TATA AIA Life Announces Record Annual Bonus of INR 861 crores for its policyholders
- 5th consecutive annual bonus demonstrates Company’s commitment to deliver on the promises made to participating policyholders
- Announces INR 861 crores of bonus to all eligible participating policyholders
- Annual bonus for FY2022 is 20% higher than the previous year
MUMBAI, India, Aug. 29, 2022 /PRNewswire/ — Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of the fastest-growing private life insurers has declared a bonus of INR 861 crores for FY2022 to all eligible participating policyholders. This is the 5th consecutive year of bonus payment and exceeds the bonus paid in FY2021 by 20%.
All participating policies in-force as of March 31st 2022 are eligible to receive this annual bonus, which will be added to the policyholders’ benefits. Strong fund management capabilities coupled with robust risk management practices have enabled the Company to consistently reward participating policyholders with higher bonuses, showcasing the efficacy of participating products in helping consumers achieve their financial goals.
Commenting on the occasion, Samit Upadhyay, Chief Financial Officer, Tata AIA Life, said, “At Tata AIA, the long-term financial wellbeing of our consumers is at the core of everything we do, and it is our endeavor to make sure they are financially secure. Our long-term fund management philosophy and prudent investment & risk management policies have enabled us to declare a robust bonus to our consumers. We are sure this will go a long way in meeting their protection and long-term saving needs. We remain committed towards offering significant value to our consumers through our highly rated and consumer friendly insurance solutions.”
99.83% of the rated AUM of Tata AIA is rated either 4 stars or 5 stars on a 5-year basis as of March 31st, 2022, by Morningstar Ratings*. In all Funds put together, the Company recorded an Individual Weighted New Business Premium (IWNBP) income of INR 4,455 Cr. for the financial year 2021-22, a growth of 30% compared to INR 3,416 Cr. for the year 2021-22
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About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. For the financial year 2021-22, the total premium income of Tata AIA Life increased to INR 14,445Cr., a growth of 30%. For the same period, the Company registered a Retail New Business Weighted Premium of INR 4,455 Cr. The 13th month persistency of the Company was at 87.8%, and the Individual Death Claims Settlement ratio was at 98.53%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank no. 5, based on Individual Weighted New Business Premium.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
