Tata AIA Life Insurance
Tata AIA Life Insurance is an Indian life insurance company and a joint venture between Tata Sons and AIA Group. It was founded in 2000, headquartered in Mumbai, India. Tata Sons owns 51% stake in the company, while 49% stake is held by AIA Group. It offers various life insurance solutions that cover protection, savings and wealth creation for its customers. The company has over 314 branches across 25 states in India. ICRA assigned a credit rating of AAA (Stable) to the company's borrowings in 2020. The present MD and CEO of the company is  Naveen Tahilyani. History. Tata AIA Life Insurance was established in 2000. The company began its operations on April 1, 2001. It is a joint venture between Tata Sons and AIA Group. Earlier, Tata Group held 74% stake in the company and 26% was owned by AIA. In April 2016, AIA Life raised its stake to 49% from 26%. In September 2012, it launched 'Maha Raksha Supreme', a term insurance policy that offers the sum assured to the beneficiary upon the policyholder's death. In 2021, Tata AIA launched 'Tata AIA Life Fortune Guarantee Plus', which offers an inbuilt Return of  Premium benefit that lets the policyholder to get the total premiums paid. The company named Neeraj Chopra as brand ambassador in September 2021. Tata AIA has a claim settlement ratio of 97.99% between April 2018 and January 2019. It had settled 99.06% of the life insurance claims in the fiscal year 2020. Financials. Tata AIA reported a 27% growth in Individual Weighted New Business Premium income at ₹3,416 crores in the financial year 2021, compared to ₹2,692 crores in 2020. The total premium income witnessed a growth of 34% at ₹11,105 crores as against ₹8,309 crores  in the fiscal year 2020, while the renewal premium income grew by 37% at ₹6,961 crores during FY 2021 as against ₹5,066 crores in FY 2020. For the first six months of the financial year 2021-22, the total premium income increased to ₹5,255 crore, a growth of 23% compared to the same period of the last fiscal. As of September 2021, the company has a total Assets under management of ₹51,704 crore. Tata AIA Life Insurance has been profitable in India for the past seven years and it ranked sixth based on individual first-year  premium adjusted at the end of March 31, 2017. Tie-ups. The company partnered with Syndicate Bank in September 2011. In November 2020, Tata AIA Life partnered with Mahindra Insurance's PayBima to distribute its life insurance plans. In 2020, it also tied up with the healthcare platform, Practo to provide digital healthcare solutions to the customers. Distribution. The company has moved up the local leader board by adopting a multi-distribution channel approach and expanding partnerships by joining hands with large banks. It has moved away from the part-time agency and employs professional agents. Advertising campaigns. Tata AIA  Life Insurance has carried out several advertising campaigns. A few prominent are: