Mumbai, Jun 19 (PTI) Tata AIA Life Insurance has reported a multi-fold increase in net income at Rs 506 crore in FY23.

The company had posted a net income of Rs 71 crore in the year-ago period.

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The Tata Group company's individual new business premium rose to Rs 7,093 crore in the reporting year, an increase of 59 per cent or Rs 4,455 crore in FY22, and claimed that it places the company third among private life insurers in this business segmental income.

The total premium income for the fiscal grew 42 per cent to Rs 20,503 crore from Rs 14,445 crore, helping it book a 615 per cent increase in net profit at Rs 506 crore from Rs 71 crore in FY22.

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The retail sum assured underwritten has grown from Rs 3,07,804 crore to Rs 4,43,479 crore, a growth of over 44 per cent year-on-year, helping it increase its market share to 27 per cent from 21 per cent in FY22.

Its total renewal premium rose 32 per cent to Rs 11,964 crore year-on-year, and the asset under management grew by 21 per cent to Rs 71,006 crore.

Its individual death claims settlement ratio improved from 98.53 per cent in FY22 to 99.01 per cent in FY23.

On the persistency front, which shows how many policyholders stick with the company by renewing their policy in the second year, the numbers improved overall with the key 13th-month persistency ratio improving to 88.1 per cent from 87.76 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)