Tata AIA Life Insurance Co. Ltd. reported an Individual Weighted New Business Premium income of INR 7,093 Cr in FY 2022-23, an increase of 59% over INR 4,455 Cr in the previous year. The Total Premium Income for the fiscal grew by 42% to INR 20,503 Cr, and Net Profit grew by 615% to INR 506 Cr. from INR 71 Cr. In FY22, Tata AIA placed 3rd among private life insurers in IWNBP incomes.
Tata AIA Life’s Retail Sum Assured has grown from INR 3,07,804 Cr to INR 443,479 Cr, a growth of 44.08% over FY22. Their market share based on Retail Sum Assured in FY23 has increased to 27% from 21%.
The total Renewal Premium income has also increased, from INR 9,086 Cr to INR 11,964 Cr. The Asset Under Management (AUM) has increased by 21%, from INR 58,570 Cr to INR 71,006 Cr. Tata AIA was recognised as a Kincentric Best Employer in India for 2022, leading to its entry into the Kincentric Best Employers Club and the Great Place to Work® Certification, which requires 70% or more of employees to rate it as a great workplace.
