Tata AIA Life Insurance has appointed Naveen Tahilyani as the new Chief Executive Officer & Managing Director. This is subject to regulatory approval from Insurance Regulatory and Development Authority of India (IRDAI).
This is Tahilyani's second stint at Tata AIA Life Insurance.
Tahilyani will take over from current Chief Executive Officer, Rishi Srivastava, who is moving to Group Agency Distribution, AIA Group, Hong Kong as Chief Executive Officer.
Tahilyani was group head in-charge of transformation at Axis Bank but quit the position within seven months.
Also Read: Naveen Tahilyani quits Axis Bank
Till 2019, Tahilyani was the CEO, Group Partnership Distribution at AIA Hong Kong, where he was responsible for enhancing AIA’s partnership distribution for the AIA companies. Prior to this, he was the CEO and Managing Director of Tata AIA from the year 2015 to 2018.
Tata AIA is a joint venture between Tata Sons and AIA Group. The entities in a joint statement said they are confident that the growth momentum in Tata AIA will continue under the leadership of Naveen Tahilyani.
Despite the Coronavirus-led lockdown, Tata AIA Life is among the fastest growing life insurers. For the quarter ended June 30 (Q1), Tata AIA Life saw a 23.8 percent YoY growth in new premiums to Rs 715.15 crore.
The private life insurance industry de-grew by 19.2 percent in the same period and the life industry as a whole saw a 18.6 percent YoY decline in first year premiums to Rs 49,355.44 crore.
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