Tata AIG Life Insurance has been rechristened as Tata AIA Life Insurance Company following the exit of American International Group (AIG) from the Hong Kong-based insurer AIA Group.
Tata AIG was set up in 2001 as a joint venture between the Indian conglomerate Tata Group and AIG. Tata Sons has 74% stake in the JV, while the remaining 26% share is held by AIA, in which AIG had a controlling stake earlier.
AIA separated from the group in 2009 after it was finalised that AIA as well as ALICO (another AIG subsidiary) were placed under the administration of a Special Purpose Vehicle in exchange for the Federal Reserve.
Commenting on change in the name Farrokh K Kavarana, Chairman, Tata AIA Life, said, "while we make this transition in our name, nothing else will change. The promoters, the distribution network, the teams, the products, the technology and more importantly, our commitment towards putting the customers at the centre of everything we do, remain unchanged.
The rechristened Tata AIA Life will continue to focus on building a "Premier Agency" sales force to meet the savings and protection needs of the customers in India with protection-centric products, he said in a statement.
Meanwhile, the life insurer posted a net profit of Rs 260.31 crore during 2011-12.
The total premium income declined at Rs 3,630 crore as against Rs 3,985 crore in 2010-11.
Of this, the new business premium collection stood at Rs 940 crore. The renewal premium for the same period was at Rs 2,690 crore as against Rs. 2,653 crore in the last fiscal.
The total assets under management of the company has increased by 15% to Rs 14,519 crore from Rs 12,622 crores in the last fiscal. The paid-up capital of the company stood at Rs 1,954 crore at the end of March 2012.