Tata AIA Life Insurance has declared Rs. 861 crore in annual surplus transfers to the participating policyholders for FY22.
The company said this is the fifth consecutive year of surplus (profit sharing) payments to the policyholders and is 20 per cent more than the profit shared with policyholders in FY21, making it the largest so far.
All participating policies in-force as of March 31, 2022 are eligible to receive this annual payout, it said in a statement.
The declared profit will be added to the policyholders’ benefits, Samit Upadhyay, chief financial officer at the company, said.
He said the company’s individual weighted new business premium income rose to Rs. 4,455 crore in FY22, up 30 per cent from Rs. 3,416 crore in FY21.