TATA AIA announces its highest ever Bonus of INR 1,183 crores for policyholders

Mumbai, 21 June 2023: Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India's leading life insurers, has declared a bonus of INR 1,183 crore for Participating (PAR) policyholders for the Financial Year 2022-23. The Company has been paying bonuses to its eligible policyholders over the years, and the FY23 bonus was 37% higher than the INR 861 crore bonus announced in FY22. A total of 7,49,229 Participating Policies are eligible for this bonus.

Tata AIA has been able to consistently reward its participating policy holders with higher bonuses, given its strong fund management capabilities robust risk management practices, In the process, it has ensured that its consumers benefit from its innovative insurance solutions and enjoy. Consumers seem to acknowledge this as the company as one of the best on persistency. Persistency is a matrix that shows the percentage of consumers who choose to renew their policy, hence reposing their trust in the brand.

Commenting on the occasion, Samit Upadhyay, President and Chief Financial Officer, Tata AIA Life Insurance, said, “At Tata AIA, we are driven by our core value of Consumer Obsession. Our endeavor is to partner our consumers in their financial wellbeing and this bonus announcement is a demonstration of our commitment to our policyholders in this regard. We will continue to work hard to ensure that Tata AIA's consumers are financially secure and rewarded for their loyalty.”

PAR products developed by Tata AIA offer life insurance cover, income, as well as lump-sum benefits in the form of bonuses. Investing in these solutions offers consumers the opportunity to grow their investments without taking on the risks associated with market-linked products. Cash bonuses provide liquidity and helps consumers generate wealth through a terminal bonus component in addition to a life cover throughout the term of the policy.

Tata AIA has built a well-defined research process and takes a long-term view to ensure continuous value for its consumers., The total Assets Under Management (AUM) as of 31st March 2023 was INR 71,006 Cr crore. For the same period, 99.10% of the rated AUM of Tata AIA Life were rated either 4-star or 5-star on a 5-year basis, according to the international rating agency Morningstar*. Out of the 11 funds available for new business, 7 were rated 5-star, and 4 were rated 4-star on a 5-year basis.

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.

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, 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 capitalization of $311 billion (INR 23.6 trillion) as on March 31, 2022.

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, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, and Macau SAR, 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$302 billion as of 30 June 2022.

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 40 million individual policies and over 17 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”).