NewZNew (Chandigarh) : Tata AIA Life Insurance Company Ltd. (Tata AIA Life), the joint venture life insurance company formed by Tata Sons Ltd. and AIA Group Ltd., today announced the appointment of Mr. Naveen Tahilyani as its and Chief Executive Officer (CEO) and Managing Director (MD). Mr. Tahilyani, a graduate from the Indian Institute of Technology (IIT), Chennai and Indian Institute of Management (IIM), Ahmedabad, is currently a Senior Partner at McKinsey & Co. and leads its South East Asian Insurance and Banking Practice. Mr. Tahilyani would be assuming his office at Tata AIA Life from January 2015.
Commenting on the appointment, Mr. Ishaat Hussain, Chairman of Tata AIA Life said, “I am truly delighted to have someone of the caliber of Naveen to lead Tata AIA Life. His deep knowledge of the Life Insurance industry and experience in developing growth strategies for India and Asia’s leading financial services firms will stand us in good stead as we embark on a phase of rapid growth.”
Mr. Gordon Watson, Regional Chief Executive of AIA Group and a Director of Tata AIA Life Board, said, “I am confident that under the leadership of Naveen and his Executive team, the Tata AIA Life business in India will achieve new levels of growth and success.”
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons 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-Asia life insurance group in the world spanning 17 markets in Asia Pacific. Tata Sons holds a majority stake (74 per cent) in the company and AIA holds 26 per cent through an AIA Group company. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
The Tata group’s mission is to improve the quality of life of the communities it serves globally, through long-term stakeholder value creation based on leadership with trust.
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise headquartered in India, and comprises over 100 operating companies, with operations in more than 100 countries across six continents, exporting products and services to over 150 countries. The revenue of Tata companies, taken together, was $103.27 billion (around Rs624,757 crore) in 2013-14, with 67.2 percent of this coming from businesses outside India. Tata companies employ over 581,470 people worldwide.
Good corporate citizenship is part of the Tata group’s DNA. Sixty six percent of the equity of Tata Sons, the promoter holding company, is held by philanthropic trusts, thereby returning wealth to society. As a result of this unique ownership structure and ethos of serving the community, the Tata name has been respected for more than 140 years and is trusted for its adherence to strong values and business ethics.
Each Tata company or enterprise operates independently and has its own board of directors and shareholders, to whom it is answerable. There are 32 publicly-listed Tata enterprises and they have a combined market capitalisation of about $140.98 billion (as on September 11, 2014), and a shareholder base of 3.9 million. Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 17 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$159 billion as of 31 May November 2014.
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-Pacific, AIA serves the holders of more than 28 million individual policies and over 16 million participating members of group insurance schemes.