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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 INR 1,193 Crore for the third quarter of the financial year 2021-22, an increase of 44% compared to INR 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 INR 2,786 Crore, as compared to INR. 2,110 Crore for the same period of the previous financial year.The Total Premium Income for FY22 Q3 increased to INR. 3,652 crores as compared to INR. 2,766 Crore, a growth of 32%. Total premium income increased to INR. 8,907 crores for the nine-month period ending December 2021, as against INR 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 Q3 FY22. Tata AIA was the leader in Retail sum assured among private Life insurers. The Retail sum assured for Q3 FY22 is INR 102,520 Cr, a growth of 148% over the same period last year and a market share of 25.4% against 13.1%.The Company continued to deliver robust Persistency growth. For the FY22 Q3, the Company registered a 13th Month Persistency ratio of 86.68%, an increase from 85. 38% for the same period of the previous financial year.As of 31st December 2021, the Total Assets Under Management (AUM) grew by 29% compared to 31st December 2020, increasing to INR 55,492 crores from INR 43,033 crores. This was an outcome of Tata AIA's investment philosophy of portfolio construction through bottom-up stock selection focusing on companies with sustainable earnings growth to create long-term wealth for its policyholders. Leading Fund Rating agency Morningstar* has rated the majority of Tata AIA Life's rated AUM either 4-star or 5-star on a 5-year rating parameter. As of 31st March 2021, 99.93% of Tata AIA Life's Assets Under Management have been rated 4-star or 5-star on a 5-year rating. 82% of these assets were rated 5-star over the same period by Morningstar*.Commenting on the performance, Naveen Tahilyani, MD and CEO, Tata AIA Life, said, "Since its inception 21 years ago, Tata AIA Life has built 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."Tata AIA Life recently added 100 new digitally enabled branches in 18 Indian states. The 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 digitization of physical branches will also help in sustaining physical distancing protocols.The company has also been taking other initiatives on the digital front including strengthening its online presence to provide a seamless experience to consumers. In the recently concluded quarter, it revamped its consumer portal to provide a simple, easily accessible platform for its consumers to access all information related to the policy at their fingertips. Going forward, it is striving to introduce many other convenient digital tools across consumer preferred channels for the benefit of its consumers.# Persistency Ration basis Premium (Regular Premium / Limited Premium Payment under Individual category)This story is provided by PRNewswire.will not be responsible in any way for the content of this article. (ANI/PRNewswire)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Tata aia life insurance co. ltd, Latest News

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Business :Tata AIA Life continues to deliver strong business performance in Q3 FY22

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