Tata AIA Life Insurance’s net profit zooms to ₹506 crore in FY23

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Tata AIA Life Insurance Co. Ltd (Tata AIA), a private life insurance company, reported a net profit of Rs.506 crore for the financial year 2022-23. This reflects an increase of 615 per cent over the net profit of Rs. 71 crore recorded in the previous financial year.

Total premium income for 2022-23 grew by 42 per cent to Rs. 20,503 crore (Rs. 14,445 crore).

Tata AIA reported Individual Weighted Income for New Business (IWNBP) of ₹7,093 crore in 2022-23, an increase of 59 per cent from ₹4,455 crore in 2021-22.

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This performance places the company third among private life insurers in IWNBP income. Further, Tata AIA’s market share on a guaranteed retail amount basis in 2022-23 increased to 27 percent from 21 percent in 2021-2022.

Total renewal premium income recorded a growth of 32 per cent to Rs. 11,964 crore (Rs. 9,086 crore).

The company’s assets under management (AUM) grew by 21 per cent to Rs.71,006 crore (Rs.58,570 crore).

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While the 13-month stability ratio (on a premium basis) improved to 88.1 percent from 87.76 percent, the 25yThe perseverance rate for the month of the year was 79.6 percent.