Tata AIA Life Insurance FY21 total premium up 34% to Rs 11,105 cr

Private life insurer Tata AIA Life Insurance (Tata AIA Life) on Monday said its total premium income grew by 34 per cent to Rs 11,105.09 crore in fiscal 2021 as against Rs 8,308.51 crore in FY20.

It registered a 26.9 per cent jump in individual weighted new business premium (IWNBP) income to Rs 3,416 crore in FY2020-21 as against Rs 2,692 crore in FY20, the insurer said in a release.

The total renewal premium income has also witnessed a 37 per cent growth compared to the last financial year and increased from Rs 5,066.49 crore to Rs 6,961.36 crore, it said.

"We kept up the momentum of our business even in the most disruptive year. Our market share grew, outpacing industry growth yet again and we continue to maintain our leadership in protection, having registered the highest growth in the last two years," Tata AIA Life Managing Director and CEO Naveen Tahilyani said.

Total assets under management (AUM) grew by 47.16 per cent to Rs 46,281 crore in FY21 from Rs 31,450 crore in the last fiscal.

The 13th month persistency remained at 88.28 per cent despite the adverse impact of the Covid-19 pandemic, the release said.

During the year, 98 per cent of its policies were submitted digitally. The self-service ratio for policy-holders also went up to 91 per cent from 85 per cent in FY20.