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Eight life insurers post profits in 2009-10
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Eight life insurance companies out of 23 in operation have reported profits in 2009-10.
They are: Life Insurance Corporation of India (LIC), ICICI Prudential Kotak Mahindra, SBI, MetLife, Bajaj Allianz, Sahara India and Aegon Religare, the Insurance Regulatory and Development Authority (IRDA) said in its annual report for the year 2009-10 released on Monday.
LIC led the pack in the quantum of profit at Rs 1,061 crore, which showed a 10.8 per cent increase over 2008-09.
SBI Life has continued the profit spree for the fourth year in a row with Rs 276 crore.
ICICI Prudential had turned around after incurring loss for eight consecutive years with a net profit of Rs 258 crore.
Aegon Religare had also posted profit for the second consecutive year from inception in 2008-09 at Rs 3.28 crore.
However, the cumulative loss of the life insurance industry as on March 31, 2010 stood at Rs 20,143 crore as against Rs 17,304 crore in the year-ago period.
Interestingly, most of the private life insurers had restructured their operations during the year under review to bring down the operating costs.
For the first time after opening up of the sector in 2000, there was a fall in the number of branch offices of the private sector life insurance companies.
Number of Branches
They had decreased to 8,768 from 8,785 in 2008-09 (during which the number of branch offices had gone up by 37.46 per cent.
The State insurer, however, defied the trend by opening 220 new offices, the IRDA said.
The insurance penetration still remained below 5 per cent by the end of 2000-10. It stood at 4.60 per cent compared with 2.15 per cent in 2001.
The insurance density in had gone up from $9.1 in 2001 to $47.7 in 2009.
Near constant
The penetration of non-life insurance sector remained near-constant for the last nine years at around 0.60 per cent.
“However, there is marginal increase in density, which had increased from $2.4 in 2001 to $6.7 in 2009,” the IRDA said.
Source : The Hindu Business Line
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