Mumbai, 22nd May, 2019: Tata AIA Life Insurance Company Limited (Tata AIA Life) today announced its financial results for the FY 2018-19 posting an Individual Weighted New Business Premium (IWNBP) of Rs. 2,232 crore, a growth of 60 % as compared to Rs. 1,397 crore in FY2017-18. This makes Tata AIA Life, amongst the fastest growing life insurer in the country and 5th largest private player in terms of IWNBP performance as against 6th position in the last fiscal.
The company has established itsclear leadership in Retail Pure Protection business with a Protection mix of 18.4%, a growth of 165% in absolute retail protection premium over the lastfiscal. It has posted a net premium income ofRs. 5,956 crore as compared to Rs. 4,094 crore in FY 2017-18, a growth of 45%. The total renewal premium income has grown to Rs. 3,593 crore as against Rs. 2,675 crore posted in the last fiscal, a growth of 34%.
The 13th month persistency of Tata AIA Life has gone up to 83.3% as compared to 81.2% in the last fiscalowing to significant measures taken to enhance customer experience both at the on-boarding and servicing stages. With a claim settlement ratio of 99.07%, Tata AIA Life is amongst the best in the industry. The company’s total Assets Under Management (AUM) have increased by 18% to Rs 28,430 crore from Rs 24,025 crore in the last fiscal.
Speaking on the company's results, Rishi Srivastava, MD &CEOTata AIA Life, said, “It has been our consistent endeavorto align our strategic priorities to the evolving needs of our customers. Our objective is to be the leading Protection Providerand bring as many lives as possible under life insurance cover in India.We believe that this is our way of giving back to society. Our year end results are a reflection of our focus onserving the financial protection needs of our customers through the right propositions leveraging our multi-channel distributionbusiness model. We are committed more than ever before to continue delivering on our promise. I am proud of my team of Rakshakartas who have made this happen”.
Tata AIA Life has many other wins to its credit e.g.
- Aon Best Employer 4th year in a row
- Won more than 22 awards across various categories in FY 19
- 70% of the investment funds are rated 5 & 4 star by Morningstar
- Consumer connect measures that go beyond claims settlement
The company has recently launched its new brand campaign ‘#RakshakarankiReet’ that reflects the age-old culture of being protective towards loved ones and extends it to life and financial protection. The brand campaign reiterates company’s commitment to provide protection to consumers. It uniquely showcased multiple occasions in life where all of us subconsciously follow many rituals that revolve around protecting our families. The campaign has resulted in significant increase in Spontaneous Awareness score.
*Source – IRDAI
All the figures pertain to FY 18-19 and emanates from Audited financial statements
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 retail new business weighted premium of Rs. 2,232 crore for the financial year 2018-19. For the same period, the 13th month persistency of the company was at 83.3% and, the individual death claims settlement ratio was 99.07%.One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked at no. 5, based on individual weighted new business premium
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across 10 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, 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 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$230 billion as of 31 December 2018,.
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 33 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”).