Tata AIA Life announces a surplus payout of Rs861 crore

10 Aug 2022 , 08:46 AM

The participating policyholders would receive Rs861 crore in yearly excess transfers for FY22, according to Tata AIA Life Insurance.

According to the company, this is the greatest surplus (profit sharing) payout to policyholders yet and the fifth year in a row that it has been made. It is 20% higher than the profit shared with policyholders in FY21.

This annual payout is available to all participating policies that are still in effect as of March 31, 2022, the company said in a statement on Tuesday.

Samit Upadhyay, the company’s chief financial officer, stated that the announced profit would be added to the benefits provided to policyholders.

According to him, the company’s individual weighted new business premium revenue increased to Rs4,455 crore in FY22 from Rs3,416 crore in FY21, a 30% increase.