The company’s total premium income for the fiscal grew by 42 per cent to Rs 20,503 crore compared to Rs 14,445 crore in the previous year
Mumbai:
Tata AIA Life Insurance (Tata AIA) reported a 615 per cent jump in its net profit to Rs 506 crore in FY 2022-23 from Rs 71 crore In FY22.
The company’s total premium income for the fiscal grew by 42 per cent to Rs 20,503 crore compared to Rs 14,445 crore in the previous year.
Tata AIA Life’s total renewal premium income witnessed a 32 per cent growth to Rs 11,964 crore in FY23.
The company’s Asset Under Management (AUM) grew by 21 per cent to Rs71,006 crore in FY 22-23.
The life insurer’s individual weighted new business premium(IWNBP) income was at Rs 7,093 crore in FY 2022-23, showing an increase of 59 per cent over Rs 4,455 Cr in the FY 2021-22.
According to the company, the retail sum assured underwritten by Tata AIA Life has grown from Rs 3,07,804 crore to Rs 443,479 crore, a growth of 44.08 per cent over FY22.
The individual death claims settlement ratio for FY23 improved from 98.53 per cent in FY22 to 99.01 per cent in FY23. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the company improved to 88.1 per cent from 87.76 per cent.
The company’s 25th month persistency for the year was at 79.6 per cent.