Tata AIA Life Insurance fastest growing firm in sector

Tata AIA Life Insurance fastest growing firm in sector

Agency News

Kolkata, Aug 27: Tata AIA Life Insurance Co. Ltd. (Tata AIA Life), one of the top five life insurers in the country in terms of Individual Weighted New Business Premium, (IWNBP), has achieved the highest year-on-year growth of 61.9 per cent for the period Apr’19-Jul’19, whereas the industry grew at 15.1 per cent.

The IWNBP stood at Rs 648 crore as on July 31 as compared to Rs 400 crore last year, as per the recent IRDAI released data.

Tata AIA Life Insurance has also achieved the highest individual claim settlement ratio at 99.07 per cent for 2018-19 as per the publicly disclosed data. Claim Settlement Ratio is one of the important insurance parameters and is a key consideration for individuals who look at buying Life Insurance.

Tata AIA Life has written IWNBP of Rs 2,232 crore for 2018-19. For the same period, the 13th month persistency of the company was at 83.3 per cent.

Mr Rishi Srivastava, MD and CEO of Tata AIA, said, “Our objective is to be India’s leading Protection provider and bring as many lives as possible under life insurance cover.” (UNI)