Date:21/04/2005 URL: http://www.thehindubusinessline.com/2005/04/21/stories/2005042101471000.htm

Back Tata AIG premium income doubles

Our Bureau

Mumbai , April 20

TATA AIG Life's total premium income has grown by 101 per cent taking it to Rs 494.6 crore for the year ended March 31, 2005, compared to Rs 246.2 crore last year.

Tata AIG has covered 4,27,000 lives taking the total number of lives covered since inception to over 12 lakh. Under the rural and social initiative in the last fiscal, the company issued around 57,000 policies, of which around 41,000 were individual insurance policies from the rural sector.

In the social sector, the company has covered over 16,000 lives against an obligation to cover 15,000 lives. The company said nearly 85 per cent of the micro insurance policy holders purchased insurance for the first-time ever. The rural sector contributed 17.85 per cent of Tata AIG's policies, above the mandatory 14 per cent required of life insurance companies in the fourth year of operation.

In the past year, Tata AIG increased its capital base by Rs 90 crore taking it to Rs 321 crore.