Tata AIA Life Insurance Co. Ltd (Tata AIA), a private life insurer, has recorded a net profit of ₹506 crore for the financial year 2022-23. This reflected a 615 per cent increase over the net profit of ₹71 crore recorded in the previous fiscal.
Total premium income for 2022-23 grew 42 per cent to ₹20,503 crore (₹14,445 crore).
Tata AIA reported an Individual Weighted New Business Premium (IWNBP) income of ₹ 7,093 crore in 2022-23, an increase of 59 per cent over ₹4,455 crore in 2021-22.
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This performance places the company third among private life insurers in IWNBP incomes. Further, Tata AIA’s market share based on Retail Sum Assured in 2022-23 has increased to 27 per cent from 21 per cent in 2021-22.
The total Renewal Premium income recorded 32 per cent growth to ₹ 11,964 crore (₹ 9,086 crore).
The company’s assets under management (AUM) grew 21 per cent to ₹ 71,006 crore (₹ 58,570 crore).
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While the 13-month persistency ratio (based on premium) improved to 88.1 per cent from 87.76 per cent, the 25th-month persistency for the year was at 79.6 per cent.