Bengaluru, February 6, 2024: Tata AIA Life Insurance Company Limited, one of India’s fastest growing life insurance companies, announced today that its Board has appointed Venkatachalam H. as the new Chief Executive Officer & Managing Director, subject to regulatory approval from IRDAI. Venkatachalam H. will take over from current Chief Executive Officer and Managing Director, Naveen Tahilyani who moves to another role in the Tata Group and has been elevated as a Non-Executive Director of Tata AIA Life Insurance Company Ltd.
Venky as he is fondly known, has over 27 years’ experience spanning Life Insurance, Asset Management and Custodial Services. He has expertise in Sales & Distribution, Strategy, Business and Process Development and Key Account Management. He joined Tata AIA in 2016 and was President and Chief Distribution Officer in his previous role. Venky has also led several initiatives in areas such as marketing, strategy, analytics, and direct digital business.
Naveen has been a visionary leader, spearheading the transformation of Tata AIA into a market-leading and digitally enabled multi-channel business. Tata AIA has consistently outperformed the market, with VONB increasing by three and a half times between 2018 and 2022. Under Naveen’s leadership, Tata AIA has risen to become number 3 company on retail weighted new business premium and is ranked number 1 in retail sum assured among private sector life insurers. Tata AIA has been awarded the Kincentric Best Employer seven times in a row as well as certified as a Great Place to Work.
About TATA AIA Life Insurance:
Tata AIA Life Insurance Company Limited (Tata AIA) 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.
Tata AIA reported an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr in FY23, an increase of 59% over FY22. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The Persistency ratio, reflecting the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1%.
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