Tata AIG Life to become Tata AIA Life

Sunday 01, July, 2012 The life insurance unit of Tata AIG will be called Tata AIA Life. After the 2008 crisis, American International Group (AIG) sold its 26 per cent stake in Tata Sons to its subsidiary American International Assurance (AIA) to exit the joint venture in 2009. Commenting on the name change, Mr M. Suresh, Managing Director of the company, said, "Only the name changes....nothing else does." Hong Kong-based AIA went public in Hong Kong in 2010 and raised $20.51 billion that was the third largest globally at the time of listing. About the current pause in the insurance sector, Mr Suresh said, "Insurance business is a marathon. It needs to be pushed. Customer retention is important in the current scenario. It is not as easy as it was 10 years ago." He believes there is going to be a shift from pure savings to long-term savings for the Indian customers hereon. The company reported a net profit of Rs 260 crore in FY12 compared with Rs 52 crore in the previous year.

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