Mumbai, 23rd July, 2020: Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance), one of India’s fastest growing life insurance companies, announced today that its Board has appointed Naveen Tahilyani as the new Chief Executive Officer & Managing Director, subject to regulatory approval from IRDAI. Naveen Tahilyani will take over from current Chief Executive Officer, Rishi Srivastava, who takes over as Chief Executive Officer, Group Agency Distribution, AIA Group, Hong Kong.
Till 2019, Naveen Tahilyani was the CEO, Group Partnership Distribution at AIA Hong Kong, where he played a vital role in enhancing AIA’s Partnership Distribution for the AIA Companies. Prior to this, he was the CEO and Managing Director of Tata AIA Life Insurance from the year 2015 to 2018. Naveen was instrumental in building a high performing work culture, delivering a strong multi-distribution business, profitable growth, a strong leadership team and best-in-class customer experience. During this period Tata AIA Life Insurance was recognized as the fastest growing company in the Indian market and its rank based on Individual Weighted New Business Premium [IWNBP] rose from #17 to #5. Under Naveen’s leadership, Tata AIA Life Insurance won the AON Best Employer Award twice in a row and also the AIA Most Outstanding Country Award in 2017.
Rishi is currently Chief Executive Officer and Managing Director of Tata AIA Life Insurance in India. During his tenure as Managing Director, the company posted a strong and profitable growth. Rishi played a key role in reimagining Agency with a focus on Agency acceleration and long term Agency growth, launching it digitally, scaling up the multi-distribution approach by expanding to HDFC branch banking and kicking off the partnership with Central Bank of India as well as strengthening the distributor’s digital capabilities. Under Rishi’s leadership, Tata AIA Life Insurance is one of the fastest growing Companies in the Insurance with significant market share. Tata AIA Life Insurance won the AIA Most Outstanding Country Award, consecutively for the last two years and the fourth time consecutively AON Best Employer with 87% employee engagement.
Tata Sons and AIA Group are confident that the growth momentum in Tata AIA Life Insurance will continue under the strong and capable leadership of Naveen.
About Tata AIA Life Insurance
Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life Insurance 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 Insurance has written retail new business weighted premium of Rs. 2,692 crore for the financial year 2019-20. For the same period, the 13th month persistency of the company was at 89.10% and, the individual death claims settlement ratio was 99.06%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life Insurance 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 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 2018-19, the revenue of Tata companies, taken together, was $113.0 billion (Rs. 792,710 crore). These companies collectively employ over 720,000 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 over $160 billion (Rs. 11, 10,308 crore) as on March 31, 2019.
Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, 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 SAR, Mainland China, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Taiwan (China), Vietnam, Brunei, Macau SAR, New Zealand, a 99 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India. 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$284 billion as of 31 December 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 36 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”).