Tata AIA Life Insurance, one of the leading life insurance companies, significantly outpaces industry growth in FY‘19
· IWNBP grows by 60% as against Private Industry growth of 12%*
· Emerges as number 5 in Industry rankings based on IWNBP
· Establishes leadership in retail pure protection with 18.4% business contribution
Mumbai, 5th June, 2019: Tata AIA Life Insurance Company Limited (Tata AIA Life) today announced its financial results for the FY 2018-19 posting an Individual Weighted New Business Premium (IWNBP) of Rs. 2,232 crore, a growth of 60 % as compared to Rs. 1,397 crore in FY 2017-18. This makes Tata AIA Life, amongst the fastest growing life insurer in the country and 5th largest private player in terms of IWNBP performance as against 6th position in the last fiscal.
The company has established its clear leadership in Retail Pure Protection business with a Protection mix of 18.4%, a growth of 165% in absolute retail protection premium over the last fiscal. It has posted a net premium income of Rs. 5,956 crore as compared to Rs. 4,094 crore in FY 2017-18, a growth of 45%. The total renewal premium income has grown to Rs. 3,593 crore as against Rs. 2,675 crore posted in the last fiscal, a growth of 34%.
The 13th month persistency of Tata AIA Life has gone up to 83.3% as compared to 81.2% in the last fiscal owing to significant measures taken to enhance customer experience both at the on-boarding and servicing stages. With a claim settlement ratio of 99.07%, Tata AIA Life is amongst the best in the industry. The company’s total Assets Under Management (AUM) have increased by 18% to Rs 28,430 crore from Rs 24,025 crore in the last fiscal.
Speaking on the company's results, Rishi Srivastava, MD & CEO Tata AIA Life, said, “It has been our consistent endeavor to align our strategic priorities to the evolving needs of our customers. Our objective is to be the leading Protection Provider and bring as many lives as possible under life insurance cover in India. We believe that this is our way of giving back to society. 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. We are committed more than ever before to continue delivering on our promise. I am proud of my team of Rakshakartas who have made this happen”.
Tata AIA Life has many other wins to its credit e.g.
· Aon Best Employer 4th year in a row
· Won more than 22 awards across various categories in FY 19
· 70% of the investment funds are rated 5 & 4 star by Morningstar
· Consumer connect measures that go beyond claims settlement
The company has recently launched its new brand campaign ‘#RakshakarankiReet’ that reflects the age-old culture of being protective towards loved ones and extends it to life and financial protection. The brand campaign reiterates company’s commitment to provide protection to consumers. It uniquely showcased multiple occasions in life where all of us subconsciously follow many rituals that revolve around protecting our families. The campaign has resulted in significant increase in Spontaneous Awareness score.