Tata AIG Life annual premium up 77 pc to Rs 880 cr

Mumbai, June 19: Tata AIG Life Insurance company today announced an increase of 77 per cent in total premium income to Rs 880 crore for the annual period ending March 31, 2006, as compared to Rs 497 crore for the corresponding period the previous year.

The first year premium income increased by 48 per cent to Rs 432 crore for the year ended March 31, 2006, as compared to Rs 292 crore for the same period the previous fiscal.

Through its wide array of group life insurance, pensions, gratuity and superannuation products, Tata AIG Life has covered over 7,16,016 lives during the period April 2005-March 2006, an increase of 43 per cent over the last fiscal year. Additionally, 3,17,430 individual life business policies were issued from April, 2005 to March, 2006, an increase of 34.4 per cent over the last fiscal year.

In a statement here today, company's Chairman Farrokh Kavarana said, ''We look forward to the opportunities and challenges that lie ahead and remain confident of creating increasing value for our policyholders and stakeholders through our customer centric approach and the high quality of our products and services.'' Tata AIG Life also announced a reversionary bonus of 3.5 per cent for FY-06. This bonus is in-line with the prevailing interest rate scenario and is applicable for all eligible participating plans.

UNI