TATA AIA Life Insurance & City Union Bank Announce Partnership
Chennai, July 08, 2022: One of India’s leading life insurance companies, Tata AIA Life Insurance Co Ltd, today
announced a strategic alliance with City Union Bank (CUB) to offer life and health insurance solutions to the Bank’s
consumers. This partnership brings together two respected consumer centric brands that have been a part of
India’s consumer landscape for more than a century. This partnership will help City Union Bank consumers
(existing and new) to benefit from Tata AIA Life’s diverse and innovative products and services spanning term
insurance, savings and investment, retirement, and health. It will enable Tata AIA Life to expand its distribution
through CUB’s 700+ branches and contribute significantly towards increasing life insurance penetration in the
country. Another point of synergy between the two entities is their focus on providing a digitally enabled
experience and mobile first solutions to consumers.
City Union Bank Limited is a century young private sector Scheduled Commercial Bank providing the best of
services in the Banking industry since 1904. The Bank is headquartered in Kumbakonam, the temple town in
Thanjavur District of Tamilnadu. The Bank’s total business as on March 31 st , 2022, is Rs. 88,846 Crores with
Deposits of Rs.47,690 Crores and Advances of Rs.41,156 Crores. Net worth of the Bank as on March 31 st , 2022, was
Rs 6550 Crores with a Capital Adequacy Ratio (Basel III) of 20.85%. CUB has a network of 727 branches with 1732
ATMs spread across the country.
Tata AIA is backed by India’s most trusted group Tata, with a rich history spanning over 150 years and AIA, Asia’s
largest life insurance group established more than 100 years ago. Ranked no. 5, based on Individual Weighted New
Business Premium (IWNBP), Tata AIA Life delivered impressive growth for FY22. The Company registered an IWNBP
income of INR 4,455 Cr. for the financial year 2021-22, a growth of 30% as compared to INR 3,416 Cr. in the
previous year. The Company has also maintained its pre-eminence in the Protection segment and continues to lead
the space amongst other private insurers. Retail sum assured (Life Insurance solutions known as Pure Term
policies) underwritten by Tata AIA Life has grown from INR. 218,000 Cr. to INR 307,804 Cr., a growth of 41% over
FY21.
Commenting on the tie-up, Venky Iyer, President & Chief Distribution Officer, Tata AIA Life Insurance, said, “We
are thrilled to partner with City Union Bank, one of the prominent private sector banks in the country. This
partnership will enable us to get our life insurance propositions closer to India’s aspiring citizens. Along with City
Union Bank, we are committed to partnering with consumers in their journey towards fulfilling their financial needs
such as protection, savings, health, retirement, and wealth creation. We are also keen to provide efficient financial
solutions to the large MSME customer base at City Union bank. We truly believe that this partnership will be a win-
win for us, City Union Bank and most importantly, the consumers.”
Dr. N Kamakodi, MD & CEO of City Union Bank, said, “We are delighted about our tie up with Tata AIA Life
Insurance company, a fundamentally strong and trustworthy organization for soliciting life insurance business. Our
partnership with them is sure to offer our consumers the best-in-class life insurance solutions. As life insurance has
become a crucial product for every individual, our alliance will enable our consumers to select the top investment
solutions for a secured financial future.”
India, with a population over 140 crores, is still in nascent stages when it comes to life insurance. As per estimates,
the Indian market only accounts for 1.5% of the world’s total insurance premiums despite the size of its
population. Coverage provided by traditional life or health insurance low in the country as most of the population
reside in rural areas that have thus far, remained untapped.
This partnership comes at a time when people recognize the significance of having financial protection yet relegate
purchase of life insurance to a later stage. Through this association, both partners will be able to promote
insurance awareness and financial planning amongst consumers, with ease, across physical and digital consumer
facing platforms.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons
Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India
and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world
spanning 18 markets in the Asia Pacific region. For the financial year 2021-22, the total premium income
of Tata AIA Life increased to INR 14,445Cr., a growth of 30%. For the same period, the Company
registered a Retail New Business Weighted Premium of INR 4,455 Cr. The 13th month persistency of the
Company was at 87.8%, and the Individual Death Claims Settlement ratio was at 98.53%. One of the
fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank no. 5, based on
Individual Weighted New Business Premium.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India,
comprising 30 companies across ten verticals. The group operates in more than 100 countries across six
continents, with a mission ‘To improve the quality of life of the communities we serve globally, through
long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six
percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education,
health, livelihood generation and art and culture. In 2021-22, the revenue of Tata companies, taken
together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own
board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of
$311 billion (INR 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services,
Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian
Hotels, Tata Communications, Tata Digital, and Tata Electronics.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest
independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-
owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia,
Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan
(China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a
market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across
the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and
services including life insurance, accident and health insurance and savings plans. The Group also
provides employee benefits, credit life and pension services to corporate clients. Through an extensive
network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million
individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the
stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market
(ticker symbol: “AAGIY”).
