Insurance News Details

Tata AIA Life crosses Rs 1 lakh crore in assets under management

(24-Apr-24   09:45)

Tata AIA Life Insurance Company?s assets under management (AUM) crossed Rs 1 Lakh crore. The company has doubled its assets under management (AUM) from Rs 50,000 crore (August 2021) to Rs 1 lakh crore within three years.

This increase has been fuelled by strong growth in Individual New Business premium (IWNBP) income and superior investment performance, according to a press release.

Venky Iyer, Chief Executive Officer & Managing Director, Tata AIA, said ?The doubling of our AUM in less than 3 years, is a testimony to the trust reposed by our consumers in our innovative solutions and service experience, the support of our agents & partners and the benchmark beating performance of our investment team. We will continue to work towards financially securing our consumers and fulfilling their aspirations, enabling them to be Har Waqt Ke Liye Taiyaar.?

Tata AIA achieved an industry-leading Performance in Persistency (based on premium) by ranking 1 in 4 cohorts (13th, 25th, 37th, 61st month) in Q3, FY24. The company?s leadership in Persistency validates the continued trust that Tata AIA consumers repose in the brand, having chosen to renew their policy year after year. Regular payment of premium is very important as it ensures that consumers stay covered and enjoy benefits over the policy term, According to the press release.

The claims settlement ratio has also improved to 99.19% as of December 2023, growing by 0.71% on a trailing 12-month basis.

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