Tata AIA Life Records Significant Jump with FY23 Net Income of Rs 506 Crore

20 Jun 2023 , 02:26 PM

Tata AIA Life Insurance reports a significant increase in net income to Rs 506 crore in FY23. Net income rose multi-fold from Rs 71 crore in the previous year. Individual new business premium reaches Rs 7,093 crore, marking a 59% growth compared to FY22.

The total premium income grows 42% to Rs 20,503 crore, contributing to a 615% surge in net profit. Retail sum assured underwritten shows year-on-year growth of over 44% to Rs 4,43,479 crore.

Market share increases to 27% from 21% in FY22. Total renewal premium rises 32% to Rs 11,964 crore, while asset under management grows by 21% to Rs 71,006 crore.

The individual death claims settlement ratio improves to 99.01% in FY23 from 98.53% in FY22. Persistency ratios show improvement, with the key 13th-month persistency ratio reaching 88.1% compared to 87.76% in the previous year.

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