 "Tata AIA Life Insurance appoints Venkatachalam H as new CEO and MD")
Tata AIA Life Insurance Company Limited has announced the appointment of Venkatachalam H as its new chief executive officer and managing director. This appointment is subject to regulatory approval from the Insurance Regulatory and Development Authority of India (Irdai). Venkatachalam H, also called Venky, brings over 27 years of experience in the life insurance, asset management, and custodial services sectors.
Venkatachalam H worked in various domains, including sales & distribution, strategy, business development, and key account management. He joined Tata AIA in 2016 and served as president and chief distribution officer in his previous role. During his tenure, Venkatachalam H spearheaded numerous initiatives in marketing, strategy, analytics, and direct digital business.
The outgoing chief executive officer and managing director, Naveen Tahilyani, played a pivotal role in transforming Tata AIA into a digitally enabled multi-channel business. Under Tahilyani's leadership, Tata AIA witnessed a significant increase in its value of new business (VONB) between 2018 and 2022. The company rose to become the third-largest in retail weighted new business premium and attained the top position in retail sum assured among private sector life insurers. Additionally, Tata AIA received the Kincentric Best Employer award seven times consecutively and was certified as a Great Place to Work. Tahilyani will transition to another role within the Tata Group and will serve as a non-executive director of Tata AIA Life Insurance Company Ltd.
In financial year 2022-23 (FY23) Tata AIA held a market share of 10.4 per cent in the private sector. The insurance provider reported a multi-fold increase in net profit at Rs 506 crore. This was a 615 per cent increase in net profit from Rs 71 crore in FY22. The company has also claimed to be the third among private life insurers in this business segmental income. The total premium income for FY23 surged 42 per cent to Rs 20,504 crore, compared to Rs 14,445 crore in FY22.