Mumbai, Maharashtra, India:
- Registered 2584 Millon Dollar Round Table (MDRT) Qualified Advisors and Employees as of 31st December, 2023, an increase of 30.64% Over the Previous Year
- Achieved the Highest number of Female MDRT Qualifiers in India and Ranked 7 Globally
Tata AIA Life Insurance (Tata AIA), one of India's leading life insurance companies, is pleased to announce that the company has secured #6 position in the Global Million Dollar Round Table (MDRT) rankings for 2024*. The Company achieved the largest number of MDRT-qualified Life Insurance Advisors in India with 2584 registered MDRTs. With 1238 qualified Women MDRT Advisors, the Company ranked #1 in India and #7 globally ** among companies with Female MDRT Members.
MDRT, the premier association of Financial Professionals®, is a global, independent association of the world's leading life insurance and financial services professionals from over 700 companies in 80 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business.
The company witnessed a 30.64% increase in MDRT-qualified Advisors registered in comparison to the previous year. For the same period, female MDRT qualifiers saw a 32.26% increase.
Amit Dave, Chief Distribution Officer - Proprietary Business, Tata AIA said, "It gives us great pride to have achieved the largest number of MDRT members in India for the second consecutive year and rank # 6 MDRT Company in the world. This validates our continuous commitment to our consumers, by ensuring they receive best-in-class advice to secure their future and fulfil their aspirations towards their loved ones. Our MRDT certified agents and Direct sales employees enable our consumers to be Har Waqt Ke Liye Taiyaar and live a fikar-free life."
Life Insurance solutions are long term products and hence receiving the right advice from a long-term perspective is very important for consumers. A higher number of MDRT advisors clearly puts a life insurer at an advantage since the right advice during product sales ensures happy and loyal consumers who keep renewing their policies year on year. No wonder, Tata AIA has benefited by having a large count of MDRT agents and employees as it strengthens its leadership position on persistency, by being ranked No. 1 in 4 of the 5 persistency cohorts.
Persistency ratio measures the percentage of consumers who choose to renew their policy with a life insurer, thereby reposing their trust in the brand.
*https://www.mdrt.org/about-MDRT/for-companies/top-100-companies-global/
**https://www.mdrt.org/pt-ao/about-MDRT/for-companies/top-25-companies-by-female-members/
Note: The Ranking is the basis of the registered count of the Insurance Agents.
About Tata AIA Life
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%.
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 and art and culture.
In 2022-23, the revenue of Tata Companies, taken together, was $150 billion (INR 12 trillion). These companies collectively employ over 1 million 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 $350 billion as of February 2024.
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 (1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
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$286 billion as of 31 December 2023.
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 42 million individual policies and over 18 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 codes “1299” for HKD counter and “81299” for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol “AAGIY”.
Notes:
(1) Hong Kong SAR refers to the Hong Kong Special Administrative Region.
(2) Macau SAR refers to the Macau Special Administrative Region.
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