The board of Tata AIA Life Insurance has approved the appointment of President and Chief Distribution Officer Venkatachalam H as MD and CEO, subject to regulatory approval.
Venkatachalam , who joined Tata AIA Life in 2016, will take over from incumbent Naveen Tahilyani. Tahilyani will move on to another role in the Tata Group, and continue as a non-executive director of Tata AIA Life.
Venkatachalam has over 27 years of experience across life insurance, asset management and custodial services. He has expertise in sales and distribution, strategy, business and process development, and key account management.
Tata AIA Life’s value of new business (VNB) rose 3.5-fold between 2018 and 2022, and is now ranked number 3 based on retail weighted new business premium and number 1 in retail sum assured among private sector life insurers.
Tata AIA Life is a JV between Tata Sons and AIA Group Ltd. (AIA). The insurer reported Individual Weighted New Business Premium income of Rs 7,092 crore in FY23, up 59 per cent on year. Individual Death Claims Settlement ratio was 99.01 per cent and 13th month Persistency ratio (based on Premium) was 88.1 per cent.