-owned subsidiary.
The business that is now AIA was first established in Shanghai 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$256 billion as of 30 June 2019.
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 34 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").