The company’s total assets under management (AUM) increased 38 per cent in H1 FY22 to Rs 51,704 crore from Rs 37,409 crore in H1 FY21
Mumbai:
Tata AIA Life Insurance has reported a 23 per cent rise in its total premium income of Rs 5,255 crore for the first half of FY22, the company said on Tuesday.
The insurer had a total premium income of Rs 4,269 crore during the first half of FY21.
The company continues to maintain its focus and pre-eminence as a life insurance protection provider. For September 2021, it registered the highest retail sum assured among private life insurers in the country, Tata AIA Life said in a release.
”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, a growth of 23 per cent,” it said.
In terms of individual weighted new business premium (IWNBP), there was an increase of 24.5 per cent in April-September 2021-22 at Rs 1,593 crore as against Rs 1,280 crore in the same period of 2020-21.
For Q2 FY22, IWNBP grew 39 per cent to Rs 1,027 crore over Rs 741 crore in the year-ago period, the insurer said.
The total renewal premium income surged 27 per cent to Rs 3,375 crore from Rs 2,653 crore.
The company’s total assets under management (AUM) increased 38 per cent in H1 FY22 to Rs 51,704 crore from Rs 37,409 crore in H1 FY21.
Tata AIA Life said it has been delivering industry-leading fund performance in recent years. As of March 31, 2021, 99.93 per cent of Tata AIA Life’s AUM have been rated 4-star or 5-star on a 5-year rating.
And 82 per cent of these assets were rated 5-star over the same period by Morningstar, it added.
Naveen Tahilyani, MD and CEO, Tata AIA Life, said: ”Our robust performance across protection and savings categories is a testimony to the trust that our customers have reposed in us. As we look ahead, we will be introducing more innovative solutions that address the various life, wealth and health-related needs of our customers”.
Among others, the company’s 13th-month persistency remained at 88.5 per cent compared to 87.10 per cent in the same period last fiscal, despite the adverse impact of the COVID-19 pandemic, it said.
In FY21, it had registered an individual death claims settlement ratio of 98.02 per cent.
The insurer said it has created a healthy mix of proprietary channels and a partnership-led distribution network, including leading domestic and multinational banks providing access to 12,000 branches across the country.
The company has more than 100 million (10 crores) retail customers.
As of September 2021, Tata AIA Life has over 50,000 in force agents who have taken up life insurance distribution as a full-time career, it said.