HT Bureau
GUWAHATI, March 21: Tata AIA Life Insurance Co. Ltd. (Tata AIA Life) one of India’s fastest-growing life insurers, has reported an Individual Weighted New Business Premium (IWNBP) of Rs 1,193 crore for the third quarter of the financial year 2021-22, an increase of 44% compared to Rs 831 crore garnered for the third quarter of 2020-21. For the nine months ending December 2021, the Company registered a growth of 32% with an IWNBP income of Rs 2,786 crore, as compared to Rs 2,110 crore for the same period of the previous financial year.
The Total Premium Income for FY22 Q3 increased to Rs 3,652 crores as compared to Rs 2,766 crore, a growth of 32%. Total premium income increased to Rs 8,907 crores for the nine months ending December 2021, as against Rs 7,035 crore in the same period in FY21, a growth of 27%. Tata AIA Life strengthened its pre-eminence in the Retail Protection business with an 89% growth in Q3FY22. Tata AIA was the leader in Retail sum assured among private Life insurers. The Retail sum assured for Q3 FY22 is Rs 102520 crore, a growth of 148% over the same period last year and a market share of 25.4% against 13.1%.
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Commenting on the performance, Naveen Tahilyani, MD and CEO, Tata AIA Life, said, “Since its inception 21 years ago, Tata AIA Life has built a reputation as a Trusted Life Insurance solutions provider with its simple and transparent product offerings, customer-oriented service delivery and very strong Claim Settlement performance. Our passion for excellence supplemented with our customer obsession has helped us tide over recent environmental challenges and continue our journey of providing maximum value, both to our consumers and our shareholders.”
Notably, Tata AIA Life recently added 100 new digitally-enabled branches in 18 Indian states. This step is part of the strategy to expand its distribution and customer connect points. All the branches are enabled with digital solutions and processes to facilitate contactless customer service and paperless operations. Customers can interact with branch officials through video calls or if visiting the branch, can avail of a self-service digital kiosk to get their needs serviced and queries addressed. Such digitisation of physical branches will also help in sustaining physical distancing protocols.
