Tata AIG Life premium income up 245%

Tata AIG Life Insurance Company, the 74:26 joint venture with the Tata group and AIG, has increased its premium income by 245 per cent to Rs 180 crores for fiscal 2004.

This brings Tata AIG Life's total premium up 253 per cent to Rs 254 crores, up from Rs 72 crore last year. Over 1.6 lakh new individual lives have been insured in 2003-04.

"Tata AIG Life's results reflect the fastest growth in the AIG Asia Life division," said managing director Ian Watts.

The total sum assured increased by 116 per cent to Rs 11,485 crore from Rs 5,322 crore in 2002-03. While the total sum assured on group business shot up by 142 per cent to Rs 6,375 crore, the total sum assured for individuals increased by 90 per cent to Rs 5,110 crore.

Tata AIG Life has underwritten group policies for the 15,930 Wipro employees, 18,471 General Electric group of Companies employees, in addition to other blue chip companies including Syngenta, JP Morgan and Ernst & Young.