Tata AIA Life Insurance Co on February 24 said its individual weighted new business premium (IWNBP) jumped 44 percent to Rs 1,193 crore during the third quarter of fiscal 2021-22. The private life insurer had stood at Rs 831 crore in the year-ago period.

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For the nine-month period ended December 2021, it registered a growth of 32 percent with an IWNBP income of Rs 2,786 crore, compared with Rs 2,110 crore for the same period of the previous financial year, according to a statement. Total premium income for Q3 FY22 stood at Rs 3,652 crore, compared with Rs 2,766 crore, a growth of 32 percent.

The total premium income in April-December 2021 increased to Rs 8,907 crore, compared with Rs 7,035 crore in the year-ago period. Its retail protection business grew 89 percent in the October-December 2021 period. The retail sum assured for Q3 FY22 stood at Rs 102,520 crore, a growth of 148 percent over the same period last year and a market share of 25.4 percent against 13.1 percent, the statement said.

For the third quarter of FY22, the company registered a 13th month persistency ratio of 86.68 percent, an increase from 85.38 percent for the same period of the previous financial year. As of December 2021, its total assets under management (AUM) stood at Rs 55,492 crore.