Tata AIG Life Insurance Company Ltd has declared its financial results for the year 2010-2011. The insurer has achieved break-even in its 10th year of business and posted a net profit of Rs 51.79 crores.
Through superior business processes and efficiency, the insurance company has managed this feat while most companies are struggling. Their total premium income during FY 2010-11 stands at Rs 3,985 crores which is Rs 491 crores up from its premium income of Rs 3,494 in 2009-10. The company’s renewal premium also increased by 22% to Rs 2,653 crores in 2010-11 from Rs 2,172 crores in the previous year.
Last year, life insurance companies found themselves struggling at the helm of new ULIP guidelines released by IRDA. Tata AIG Life however seems to have sailed smoothly as Unit-linked insurance plans (ULIPs) accounted for 72% of its new business premium.
Suresh Mahalingam, MD & CEO of Tata AIG Life Insurance Company said, “Our cost optimization strategies and continued focus on persistency of business over the last four quarters resulted in this profitable growth. To support our future growth plans, we have infused fresh capital of Rs. 33 crores during the fiscal ending 31 March 2011.”
The company’s paid up capital stands at Rs 1,954 crores while its total Assets Under Management stands at Rs 12,658 crores.
Last month, Tata AIG Life launched two limited-pay Ulips - InvestAssure Gold Supreme and InvestAssure Maximizer to cater to varying investment needs to customers in India.