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Tata AIA Life Insurance Company (Tata AIA Life) has recorded a 66 per cent growth in new business premium for the financial year 2018-19 at ₹2,476 crore (₹1,489 crore).
The private life insurer’s Individual Weighted New Business Premium (IWNBP) grew 60 per cent to ₹2,232 crore (₹1,397 crore).
This makes Tata AIA Life amongst the fastest growing life insurer in the country and fifth largest private player in terms of IWNBP performance, an improvement over the sixth position in the last fiscal.
The insurer has recorded a 45 per cent increase in net premium income for 2018-19 at ₹5,956 crore (₹4,094 crore).
Total renewal premium income grew by 34 per cent to ₹3,593 crore (₹2,675 crore).
Commenting on the financial performance, Rishi Srivastava, Managing Director & CEO, Tata AIA Life, said: “Our year-end results are a reflection of our focus on serving the financial protection needs of our customers through the right propositions leveraging our multi-channel distribution business model.”
The 13th month persistency of Tata AIA Life has gone up to 83.3 per cent compared to 81.2 per cent in the last fiscal. The private life insurer has a claim settlement ratio of 99.07 per cent.
Tata AIA Life’s total assets under management (AUM) have increased by 18 per cent to ₹28,430 crore from ₹24,025 crore in the last fiscal.
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