Tata AIA Life Insurance Co. Ltd. (Tata AIA Life) has announced its results for H1 FY22. The Insurer registered an IWNBP income of Rs. 1,593 crore in H1 FY22, a robust growth of 24.5 percent compared to Rs. 1,280 crore garnered in H1 FY21. For Q2 FY22, IWNBP growth was even better at 39 percent growth (Rs. 1,027 crore) over Q2 FY21 (Rs. 741 crore).
For September 2021, the company registered the highest Retail Sum Assured among private Life insurers in the country, it said in a press statement. Total premium income increased to Rs. 5,255 crore in the first half of the current fiscal as against Rs. 4,269 crore in H1 FY21, registering a growth of 23 percent. For the same period, the total renewal premium income grew by 27 percent to Rs. 3,375 crore from Rs. 2,653 crore. Total Assets Under Management (AUM) grew by 38 percent in H1 FY22, increasing to Rs. 51,704 crore from Rs. 37,409 crore in H1 FY21.
Naveen Tahilyani, MD and CEO, Tata AIA Life, said, “As we look ahead, we will be introducing more innovative solutions that address the various life, wealth and health related needs of our customers.”
Tata AIA Life's 13th Month Persistency remained at 88.50 percent compared to 87.10 percentin the same period last fiscal despite the adverse impact of the COVID-19 Pandemic. In FY21, it registered an Individual Death Claims Settlement ratio of 98.02 percent, it said.
