Tata AIA Life Insurance has declared ₹1,183 crore in dividend payout to participating policyholders for the past financial year, which is 37% higher than the preceding fiscal and the highest till date.
The Tata Group company has been paying bonuses to its policyholders over the years, and the FY23 bonus is 37% higher than ₹861 crore paid in FY22, the company said, adding 7,49,229 policyholders are eligible for the bonus, Samit Upadhyay, the president and chief financial officer said.
The company’s participating (Par) products offer life cover, income, as well as lump-sum benefits in the form of bonuses.
The higher payout is due to the company reporting a multi-fold increase in net income at ₹506 crore in FY23, up from ₹71 crore in the previous fiscal.
The income growth was led by the individual new business premium that rose 59% to ₹7,093 crore in the reporting year.
Total premium income for the fiscal grew 42% to ₹20,503 crore from ₹14,445 crore, helping it book a 615% increase in net profit at ₹506 crore from ₹71 crore in FY22.
The retail sum assured underwritten has grown from ₹3,07,804 crore to ₹4,43,479 crore, a growth of over 44% on-year, helping it increase its market share to 27% from 21% in FY22.
Total renewal premium rose 32% to ₹11,964 crore on-year, and the asset under management grew by 21% to ₹71,006 crore.
Its individual death claims settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The company’s total assets under management stood at ₹71,006 crore.
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