Assignment 2

Top Five Insurance Companies

In India





Content
Sr.no topic
01 LIC
02 ICICI PRUDENTIAL LIFE INSURANCE
03 BIRLA SUNLIFE INSURANCE
04 RELIANCE LIFE INSURANCE
05 TATA AIG LIFE INSURANCE



Note: As Per Information Available On Net Top 5 Companies Of The Year
2013 Declared In The Year 2014.







Life Insurance Corporation of India (LIC)
Introduction:
Life Insurance Corporation of India (LIC) is a Government of India enterprise, and is said to be
the largest life insurance company and also the largest investor of the country. LIC was founded
on the 1st of September, 1956 after the Parliament of India passed the Life Insurance
Corporation Act on June 19th, 1956. The objective for this corporation was to spread life
insurance more widely, esp. in the rural areas, and reach every insurable person in the country. In
tandem with this goal, LIC provides life insurance services at affordable prices to both the rural
(and the socially/financially backward segments of the Indian society) and the urban segments. It
encourages the lower income group people to save their money by offering attractive savings
features along with the regular insurance policies. LIC is headquartered in Mumbai and along
with this corporate office, it also has 8 zonal offices, 109 divisional offices, 2048 branch offices
and 992 satellite offices located in different towns and cities of India. LIC has touched millions
of lives for the past 55 years.
A Comparative Analysis between LIC (government) and Private Insurance Companies.
An important reason the health insurance market in India is so underdeveloped. It is
notsurprising that not a single health insurance company is among the 22 new privateinsurance
companies licensed since 1999. Clearly, the IRDA and the Ministry of Healthneed to work in
tandem to solve these problems.Another area where the insurance industry is not doing its job is
helping mitigate the risksfor personal and business loss from natural catastrophes. In the past
decade, India andChina accounted for one-fourth of the global economic losses from natural
disasters.Insurance availability in India for natural catastrophes is almost negligible. As we
haveseen with the Indian Ocean tsunami, the absence of a "safety net" for property lost in
adisaster has led to substantial personal loss and slowed economic recovery.
Insurance Sector Reforms in India: Challenges and Opportunities:
Insurance in India started without any regulations in the nineteenth century. It was atypical story
of a colonial era: a few British insurance companies dominating the marketserving mostly large
urban centers. After the independence, the Life Insurance Companywas nationalized in 1956,
and then the general insurance business was nationalized in1972. Only in 1999 private insurance
companies were allowed back into the business of insurance with a maximum of 26 per cent of
foreign holding (World Bank EconomicReview 2000). The entry of the State Bank of India with
its proposal of bank assurancebrings a new dynamics in the game. On July 14, 2000 Insurance
Regulatory andDevelopment Authority bill was passed to protect the interest of the policyholders
fromprivate and foreign players. The following companies are entitled to do insurancebusiness in
India.The private insurance joint ventures have collected the premium of Rs.1019.09 crore
withthe investment of just Rs.3,000 crore in three years of liberalization. The privateinsurance
players have significantly improving their market share when compared to 50years Old
Corporation (i.e. LIC). As per the figures compiled by IRDA, the LifeInsurance Industry
recorded a total premium underwritten of Rs. 10,707.96 crore for theperiod under review. Of
this, private players contributed to Rs.1, 019.09 crore, accountingfor 10 percent. Life Insurance
Corporation of India (LIC), the public sector giant,continued to lead with a premium collection
of Rs.9,688.87 crore, translating into amarket share of 90 per cent. In terms of number of policies
and schemes sold, privatesector accounted for only 3.77per cent as compared to 96.23 per cent
share of LIC (TheEconomic Times, 21March04).he ICICI Prudential topped among the private
players in terms of premium collection. Itrecorded a premium of Rs. 364.9 crore and a market
share of 25 per cent, followed byBirla Sun Life with a premium under- written Rs.170 crore and
a market share of 15percent, HDFC Standard with 132.7 crore and Max New York Life with
Rs.76.8 crorewith a market share of approximately 15 per cent each. Unlike their counterpart in
the lifeinsurance business, private non-life insurance companies have not yet started
addressingthe retail market. All is set to change in the coming years. Like in the banking
sector, non-life insurance companies will soon have no choice but to focus on individual
buyers.The latest series of bomb attacks, attack on parliament, attack on Ayodhya, attacks of
theMaoists, nature calamities like tsunami, floods and drought, ragging are prevailed in
thecountry and need not to say about the farmer who has been insecure about rains, seeds,crops
and suitable price for his crop. In developed countries, the owners have insured even pet dogs.
Whereas in India about 80 percent of human beings and major naturalresources have not been
insured in globalization era.It is, therefore, an urgent need to explore the challenges and
opportunities faced by theinsurance sector in India.

Indias Insurance Industry Likely To Jump By 500% In 2010:ASSOCHAM :
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has projected
about 500% hike in the size of domestic insurance business which will grow toUS$ 60 billion by
2010 from the current size of around US$ 10 billion as the growing competitive age is
developing a larger appetite among people for wider insurance coverage. The projections of the
Chamber are based on feedback that it received from its various constituents, engaged in the
insurance business, highlighting that Indias life insurance premium as a percentage of GDP is
currently estimated at 1.8% against 5.2% in US, 6.5%in UK and about 8% in South Korea.
Releasing the analysis, ASSOCHAM President, Mr. Venugopal N. Dhoot said that ruraland
semi-urban India will contribute US $35 billion to the Indian insurance industry by2010,
including US $20 billion by way of life insurance and the rest US $15 billion through non-life
insurance schemes. A large part of rural India is still untapped due to poor distribution, large
distances and high costs relative to returns. Urban sector insurance is estimated to reach US $25
billion by 2010, life insurance US $15 billion and non-life insurance US $10 billion, added
Mr.Dhoot. ASSOCHAM findings reveals that in the coming years the corporate segment, as a
whole will not be a big growth area for insurance companies. This is because penetration is
already good and companies receive good services. In both volumes and profitability therefore,
the scope for expansion is modest .ASSOCHAM has suggested that insurers strategy should
be to stimulate demand in areas that are currently not served at all. Insurance companies mostly
focus on manufacturing sector; however, the services sector is taking a large and growing share
of Indias GDP. This offers immense opportunities for expansion opportunities. To understand
the prospects for insurance companies in rural India, it is very important to understand the
requirements of India's villagers, their daily lives, their peculiar needs and their occupational
structures. There are farmers, craftsmen, milkmen, weavers, casual labours, construction workers
and shopkeepers and so on. More often than not, they are into more than one profession. The
rural market offers tremendous growth opportunities for insurance companies and insurers
should develop viable and cost-effective distribution channels; build consumer awareness and
confidence. The Paper found that there are a total 124 million rural households. Nearly 20% of
all farmers in rural India own a Kissan Credit cards. The 25million credit cards used till date
offer a huge data base and opportunity for insurance companies. An extensive rural agent
network for sale of insurance products could be established. The agent can play a major role in
creating awareness, motivating purchase and rendering insurance services. There should be
nothing to stop insurance companies from trying to pursue their own unique policies and target
whatever needs that they want to target in rural India .ASSOCHAM suggests that insurance
needs to be packaged in such a form that it appears as an acceptable investment to the rural
people. In the near future, when well see more innovations in agriculture in the form of
corporatization or a more professional approach from the farmers side, insurance will definitely
be one option that the rural Indian is going to accept. ASSOCHAM believes that insurers should
enter into tie-ups or understandings with government agencies to ensure the success of the
insurance schemes. The need of the hour is to have innovative policies that have explicit benefits
for the people to observ, understand and measure.
Indian Insurance Industry: New Avenues for Growth 2012 :
Description: With an annual growth rate of 15-20% and the largest number of life insurance
policies in force, the potential of the Indian insurance industry is huge. Total value of the Indian
insurance market (2004-05) was estimated at Rs. 450 billion (US$10billion). According to
government sources, the insurance and banking service contribution to the country's gross
domestic product (GDP) is 7% out of which the gross premium collection forms a significant
part. The funds available with the state-owned Life Insurance Corporation (LIC) for investments
are 8% of GDP. Till date, only 20% of the total insurable population of India is covered under
various life insurance schemes, the penetration rates of health and other non-life insurances in
India is also well below the international level. These facts indicate the of immense growth
potential of the insurance sector. The year 1999 saw a revolution in the Indian insurance sector,
as major structural changes took place with the ending of government monopoly and the passage
of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions
for private players and allowing foreign players to enter the market with some limits on direct
foreign ownership. Though, the existing rule says that a foreign partner can hold 26%equity in an
insurance company, a proposal to increase this limit to 49% is pending with the government.
Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have
poured into the Indian market and 21 private companies have been granted licenses. Innovative
products, smart marketing, and aggressive distribution have enabled fledgling private insurance
companies to sign up Indian customers faster than anyone expected. Indians, who had always
seen life insurance as a tax saving device, are now suddenly turning to the private sector and
snapping up the new innovative products on offer. The life insurance industry in India grew by
an impressive 36%, with premium income from new business at Rs. 253.43 billion during the
fiscal year 2004-2005, braving stiff competition from private insurers. This report, Indian
Insurance Industry: New Avenues for Growth 2012, finds that the market share of the state
behemoth, LIC, has clocked21.87% growth in business at Rs.197.86 billion by selling 2.4 billion
new policies in 2004-05. But this was still not enough to arrest the fall in its market share, as
private players grew by 129% to mop up Rs. 55.57 billion in 2004-05 from Rs. 24.29 billion
in2003-04. Though the total volume of LIC's business increased in the last fiscal year(2004-
2005) compared to the previous one, its market share came down from 87.04 to78.07%. The 14
private insurers increased their market share from about 13% to about22% in a year's time. The
figures for the first two months of the fiscal year 2005-06 also speak of the growing share of the
private insurers. The share of LIC for this period has further come down to 75 percent, while the
private players have grabbed over 24 percent. There are presently 12 general insurance
companies with four public sector companies and eight private insurers. According to estimates,
private insurance companies collectively have a 10% share of the non-life insurance market.
Though the focus of this market research report is on the potential growth on the Indian
Insurance Sector, it also talks about the market size, market segmentation, and key developments
in the market after 1999.
LIC to outdo first premium collection target for FY14: Chairman SK Roy
Insurance major LIC said it will exceed the target for first premium collection for this fiscal,
indicating better times for the industry than the last year which was dismal for insurers.
Life Insurance Corporation (LIC) had witnessed a 6.5 per cent drop in new premium collection
in the last fiscal "We have budgeted 12 per cent growth in first premium collection for the
fiscal... but we will grow at substantially higher than the budgeted growth rate," LIC Chairman
SK Roy told reporters on the sidelines of an Irda event here.
"Our first premium growth for the year is more than 30 per cent as of now against budgeted 12
per cent," he said, adding its growth will drive the insurance market in the current fiscal.
Meanwhile, Roy also said 15 products would be available for sale from next year as per new
product guidelines issued by the Irda.
"Whatever, we have filed with the regulator, we have got approval....On life side, we are looking
to have at least 15 products on December 31....This is excluding the group side products, which
had already been approved and sale for which have already started," Roy said, adding most of
the popular products will be available to customers.
He, however, said no ULIP (unit-lnked insurance product) will be among those products
available in the first phase from January 1, 2014.
On equity investment, Roy said LIC had invested around Rs 33,000 crore till date in the equities
market and future investment would depend on the available opportunities.
"In the current fiscal, we have invested around Rs 33,000 crore as of now...we don't have any
benchmark. It will depend on the investment opportunities available in the market," he said,
adding the initial Rs 40,000-crore mark will not be a limiting factor for equity investments.
The Chairman also noted that market rally can see profit- booking by insurers.
Roy further said it takes the divestment programme as an investment, which will be done on
merit.
"We view any disinvestment as any other investment proposal. If it makes good sense to us, we
participate in that and I think, our track record stands testimony to that," he said. He also said the
company has not set aside any corpus for the divestment programme.





Birla Sun Life Insurance
Introduction:
Birla Sun Life Insurance Co. Ltd. (BSLI) is a joint venture between Aditya Birla Group, an
Indian multinational corporation, and Sun Life Financial Inc, a leading global insurance
company. Established in 2000, BSLI has contributed to the significant growth and development
of the life insurance industry in India and currently ranks amongst the top 5 private life insurance
companies in the country. Birla Sun Life Insurance is distinguished as the first financial solutions
company to introduce 'Business Continuity Plan', the 'Free Look Period' and 'Unit Linked Life
Insurance Plans' in the Indian insurance.
BSLI believes in passion, customer support and commitment. The mission of the company is to
help people with risk management. It also helps in managing the financial situation of firms as
well as individuals.
Savings Solutions
1. What are Saving Solutions?
Savings Solutions are aimed at preserving your money, providing you with liquidity and
giving you tax-efficient returns.

2. Who can benefit from Saving Solutions?
This is an ideal solution for investors who have low - medium propensity for risk and
high liquidity. These can be ideal for first time investors in mutual funds.

Regular Income Solutions
1. What are Regular Income Solutions?
Regular Income Solutions aim to preserve your money and provide regular income.

2. Who can benefit from Regular IncomeSolutions?
This is an ideal solutions for investors who are interested in alternative modes of regular
income, either in present of after retirement stage, and have low propensity for risk.\
(Regular income is not assured & is subject to availability of distributable surplus.)
Wealth Creation Solutions
1. What are Wealth Creation Solutions?
Our Wealth Creation Solutions aim to grow your money through equity/gold investments
and are available in a rangeof conservative to aggressive options.

2. Who can benefit from Wealth Creation Solutions?
These solutions can be ideal for investors who are planning for future expenses, like
higher education of children, marriage, buying a home etc. These solutions are available
in the range of aggressive to conservative options to suit the needs of the investor.

Tax Savings Solutions
1. What are Tax Savings Solutions?
Our Tax Savings Solutions help to reduce your tax burden and at the same time, aim to
grow your money through equity investments.

2. Who can benefit from Tax Savings Solutions?
Tax saving is important, especially when investors can save up to ` 30,900 in taxes!
Section 80C of the Income Tax Act, 1961 provides options to save tax by reducing the
taxable income by up to ` 1 lakh. But, wealth creation is also important. Isnt it? Thats
why this solution is ideal for investors who would like to create wealth along with tax
saving.
(Tax savings of ` 30,900 is calculated assuming qualifying amount of deduction is ` 1
lakh & investor falls in the top income tax slab of 30% & includes applicable cess.
Investors are advised to consult their tax advisor in view of individual nature of tax
benefits. Further, Tax deduction(s) available u/s 80C of the Income Tax Act, 1961 is
subject to conditions specified therein. Investors are requested to note that fiscal laws
may change from time to time and there can be no guarantee that the current tax position
may continue in the future.)

Assistance round the clock
View portfolio summary
View transaction history
Track portfolio
Purchase, Switch & Redeem
Change TPIN (Track portfolio personal Identification Number
Get Account Statement instantly

Online Portfolio Access
www.birlasunlife.com

All India Telephone
Toll Free: 1-800-22-7000 (MTNL/BSNL) 1-800-270-7000

Mobile Investment Manager
www.birlasunlife.com/mobile






Reliance Life Insurance
Reliance Life Insurance Company Limited comes under the Anil Dhirubhai Ambani Group
(ADAG) which ranks among the top 3 private sector financial services and banking companies
of India. Reliance ventured into the life insurance business in October 2005 by acquiring AMP
Sanmar and in 2009-2010, it became the largest private insurer of India with largest number of
policy count.
RLIC has a huge network of around 1145 branches covering a wide geographical area. It is one
of the ISO 9001:2000 certified life insurance companies of India and has been awarded the
"Jamnalal Bajaj Uchit Vyavahar Puraskar 2007 - Ceritificate of Merit" in the Financial Services
category by Council for Fair Business Practices (CFBP). This company also won the DL Shah
Quality Council of India Commendation award in February 2008. Given below is a list of
policies offered by Reliance Life Insurance Company.
Reliance Life Insurance Company ties up with five insurance repositories
Private insurer Reliance Life Insurance Company (RLIC) today said it has join hands with all
five insurance repositories to provide life insurance policies in electronic form.
Reliance Life Insurance has tied up with five insurance repositories -- Database Management
Limited, Central Insurance Repository Limited, SHCIL Projects Limited, CAMS Repository
Services Limited and Karvy Insurance Limited -- to enable and encourage policyholders to hold
their insurance policies in demat form.
The Insurance Regulatory and Development Authority (IRDA) has approved all these five
companies as Insurance Repositories (IR).
According to IRDA, insurers can enter into agreements with one or more repositories. The
objective of creating an insurance repository is to provide policy holders the facility to keep
insurance policies in electronic form.
"Dematerialisation of policies will bring greater transparency and convenience to customers and
it will also help reduce cost in issuing and maintaining life insurance policies. More importantly,
it will also ease the problem of customer-contactability, which is a huge challenge faced by the
industry," he added.
Reliance Life Insurance to introduce 25 products
Goa: Indian private sector life insurer Reliance Life Insurance Co Ltd will introduce 25 products
from 2014 in line with the guidelines laid down by the sector regulator, on Thursday.
"received most of the product approvals from IRDA (Insurance Regulatory and Development
Authority) and will be launching these over the next three months,"
The company will mainly focus on launching traditional products to its customers, he added.
The company aims to close this fiscal ending on March 31, 2014 with a premium collection of
Rs 40 billion. Net profit of the company, which is a joint venture between Anil Ambani-
controlled Reliance Capital and Japan's Nippon Life, is expected to be flat at Rs 3.8 billion in
this fiscal.
RLIC, which is a part of Anil Ambani-led Reliance Group's financial services arm Reliance
Capital Limited, said these 25 new products under the new regulatory regime would be launched
beginning January 1, 2014, and approvals have been secured from the Insurance Regulatory
Development Authority (IRDA).
Traditional plans will contribute 80 per cent while the unit-linked plans will contribute around 20
per cent to the top-line in the new product environment, he said.
As per new regulatory guidelines, life insurance products have been segmented into three broad
categories traditional insurance plans, variable insurance plans and unit-linked insurance plans.
"Reliance Life Insurance is planning to file more products with IRDA in the next few months to
offer a comprehensive product suite across all customer need segments,"
Reliance Life Insurance will continue to capitalise on its strong agency-driven distribution
models and focus on agent productivity to drive growth, he said. The company would rely on
increasing productivity to increase insurance penetration across the country.India being a diverse
country, local understanding and insight of an insurance agent is a source of comfort for a
customer looking at financial planning, he said."Moreover, the agency model provides the
highest reach for products and services and creates employment generation
opportunities."However, improving productivity is a key challenge. Our focus is on agent
productivity with a view to increasing insurance penetration across the country. This will
continue to play a pivotal role in our growth journey," Rau said.The company has over 80,000
advisors and over 8,000 outlets across India and has achieved over 50 per cent growth in agent
productivity as of September 2013.














ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, India's
foremost financial services companies, and Prudential plc, a leading international financial
services group headquartered in the United Kingdom. While ICICI retains 74% stake in the joint
venture, Prudential plc has the remaining 26% stake. ICICI Prudential began its operations in
December 2000. Today, this company has over 1,900 branches (inclusive of 1,074 micro-
offices), over 210,000 advisors and 6 branch assurance partners. ICICI Prudential Life Insurance
Company is the first life insurer in India that received a National Insurer Financial Strength
rating of AAA (Ind) from Fitch ratings. ICICI Prudential has been voted as India's Most Trusted
Private Life Insurer for three consecutive years. This company provides various insurance plans
that have been designed for different individuals, as every individual has different insurance
needs. It celebrated its 10th anniversary on 12th December 2010. Given below is a list of plans
provided by ICICI Prudential Life Insurance Company:
ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The
authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million.
The Company is a joint venture of ICICI (74%) and prudential plc UK (26%).
The Company was granted Certificate of Registration for carrying out Life Insurance business,
by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced
commercial operations on December 19, 2000, becoming one of the first few private sector
players to enter the liberalized arena.
The Company is now operational in Mumbai, New Delhi, Pane, Chennai, Collate, Bangalore,
Chandigarh, Headband, Hyderabad and Luck now.
During this short period till March 31, 2001 the Company has issued 6387 polices translating
into a Premium Income Rest. 59.7 Million and a sum assured of over Rs.1000 Million.
The company recognizes that the driving force for gaining sustainable competitive advantage in
this business is superior customer experience and investment behind the brand. The Company
aims to achieve this by striving to provide world class service levels through constant innovation
in products, distribution channels and technology based delivery. The Company has already
taken significant steps to achieve this goal.
Vision and Mission
Our vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the
life insurance industry. This we hope to achieve through our commitment to excellence, focus on
service, speed and innovation, and leveraging our technological expertise.
The success of this organization will be founded on its strong focus on values and clarity of
purpose. These include:
Understanding the needs of customers and offering them superior products and service
Building long lasting relationships with our partners
Providing an enabling environment to foster growth and learning for our employees.
ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding
from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian
companies to raise funds from international markets. The Industrial Credit and Investment
Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the
Government of India and representatives of Indian industry, with the objective of creating a
development financial institution for providing medium-term and long-term project financing to
Indian businesses. Mr.A.Ramaswami Mud liar elected as the first Chairman of ICICI Limited.
Offering
Commitment to customers is at the core of every aspect of the companys initiatives, be it
product development, distribution, the sales process or servicing and claims settlement. Product
development is undertaken basis thorough research and understanding of the needs of
customers. For over a decade, ICICI Prudential Life Insurance has maintained its focus on
offering a wide range of flexible products that meet the needs of the Indian customer at every
stage in life. This has ensured that the various products offered by the company strategically fit
into the financial plan of the customers and helps them achieve their various long term financial
goals. In addition, ICICI Prudential Life also has a comprehensive multichannel distribution
network spanning various geographic and income segments to ensure that its products and
services are accessible to customers. ICICI Prudential Life Insurance has been helping customers
meet their long term financial goals by adopting an investment philosophy that aims to achieve
risk adjusted returns over the long term. The customer centric approach and focus on innovation
has enabled the company to garner the unstinted support of its customers and there creating a
trusted brand in the Indian life insurance sector.
Awards:
ICICI Prudential Life Insurance has been pronounced winner in the 2nd Excellence Awards and
Recongnition for Shared Services, 2012. We won the award in the category - Shared Services in
India - Insurance Domain.
These awards have been instituted by All India Management Association (AIMA) & Delhi
Management Association (DMA), in collaboration with Rvalue Consulting as knowledge
partners, to honour,recognize & promote trasformative strategies for shared services.













Tata AIG Life Insurance
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company which is
formed by Tata Sons and AIA Group Limited. Tata AIG Life merges Tata's incredible leadership
position in India and AIA's presence as the largest, self-governing and listed pan-Asia life
insurance group in the world spanning 15 markets in Asia Pacific. A majority stake in this
merger (i.e., 74%) is held by Tata Sons while AIA holds the remaining 26% through an AIA
Group company. This insurance firm got its license to operate in India on February 12, 2001 and
finally started operations on April 1, 2001. Their vision is to be the most trusted life insurance
company that values customers' financial well-being, consistently delivers best-in-class solutions
and is respected by all. Mission statement of Tata AIG Life insurance reads as, "Enhance our
customers' well-being." The following list of policy and plans will give you an idea of their
products and solutions. Browse through them for a better clarity on this topic.
Tata AIG General Insurance eyes 15% premium growth in FY15
Private general insurer Tata AIG General Insurance is hopeful of posting around 15 per cent
growth in premium collections in the next financial year on the back of an expected recovery in
economy, a top company official has said. "FY15 will be better. The premium growth should be
around 15 per cent," Tata AIG chief executive Kaushal K Mishra told PTI in an interaction over
the weekend. The general insurer, which is likely to end this fiscal with around 13 per cent rise in
premium, attributed pick-up in growth to expected economic recovery in the next financial year.
"If there is a stable government in the Centre post the polls, then by August-September, things
will look better," Mishra said. Increase in middle class spend, rise in sales in auto sector, along
with thrust to infrastructure projects, are likely to push growth in general insurance industry, he
added. Amidst slow economic growth, the general insurance industry has seen growth slipping to
around 10-12 per cent from 18 per cent reported a year ago. Motor insurance, which contributes
more than 40 per cent of the industry is the key segment to be hit this fiscal due to falling
automobile sales.
On target areas for next fiscal, Mishra said the company would continue its focus on commercial
lines of business along with expanding its geographical reach during this period.
"We have also filed products in group medical insurance segment before the regulator. We will
launch the products as soon as we get the approval," Mishra said, adding the company will focus
on SME segment, which is largely untapped as of now.
The Tata AIG General Insurance is a joint venture between the Tata Group and American
International Group (AIG) in which Tata holds majority stake. It has posted a 13.98 per cent rise
in premium collection to Rs 1,756.38 crore in the first nine months of the current financial year.

Tata AIG posts 17.3% rise in premium collection to Rs 1,277 cr
Tata AIG posted a 17.3 per cent rise in premium collection to Rs 1,277 crore in the first half of
the current financial year, the company said.
Gross written premium (GWP) of the general insurer stood at Rs 1,094 crore in the same period
of previous fiscal.
According to the company, its underwriting profit was at Rs 19 crore during this period as
against Rs 5 crore reported in the same period of last fiscal.
While Tata AIG's combined ratio was at 97 per cent, the profit before tax stood at Rs 153.29
crore during the first half of this fiscal.
"Though this has been a challenging half year, Tata AIG will keep up its growth momentum
without compromising on its underwriting standards. We believe that it is our underwriting
practices which ensure a healthy bottom line for the company," Chief Executive Officer of Tata
AIG, Kaushal K Mishra said.
Tata AIG General Insurance is a joint venture between Tata Group and American International
Group (AIG), in which Tata holds majority stake.



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