Tata's financial services, insurance biz saw hefty profits in FY24

The Tata group’s unlisted financial services and insurance businesses have seen hefty profits during financial year 2023-24 (FY24). Tata Capital, the group’s financial services business, has reported net profit of Rs 2,492 crore on revenues of Rs 13,309 crore, according to Tata Sons’ annual report for FY24. The two insurance joint ventures, Tata AIA General Insurance reported net profit of Rs 685 crore and Tata AIA Life Insurance saw Rs 1,313.84-crore net profit. Tata Sons directly owns 74 per cent stake in the general insurance company and 51 per cent in the life insurance firm. The general insurance firm reported turnover of Rs 15,422.56 crore while the life insurance JV saw Rs 25,691 crore turnover for FY24. The group is currently toying with the idea to list Tata Capital. This comes after the Reserve Bank of India (RBI) classified the firm as an upper layer non-banking financial company (NBFC) and asked it to list it by September next year. In January this year, Tata Capital merged its two subsidiaries, Tata Cleantech Capital (TCCL) and Tata Capital Financial Services (TCFSL) into Tata Capital (TCL).