INSURANCE

November 2010

INSURANCE

November 2010

Contents
 Advantage India  Market overview  Policy and regulatory framework  Opportunities  Industry associations

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ADVANTAGE INDIA Insurance November 2010

Advantage India
India is among the world's youngest nations, with a median age of 25 years as compared to 43 in Japan and 36 in the US. This, coupled with the increasing disposable income and growing demand for personal financial security indicate a promising future for the insurance industry. Insurance companies are Young consumer segment providing a wide range of Premium income as a with increasing products to meet the diverse percentage of GDP has disposable income requirements of the Indian increased from 3.3 per cent in population. Insurance 2002–03 to 7.6 per cent in companies are coming up with 2008–09. Wide range of Rising ~300 different types of insurance contribution to products each year.

GDP

products available

Advantage India
The transition from Solvency I norms to Solvency II norms by 2012 is going to improve risk management capabilities of insurance companies.

Risk management for strategic advantage Mode of employment

Mode of infrastructural development

In 2008–09, the total investments by the insurance industry in infrastructure have grown to US$202.9 billion as against US$170.5 billion in 2007–08. Investments by life and non-life insurers increased by 20.2 per cent and 4.6 per cent respectively.

The life insurance sector employed 0.3 million people directly and 2.9 million people as individual agents in 2008–09.
Sources: ‖Other Business Figures -2009,‖ Life Insurance Council website, www.lifeinscouncil.org, accessed 25 November 2010; ―Indian Insurance Sector: Stepping into the next decade of growth,‖ EY CBK, September 2010, via RAD

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INSURANCE November 2010 Contents  Advantage India  Market overview  Policy and regulatory framework  Opportunities  Industry associations 4 .

3 2006 5.5 14. accessed 25 November 2010 5 .3 3.7% 22.6 2.org.8% 43.4 2009 Non-life insurance premium Life insurance premium Growth rate • The total premium of the insurance industry has grown at a compound annual growth rate (CAGR) of 24.6 per cent from 2002–03 to 2008–09 to reach US$52.6 billion in 2008–09.1% 10% 0% 32. in 2000.9 46.7% 25.irdaindia.0% 11.1 4. from 4 and 8.2 2007 5. • Source: ―Annual reports FY08–09. the number of insurance players has increased to 23 and 25 in life and non-life sectors. As on November 2010. www.8 2008 6.7 2005 22. respectively. ‖ Insurance Regulatory and Development Authority website.MARKET OVERVIEW Insurance November 2010 Market overview The insurance industry in India is at an early stage with low penetration and high potential. Growth in total insurance premium 60 50 US$ billion 40 30 20 10 0 21.4 2003 13.2 2004 17.8 3.2 30% 20% 10. respectively.3% 50% 40% y-0-y growth 26.6% 41.

Public (7 players) Most players have experienced growth by formulating aggressive growth strategies and capitalising on their distribution network to target the retail segment. www. Private (18 players) Private sector nonlife insurance players outperform their public sector counterparts in service quality. accessed 25 November 2010 6 . The company held about 71 per cent of the life insurance market share in 2008–09.irdaindia.MARKET OVERVIEW Insurance November 2010 Market structure Ministry of Finance (Government of India) Insurance Regulatory and Development Authority (IRDA) Life insurance (23 players) Non-life insurance (25 players) Public (1 player) Life Insurance Corporation of India (LIC) is the only public sector life insurance company.org. Private (22 players) The entry of private sector players has added diversity to the product portfolio of the life insurance industry. Source: Insurance Regulatory and Development Authority website.

org.9 3.MARKET OVERVIEW Insurance November 2010 Overview of the life insurance segment … (1/2) • • • • Premium income has grown at a CAGR of 25.4 0% 2009 US$ billion 40 30 y-o-y growth Private sector Public sector Growth rate Sources: ―Annual report FY08-09.9% 20 10 0 11. The number of policies issued grew at a CAGR of 12.0% 30% 20% 10.7 2008 26. www.2 2004 15. www.8 per cent between 2002–03 and 2008–09. 1 from the public sector and 22 from the private sector.1 2006 5.lifeinscouncil.‖ Insurance Regulatory and Development Authority website. rising insurance awareness and increasing domestic savings and investments.7 1.7 2003 13.org. accessed November 2010 7 .4 0. Gross premium of life insurance sector 50 47.2 11.6 31. as of November 2010.8% 25.6 2005 18. There are 23 players. Life Insurance Council website.8 29.4% 27. accessed 25 November 2010.3 per cent between 2002–03 and 2008–09.2 50% 40% 32. There is increased insurance penetration due to a growing consumer class.9 2007 10.irdaindia.2% 10% 13.3% 0.0% 18.

2% 2.9% • LIC ICICI Prudential Bajaj Allianz SBI Life HDFC Standard Life Birla Sunlife 1.org. accessed 25 November 2010 8 . AEGON Religare and IndiaFirst Life Insurance Company are amongst the new players. Amongst private players ICICI Prudential. a wide range of Group insurance products life insurance products and Individual insurance products are available.9% 4.‖ Insurance Regulatory and Development Authority website. DLF Pramerica.9% 3.7% 2.MARKET OVERVIEW Insurance November 2010 Overview of the life insurance segment … (2/2) • Currently.6% Market share (2008–09) 70. Bajaj Allianz and SBI Life are the top players.5% 2. 5.3% Reliance Life Max New York Others Sources: ―Annual report FY08-09.1% 6.irdaindia. LIC is the only public company. www.

0 1.4 3.2 2003 2.5% 10% 0% 2007 2010 30% • y-o-y growth US$ billion 2.8 Public sector Growth rate Sources: ―Annual report FY08-09.3 2008 2.‖ Insurance Regulatory and Development Authority website. accessed November 2010 9 . health.0% 3.7 2005 Private sector 22.org. Segments covered include auto.8 11.3% 2.8 0.2 0.7% 0.2% 2. marine and engineering. there are 25 players.4% 3. out of which 7 are public sector players (including one reinsurer) and 18 private sector players. fire.1 2006 1. www.MARKET OVERVIEW Insurance November 2010 Overview of the non-life insurance segment … (1/2) • • Premium income grew at a CAGR of 17 per cent between 2002–03 and 2009–2010.9 12.in.irdaindia. General Insurance Council website. Gross premiums of non-life insurance sector 8 7 6 5 4 3 2 1 0 40% 35. As of November 2010.5 3. www.4% 3. accessed 25 November 2010.5 2004 10.6 2009 4.1 16.3 20% 13.gicouncil.0% 29.

6% New India National United India • • Oriental Others Sources: ―Annual report FY08-09.8 per cent in 2009–2010.6% 4.‖ Insurance Regulatory and Development Authority website. Health segment recorded a share of 20.2% 21.org.irdaindia.4% Reliance General IFFCO-Tokio ICICI-lombard Bajaj Allianz 13.5 per cent). www. Public sector companies have a dominant share in the marine insurance segment.6 per cent over 2005–06.6% 12. accessed 25 November 2010 10 .8% 12. having grown at a CAGR of 33.3% 5.1% 6.6% 8. Market share (2009–2010) 15.MARKET OVERVIEW Insurance November 2010 Overview of the non-life insurance segment … (2/2) Product trends: • Auto insurance had the largest share in the non-life insurance segment in 2009–2010 (43.

Million Working population assessment and GDP per capita till 2026 700 600 500 400 300 200 100 0 2001 2006 2011 2016 2021 2026 381 1. increasing working population.MARKET OVERVIEW Insurance November 2010 Growth drivers … (1/5) • There is a high demand for insurance products due to a growing middle class.500 1.449 450 507 2.000 398 502 25–60 (in million) Projected GDP per capita Source: ―Insurance industry: amidst interesting time and the way forward.000 500 0 US$ 572 630 676 2.‖ EY CBK.028 720 1.500 2. via RAD 11 .098 1. rising household savings and increasing purchasing power. September 2009.

3 million to 675.8 in 2000–01 to US$ 2. 12 . specially in rural India. • • Government tax incentives • Currently. reflecting higher disposable income.5 in 2026. the working population (25–60 years) is expected to increase from 398.8 million resulting in a favourable market for insurance companies.097. exempt. exempt) benefit giving insurance products an advantage over mutual funds.MARKET OVERVIEW Insurance November 2010 Growth drivers … (2/5) Penetration levels set to increase • The increasing literacy rate. Projected per capita GDP is expected to increase from US$ 380. • Life insurance is already the most popular financial product among Indians because of the tax benefits and income protection it offers. insurance products enjoy EEE (exempt. Between 2001 and 2026. has spread awareness about the need for insurance. Insurers are motivated to purchase insurance products to get about 30 per cent effective tax benefit on select investments (including life insurance premiums) made every financial year.

IRDA has taken the following initiatives to further regulate and develop the sector.MARKET OVERVIEW Insurance November 2010 Growth drivers … (3/5) • Favourable government and regulatory initiatives are expected to increase the contribution of the insurance industry to the overall economic development of the country. all types of insurance businesses have been detariffed except for auto third party liability. a policy that would provide life cover along with health insurance to subscribers. As of January 2010. • It had introduced de-tariffication in the non-life segment in a phased manner to enable insurers to independently determine the rate and the type of risk they are prepared to underwrite. For health insurance. • • 13 . IRDA has allowed insurance companies to offer 'Health plus Life Combi Product'. Under the guidelines issued by the IRDA. the life and non-life insurance firms can come together to offer health-plus-life cover. It has reduced the number of years after which companies can raise capital through an initial public offering (IPO) from 10 years to five years.

Regulatory initiatives to promote health insurance include the following. www.‖ Insurance Regulatory and Development Authority website.000 669 361 209 282 463 1. International players and life insurers have entered this segment.068 1.irdaindia.33 billion for the health sector during the Eleventh Plan.83 million.400 1.MARKET OVERVIEW Insurance November 2010 Growth drivers … (4/5) • Fast progressing medical technology and increasing demand for better healthcare has resulted in rising demand for health insurance. ―May 2010.380 1. • 14 . accessed 25 November 2010.org.‖ IRDA Monthly Journal accessed 25 November 2010 • The government is set to raise budgetary support of US$ 28.200 1.42 million from US$ 20. 800 600 400 200 0 • 2003 2004 2005 2006 2007 2008 2009 2010 Sources: ―Annual report FY08-09.507 IRDA has set up a separate department for health insurance. • Indian health insurance market size (US$ million) 1. It has recommended that the government brings down capital requirements for standalone health insurance companies to US$ 10.600 1.

This trend is likely to continue due to strong growth in the auto segment resulting from an increase in consumer income levels. the number of passenger cars has increased at a CAGR of 14. Rise in sale of passenger cars lead to increased demand for auto insurance • • Between 2005–06 and 2009–2010. Other traditional products have also been customised to meet specific needs of the Indian consumers.MARKET OVERVIEW Insurance November 2010 Growth drivers … (5/5) • Launch of innovative products • The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs). the auto insurance premium has increased at a CAGR of 19. such as bancassurance. The non-life insurance sector has witnessed personal/retail line products pick up on the back of increasing income levels and changing life styles. has increased outreach. • • Emergence of new distribution channels.7 per cent. via RAD 15 . brokers and e-channels. Source: ―Indian Insurance Sector: Stepping into the next decade of growth.‖ EY CBK. September 2010. Between 2005–06 and 2009–2010.3 per cent.

. In the life insurance segment. Growing market share of private players • • 16 . online distribution. share of the private sector in total premiums increased from 2 per cent in 2002–03 to 29. share of the private sector in total premiums increased from 9. brokers.9 per cent in 2009–2010. Product innovation will continue to enhance operational efficiency.g.MARKET OVERVIEW Insurance November 2010 Key trends … (1/2) Emergence of new distribution channels • Alternative channels include bancassurance.5 per cent in 2002–03 to 40. NGOs) in remote areas. corporate agents such as non-banking financial companies (NBFCs) and tie-ups of parabanking companies with local corporate agencies (e. direct selling agents. In the non-life insurance segment.1 per cent in 2008–09. Product innovation • • Consumers’ need for higher levels of customisation has led to product innovation.

Capital requirements across the sector are likely to increase due to: • Higher sum assured driving sum at risk • Greater allocation to policyholders’ assets due to lower charges • Back loading resulting in high new business strain. Large insurers continue to expand. Therefore.MARKET OVERVIEW Insurance November 2010 Key trends … (2/2) • Consolidation in future The industry has witnessed the entry of many companies in the domestic insurance industry. FDI limit of 26 per cent and the recent developments in equity markets have impacted their growth prospects. most focused on cost rationalisation and aligning business models to ground level realities to realise reported embedded value (EV) and generate value from future new business. and expense overruns due to low productivity of newly set distribution network Mounting focus on EV over profitability • • Rising capital requirement 17 . However. increasing competition in easily accessible urban areas. consolidation will lead to fewer but stronger players in the country and also generate healthy competition.

UK 4.22 2.org.90 Source: Insurance Regulatory and Development Authority website. USA CGU Life. accessed 25 November 2010 18 .79 3. www. UK None Sunlife.24 1. India Tata Group Kotak Mahindra Bank Jammu & Kashmir Bank. Germany BNP Paribas. France Standard Life.90 0.92 6.MARKET OVERVIEW Insurance November 2010 Key players — life insurance … (1/2) Company LIC ICICI Prudential Indian promoter partner(s) Government of India ICICI Bank Ltd Foreign partner(s) None Prudential. Canada New York Life.06 1. South Africa Metlife.74 1.25 2. USA Old Mutual.irdaindia.06 0.51 2. Max Dabur Allianz. UK Market share (2008–09) (in per cent) 70. USA AIG.92 Bajaj Allianz SBI Life HDFC Standard Reliance Birla Sun Life Max New York Tata AIG OM Kotak Life Metlife Aviva Bajaj Auto SBI HDFC Reliance Group Aditya Birla Group Max. Shapoorji Pallonji.

MARKET OVERVIEW Insurance November 2010 Key players — life insurance … (2/2) Company ING Vysya Shriram Life Bharti AXA IDBI Fortis Life Canara HSBC OBC Sahara Future Generali Star Union Dai-ichi Indian promoter partner(s) Gujarat Ambuja. Asia Pacific None Generali Group.07 0. Enam. OBC Sahara Group Future Group Bank of India.14 0. Union Bank of India Foreign partner(s) ING Insurance.20 0. Italy Dai-ichi. Netherlands Sanlam. UK HSBC. South Africa AXA Insurance. Federal Bank Canara Bank.13 0.16 0.00 0. USA Pramerica.09 0. www.00 Source: Insurance Regulatory and Development Authority website. UK 0.01 0.org. USA Legal & General Middle East Limited. accessed 25 November 2010 19 .65 0. Exide Shriram Group Bharti Group IDBI.02 AEGON Religare DLF Pramerica IndiaFirst Life Insurance Company Religare DLF Bank of Baroda and Andhra Bank AEGON. France Fortis.irdaindia. Japan Market share (2008–09) (in per cent) 0.

accessed 25 November 2010 20 .36 12. Canada Allianz.org. Germany None Market share (2009–10) (in per cent) 15. AIG.USA 4.63 6.10 8.18 IFFCO Tokio HDFC ERGO General Royal Sundaram Tata-AIG IFFCO HDFC Sundaram Finance & Associates Tata Group Tokio Marine Asia ERGO.59 5.MARKET OVERVIEW Insurance November 2010 Key players — non-life insurance … (1/3) Company New India Assurance United India Insurance Oriental Insurance National Insurance ICICI Lombard Bajaj Allianz Reliance Indian promoter partner(s) Government of India Government of India Government of India Government of India ICICI Bank Bajaj Group Reliance Group Foreign partner(s) None None None None Lombard.75 13.34 Source: Insurance Regulatory and Development Authority website.43 2. Germany Royal & SunAlliance Plc.irdaindia.55 12.29 2.38 2. www.

UK None None 0.irdaindia.01 SBI General Insurance Company Limited Max Bupa Health Insurance Company Ltd L&T General Insurance Company Limited GIC (Re-insurer) State Bank of India Insurance Australia Group (IAG). accessed 25 November 2010 21 . Japan Sanlam Group. Australia Market share (2009–10) (in per cent) 2.00 0. IOB. Australia 0.MARKET OVERVIEW Insurance November 2010 Key players — non-life insurance … (2/3) Company Cholamandalam Shriram General Future Generali Bharti AXA Universal Sompo Raheja QBE Indian promoter partner(s) Murugappa Group Shriram Group Future Group Bharti Group Allahabad Bank. www. Karnataka Bank Raheja Group Foreign partner(s) Mitsui Sumitomo.00 - Source: Insurance Regulatory and Development Authority website. Italy AXA Insurance. Japan QBE Holdings.09 1.06 1.00 Max India Limited Larsen & Toubro Limited Government of India Bupa Finance PLC.01 0.76 0. South Africa Generali Group. France Sompo.org.50 0.

13 0.30 Source: Insurance Regulatory and Development Authority website. www.57 2.98 2. accessed 25 November 2010 22 .org.irdaindia. Germany Market share (2009–10) (in per cent) 3. Oman None DKV.MARKET OVERVIEW Insurance November 2010 Key players — non-life insurance … (3/3) Health insurance Agriculture Insurance Co Star Health & Allied Insurance ECGC Apollo DKV Indian promoter partner(s) GIC and its 4 subsidiaries Star Health and Allied Insurance Co Government of India Apollo Hospitals Foreign partner(s) None ETA Ascon Group.

INSURANCE November 2010 Contents  Advantage India  Market overview  Policy and regulatory framework  Opportunities  Industry associations 23 .

1956. FDI up to 26 per cent is permitted in the insurance sector. must be incorporated under the Companies Act. 1999) as the regulatory body to govern the Indian insurance sector. This proposal is currently under consideration in the Parliament. • • • • • 24 .7 million for reinsurance business International players can operate in India only through a joint venture with a domestic firm and are classified under private sector insurers. to operate as an insurance company in India.3 million for life insurance or non-life insurance business • At least US$ 416. A company. Capital requirement — paid up equity share capital • At least US$ 208. IRDA does not allow foreign reinsurance companies to open branches in India. and possess the certificate of the memorandum of association and articles of association.POLICY AND REGULATORY FRAMEWORK Insurance November 2010 Policy and regulatory framework … (1/4) • IRDA was formed by an act of the Indian Parliament (known as the IRDA Act.

• Set up a data warehouse to monitor settlement of insurance claims. 25 . investment portfolios at regular intervals. proposes to provide for the increase in shareholdings by a foreign company from the current limit of 26 per cent to 49 per cent. 2008. current financial position. risk management architecture. financial and operating ratios.POLICY AND REGULATORY FRAMEWORK Insurance November 2010 Policy and regulatory framework … (2/4) IRDA and the government are in the process of initiating the following regulatory reforms • • Regulatory reforms for IPO Regulatory reforms for M&A • IRDA and the Securities and Exchange Board of India (SEBI) are in the process of finalising their directives and provide detailed guidelines for M&A. etc. • FDI norms • The Insurance Laws (Amendment) Bill. actual solvency margin. • Disclosure norms • IRDA is drafting norms for mandatory disclosure of insurers’ financial statements. policy-lapse ratio.

without needing to change the terms and conditions of their existing policies in the non-life insurance space.POLICY AND REGULATORY FRAMEWORK Insurance November 2010 Policy and regulatory framework … (3/4) • Publishing policy and draft documents in regional languages for better understanding and extending reach. The Union Budget for 2010–11 has decided to roll back the government’s decision to tax the unrealised gains of non-life insurance companies. Implementing Weather Based Crop Insurance Scheme (WBCIS) Institutionalising the process of a self-regulatory mechanism by IRDA for enforcement of market discipline and initiating steps to ensure that the Life Insurance Council and the General Insurance Council become self-regulatory organisations. • • • • • • 26 . Broadening the long-term debt market by liberalising the investment norms of insurance and pension funds and development of credit enhancement institutions. Allowing portability of insurance providers . Establishing a separate health section with the specialists in the authority.

• 27 .POLICY AND REGULATORY FRAMEWORK Insurance November 2010 Policy and regulatory framework … (4/4) • • Establishing new guidelines for the reinsurance industry to strengthen and increase transparency. such as the telephone and the internet. IRDA has proposed to streamline the promotion of insurance products through distance sales channels. IRDA is asking insurance companies to prepare ―Key Feature Documents‖ for various products to be circulated to policy holders.

INSURANCE November 2010 Contents  Advantage India  Market overview  Policy and regulatory framework  Opportunities  Industry associations 28 .

accessed 25 November 2010. claims and risk management. focus of many private players has shifted to these areas.irdaindia. especially for subjects such as underwriting. The insurance regulator has also made compulsory for the appointed actuaries be called to all board meetings and help the insurer ensure solvency at all points in time. • • • Increasing insurance business has increased the demand for highly skilled professionals as well as semi-skilled and unskilled people. ―Indian Insurance Sector: Stepping into the next decade of growth. limited regulations and narrow understanding of client needs and expectations have restricted demand for micro-insurance products. Low insurance literacy and awareness. Insurances companies need to invest in professional training of their employees.OPPORTUNITIES Insurance November 2010 Opportunities … (1/3) • Rising demand from semi-urban and rural population for micro-insurance products The industry is also promoting micro-insurance as a viable business opportunity and integrating the same with the poverty alleviation programmes of various state governments. September 2010. IRDA has mandated the appointment of actuary in all insurance companies and ensuring certification of all products before launch. • Employment opportunity for specialized services • • Sources: Insurance Regulatory and Development Authority website. To ensure continued growth trained manpower with specialized knowledge about this industry is critical.‖ EY CBK. www. with the development of rural health insurance regulations and growing awareness about micro-insurance products.org. However. high transaction costs. The transition from Solvency I norms to Solvency II norms by 2012 is going to increase the demand for actuaries and risk management professionals. via RAD 29 .

The opening of the pension sector and the establishment of the new pension regulator have expanded the avenues for private sector employees. • • Growing pension sector • In India. US$790 million in 2006–07 to US$2 billion by 2009–2010. • • Growing demand for Indian insurance offshoring business Total revenues from Indian offshore insurance business process outsourcing (BPO) services are estimated to have increased from US$ 367 million in 2002–03. Only government employees are entitled to pension benefits post-retirement. micro-insurance is seen as the most suitable aid to reach the poor and socially disadvantaged sections of society. Employment is expected to more than double from 41. 30 . fast progression of medical technology and increasing demand for better healthcare have facilitated a substantial growth in health insurance.500 in 2009– 2010. Favourable demographics.600 in 2005–06 to around 100. the government provides limited social security to its citizens as reflected in the fact that less than 4 per cent of the population is covered under the social security schemes.OPPORTUNITIES Insurance November 2010 Opportunities … (2/3) • High potential demand for insurance products Since more than two-thirds of India’s population lives in rural areas.

OPPORTUNITIES Insurance November 2010 Opportunities … (3/3) • Lower penetration of the health insurance sector In India. • • 31 . the total expenditure on health. government expenditure constituted 3. Share of health insurance was 20.2 per cent in the UK and 4. was 5 per cent in 2006–07 as against15. 8.8per cent of the total non-life insurance premium in 2009–10.7 per cent in China. as a percentage of GDP. Life insurance companies are likely to target primarily the young population so that they can amortise the risk over the policy term. Health insurance premiums are expected to increase to US$6.2 per cent in the US.25 billion by 2015. Of this.5 per cent.

INSURANCE November 2010 Contents  Advantage India  Market overview  Policy and regulatory framework  Opportunities  Industry associations 32 .

in 33 . Jeevan Seva Annexe Bldg. Hyderabad–500 004 Phone: 91-040-23381100 Fax: 91-040-66823334 E-mail: irda@irda. S. Parisrama Bhavan. Jamshedji TATA Road.gov. 14. Mumbai–400020 Phone: 91-22-22817511.in Life Insurance Council 4th Floor.V.INDUSTRY ASSOCIATIONS Insurance November 2010 Industry associations Insurance Regulatory and Development Authority (IRDA) 3rd Floor. Churchgate . Royal Insurance Building.org General Insurance Council 5th Floor.narwilkar@lifeinscouncil. Santacruz (W). 26103306 E-mail: ninad. Basheer Bagh. Mumbai–400054 Phone: 91-22-26103303. 22817512 Fax: 91-22-22817515 E-mail: gicouncil@gicouncil. Road.

Conversion rate used: US$ 1= INR 48. numbers in the report have been rounded off to the nearest whole number. 34 .NOTE Insurance November 2010 Note Wherever applicable.

wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation). Neither Ernst & Young nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation. Ernst & Young and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. The same may not be reproduced. This presentation is for information purposes only. the content is not to be construed in any manner whatsoever as a substitute for professional advice. All rights reserved. 35 . modified or in any manner communicated to any third party except with the written approval of IBEF.INSURANCE November 2010 DISCLAIMER India Brand Equity Foundation (IBEF) engaged Ernst & Young Pvt Ltd to prepare this presentation and the same has been prepared by Ernst & Young in consultation with IBEF. While due care has been taken during the compilation of this presentation to ensure that the information is accurate to the best of Ernst & Young and IBEF’s knowledge and belief. All copyright in this presentation and related works is solely and exclusively owned by IBEF.

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