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-month period 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-Crore as compared to Rs 2,766-Crore, a growth of 32%. Total premium income increased to Rs 8,907-Crore for the nine-month period ending December 2021, as against Rs 7,035-Crore in the same period in FY21, a growth of 27%. As of 31 December 2021, the Total Assets Under Management (AUM) grew by 29% compared to 31st December 2020, increasing to Rs 55,492-Crore from Rs 43,033-Crore. As of 31st March 2021, 99.93% of Tata AIA Life’s AUM have been rated 4-star or 5-star on a 5-year rating.
Tata AIA Life recently added 100 new digitally-enabled branches in 18 Indian states. The company has also been taking other initiatives on the digital front including strengthening its online presence.