CHAPTER – II

REVIEW OF LITERATURE

It is an activity of identifying the previous studies and research works to

ascertain the level of research work already conducted relating to the study area. It

provides knowledge about problem of the study, research methodology applied, how

to fix the objectives of the study and how the objectives are attained in the previous

research. Here the researcher gone through the following past research works and

articles published in various journals and magazines and gather lot of information

regarding the current research. The following are the reviews useful for this study.

2002- Anabil Bhattacharya, had conducted a research work on “Profit

generation in General Insurance in 2002.” It consists various aspects of the

companies’ performance such as claim management, profit and growth, greater

attention in existing business, higher disposable income increased social instability

growth of large corporations etc.1

2010-Kumar, Rohit had conducted their research work on “Performance

evaluation of General Insurance Companies: A case study area by Post-reform period

and Pre- reform period.” The objective of the study was mainly focused on the public

sector insurance and private sector insurance. They examined the effect or reforms

on the performance of Public insurance companies. They had used ratio analysis as a

tool to analyze the performance of the sample companies. He had found that the

growth rate of Private Sector is higher than the Public sector in post-reform period.

Finally the researcher had suggested that the public sector insurance companies need

to improve their claim settlement process to keep up their service quality.2

30
 2011- Shinde, Sanjaykumar R- “A Comparative Study of life insurance

corporation of India and private life insurance companies in India” The research was

focused on the performance evaluation of LIC and private life insurance companies

in India. In this study the researcher had used mean, percentage, ratios, ANOVA,

Data Envelopment Analysis and linear trend to analyze the performance of the

insurance companies. He also predicts the volume of new business and total premium

of life insurance companies in India. For the above purpose the researcher collects

data from various secondary sources from the period 2000-2001 to 2009-10.3

2011- Modi Manisha S held a research on “A comparative Performance

study of General Insurance Public Sector Companies of India” Here the researcher

analyzed the profitability financial strength and operational efficiency of General

Insurance Public sector companies. The main objective of this study was to compare

the public sector non-life insurers‟ performance in the research period. so the

researcher used various tools such as ratios, F test, Chi-square test etc., to find

accurate results.4

2012- Mutugi, Permimus M – had analyzed on “The determinants of

financial performance of life assurance companies in Kenya” The study applied a

descriptive design. The researcher took 23 insurance companies as sample companies

and 9 insurance companies transacting life insurance business only. The main

objective of the study was to analyze the determinants of the financial performance

of life assurance companies. The researcher had found finds the capital structure

affected the performance of the life insurance companies, because it affects the

financial costs and burdens of a company. The study concluded that capital structure

innovation and ownership structure are the determinants of the financial performance

of the companies.5
31
 2012- Abate Gashaw had analysed on “Factors Affecting Profitability of

Insurance Companies in Ethiopia”-Addis Ababa University. This study refers that the

percentage changes in total assets of insurance companies or percentage changes in

premium of insurance companies. The researcher had analyzed the effects of the

firm’s specific factors like age, size, and volume of capital, leverage liquidity,

growth and tangibility of assets on profitability provided by ROA in Ethiopia.6

2012- Subashini. R had conducted a research work on “A study on

operational and financial performance of Urban Co-operative Banks in Thanjavur

District”. The main objective of the study was to analyze the operational efficiency

and financial efficiency of urban co-operative banks in Tamil Nadu. The

researcher took some urban co-operative banks as sample in Tamil Nadu, and find

the results using ratio analysis as a financial tools and also using some statistical

tools for testing the hypothesis such as ANOVA, Trend Analysis etc. Finally

concluded that the urban co-operative banks in the study area have not performed

well on all the parameters. The researcher suggests that need improvement in

financial areas.7

2013-Aiyadurai. K Topic-General Insurance business in India features and

Prospects. The researcher chooses the topic in general performance of general

insurance companies. Therefore, his study covers the objectives of evaluating the

performance of public sector and private sector general insurance companies in

India. He selected the four public sector companies and all the private sector non-life

insurance companies. He analyzed the investment pattern, capital structure and other

performances of all the public sector and private sector general insurance companies

and gave the conclusion.8

32
 2013-Rathod Bharath Vithal “A study of Financial Performance of Urban

Cooperative banks with special reference to Pune City.” In this study the researcher

had studied about the financial performance of selected cooperative banks in Pune

city. Thus, he analyzed the profit of the banks, factors which are affecting the

financial performance of the banks, their existing method of banking practices and

their weakness. So that, he concludes that the co-operative banks are functioning to

develop the economic growth of the country. And the findings of this study reveal

that the banks which have better capital resources can manage and maintain their

services. For this study the researcher had both primary and secondary data, ratio

analysis, trend percentage were used to find the results. He had also used statistical

tools to testing the hypothesis.9

2014-Varvadiya Jignesh S had studied on “A comparative study on financial

performance appraisal of selected Private life insurance companies of India.” The

researcher had fully concentrated on the private life insurance sectors only. This

study clearly stated that which private life insurance is going with higher

profitability.10

2014-Navjeet Kaur had studied the “Growth and performance of General

insurance in India”. Here the main objective framed by the scholar is to evaluate the

overall performance of public sector general insurance companies and to study the

fort polio management of public and private sector general insurance companies. He

had used the CARAMEL parameter to analyze the quantitative soundness of the

insurance sector. He concluded that the public sector insurers have been more

efficient than private sector insurers in terms of efficiency in insurance business.11

33
 2014 - Ramaa Baanu. R had conducted her research on “A Study On the

Performance of public sector General Insurance Companies in Salem Division, Tamil

Nadu.” The problem of the study was the performance evaluation of General

Insurance business in Salem district. The researcher had analyzed the overall

performance of the four public general insurance companies by using the ratios as

financial tools. He also had given suggestions to improve the companies in future.12

2014- Kumar Praveen, held a research on “Financial Performance of

scheduled commercial banks in India: an analysis” This study was based on

secondary data collected from 10 selected nationalized banks in India. The main

objective of the study was to evaluate the financial performance of the selected

banks. The researcher had used the comparative analysis to find out the best

performed nationalized bank among the sample banks. He had compared the various

input and output factors of the banks and also testing the hypotheses which was

framed by him to find out the differences between the sample groups. He used

statistical tools such as F-test, T-test and ANNOVA for testing the hypotheses. The

result of this analysis was there is a difference between the performance on the basis

of deposits, capital, cash position, profit, interest paid and received of the sample

banks. 13

2015-Pupat, Ketan M had done his research work on “A comparative study

of financial performance evaluation of selected non-life insurance companies in

India. “The researcher had used very effective financial soundness indicators such as

Return on Net worth, Ratio of Total Assets to total liabilities Liquidity and solvency

etc., As per his study he suggested that the public non-life insurers need to

restructure their capital portfolio. The private insurers need to maintain required

34
quantum of technical reserves for better support for unexpected claim.14

2015-Gulati Nancy had conducted a research work on “Operational

Efficiency of Life Insurance Companies in India”. In this research the researcher

used CARAMEL model to know the operational efficiency of LIC of India. This

analysis had been classified into Revenue efficiency, Cost efficiency and the profit

efficiency by the researcher for easy analyzation of the operational efficiency of LIC.

Here the researcher had used comparative analysis technique to come a conclusion.

Therefore, they have calculated some private life insurance companies‟ operational

efficiency too. Finally, they had suggested some ideas to improve the poor areas.15

2015- Lovelin Auguskani.P, had held a study on “Efficiency and

performance analysis on banc assurance of banks in Kanyakumari dist.” Here the

researcher had studied banking and insurance companies operations by selecting the

banks which are selling the insurance policies through banks. The researcher had

used primary and secondary data to achieve the objective of this study. The main

objectives of this study were to analyze the attitude, awareness, preference of the

customers and the efficiency of integrating insurance with banking.16

2015- Kumawat Meenakshi, had a research on Risk management in life

insurance companies in India- a comparative study. Here the researcher examined the

changes have taken place during the study period and the financial position of life

insurance companies. For that he had selected LIC, ICICI, HDFC, Brilla sun life and

Bajaj Alliance insurance companies. This study was covered only the claims

calculations, settlement procedure and death of the claim. The commission paid and

premium collected were compared to analyze the financial status of the companies.17

35
 2015- Jadi, Diara. M. D, had a study on An empirical analysis of

determinants of financial performance of insurance companies in United Kingdom.

Here the researcher had selected 57 insurers in United Kingdom over the period of

2006-2010. The analysis consists of eight variables which are, leverage, Profitability,

liquidity, size reinsurance, growth, type of business and organizational form and the

financial performance were analyzed by using the rating transition models. In

addition, this study provides insights into the effects of the global financial crisis on

the financial performance of the insurance companies. 18

2015-Rao m subba had a research on “Performance evaluation of General

Insurance Companies - A case study of National Insurance Company Ltd.” In this

study the researcher had analyzed the growth and development of the General

Insurance companies. Particularly he was denoted the performance of National

Insurance Company Ltd., by analyzing the total sources and applications of fund.

Here the study had looked over the overall income and expenditure status of the

company for support their analysis. The researcher had used ratios and calculation of

growth rates of various items to analyze the general performance of National

Insurance Company Ltd. he concluded from his study the company performed well

in medi claim policies in rural areas and gave suggestions such as, if the concern

introduce new schemes, it will make better insurance business in rural sector too.19

2016-Dr.K. Lakshmi had studied on “Financial performance of diversified

companies” She had selected 56 diversified companies for her study. Classification

of diversifying companies is tough and challenging work. She had done a very

difficult study in successful manner. The main objective of this study was to examine

the financial performance of diversifiers in order to assess the effect of the two

36
strategies of diversification, such as diversification into related business and

diversification into unrelated business. She gave conclusion on the basis of three

group of diversifiers such as related business, unrelated business and discrete

business.20

2016- Karinga Esther had a study on “The effect on the profitability of

insurance companies in Kenya”. The main objective of this study was to assess the

profitability of the listed insurance companies in Kenya, using the variable Return on

Equities. The researcher had found the ROE and had used as a moderating variable to

smooth out the effects of market forces during the study period. The results were

found as some companies were improved ROE and others had lower ROE. It

concludes that listing have a positive effect on the ROE of the insurance

companies.21

2016- Mungara,Sandip T had held a research on “A comparative analysis of

financial indicators of private banks vs public banks in India” In this study the

researcher had compared the performance of private banks and public banks with the

help of ratios. The main objective of this study was to find out the financial

performance of private and public sector banks and compare the profitability of the

banks, The researcher had found that the public sector banks are better than the

private sector banks interms of cash position, income, non-interest income and

earnings per share etc.22

2016- Balagurusamy A held a “A comparative study on financial

performance of selective private sector and public sector insurance companies in

India.” The main objective of this study was to determine the impacting factors of the

growth and profitability of the selected private and public sector insurance

37
companies and find the results. The period of the study was from 2005-06 to2014-15.

Secondary data was used to analyze the efficiency of the insurance companies.

Mean, standard deviation, ratio analysis, CAGR, ANOVA, multiple regression

analysis were used as tools in this study. The findings of the study reveal that the

private sector insurance companies were maintaining their liquidity with the self

development process. The public sector insurance companies are facing more

competition. The researcher concluded that both public sector and private sector

insurance companies remain successfully maintain their financial position.23

2017-Muthumeena M had been held a research on “Business and Financial

Performance of non-life Insurance Companies in India.” The main objective of this

study had to analyze the business performance and the liquidity, profitability

solvency position of the concern. Here the researcher had covered both the private

and public sector non- life insurers and compare their financial efficiencies and

performance using ratio analysis and ANOVA as statistical tool. This study

depicted that the performance of Public Ltd., companies are better than the

performance of Private non-life Insurance companies.24

2017-Kumar Naveen had studied the financial performance of Indian non-

life insurance companies in post reform period. Public sector insurance companies

had dominated the business in India. But after 2000 the private sector insurance

companies entered into the field the public sectors faced new challenges. In this

study the researcher had captured the above view and frames his objectives. The

main objective of the study was to evaluate the financial performance of non-life

insurance companies in India. The study had described the main finding such as the

spread and growth rate, premium received, claim settled and other expenses incurred

38
in the post reform period.25

2017- Abdoush, Tony, had analysed “Corporate governance, firm’s

performance and efficiency: Three empirical analysis of the UK insurance Industry”.

The main objective of this study was to investigate the impact of corporate

governance and distribution strategies on the firm’s performance following the

regulating changes since 1980‟s. The period of the study was 2004-2013. The main

findings of this study were longer tenure length and an extra bonus ratio with higher

ownership ratio for executives, but shorter tenure length for independent non-

executives, improves the firm’s performance in insurance companies.26

2017-Sharma Seema had studied on “Impact of detariffication on non-life

insurance business” The main objective of this research is to study the deteriffication

Process of non-life insurance sector and the impact of deteriffication using the ratio

analysis. The researcher had mentioned his findings that, after nationalization of

the non-life insurance sector till the implementation of deteriffication the price of the

insurance products were set by TAC (Tariff Advisory Committee). Absence of

regulatory control made the insurance products affordable. So there is no innovation

in product development was carried out by the operating entities during the study

period.27

2018-Ombir had choose the title as “A comparative analysis of financial

performance of private sector and public sector companies in India.” The main

objective of this study was to analyze the impact of various financial decisions of the

management on the profitability of the selected companies. The researcher had used

ratio analysis for fulfilling his objectives and used various statistical tools. Finally, he

came to conclude that the private sector firms use relatively high capital intensive

39
techniques as a result; their employment generation capacity is lower than the public

sector firms.28

2018-Parmar Ghanshyam singh D- had studied on “Impact of financial

restructuring on financial performance a case study of selected Indian companies.”

He had been selected some Indian private ltd., companies and analyze their financial

performance using the secondary data. In this study ratio analysis was used to

analyze their profitability, liquidity, solvency and wealth management. Finally, he

gave conclusion of the problem of the study, such as the financial restructuring

doesn’t have significant impact on financial performance of the selected companies.29

2018-Rana Dharmeshkumar R had analyzed the “financial performance of

selected nationalized banks in India.” In his study he had clearly exhibited the

profitability position of some selected nationalized banks and also comparing their

performance each other by preparing the comparative statements. He had also

suggested to the banks to improve their performance, efficiency and profitability.30

Articles

2008- Mahesh Chand Garg, Deepti from Haryana School of Business, has

studied “Financial Performance of General Insurance in India”- The article had

depicted the comparative evaluation on the financial performance of General

Insurance in India using ratio analysis. This study had considered four public sector

and four private sector insurers using the secondary data collected from the period

1994-95 to 2005-06. The researcher had concluded from his study the private sector

insurers are performed well than the public sector insurers.31

2009-Basavanthappa and Rajankar had a research on “Performance of Life

Insurance Companies: A Comparative Study. -Southern Economist, This study had

40
revealed that a comparative analysis on performance of public sector and private

sector insurance companies. The researcher had concluded that the private insurance

companies have performed well throughout the study period. The market share were

increasingly over the period which gives lot of opportunity for them.32

2010- Sangari & Nazir had “Analyzed Financial Performance of

Commercial Banks in India: Application of CAMEL” model. In this paper the

researcher had used the CAMEL parameters to find the financial position of the two

banks were sound and satisfactory in respect of their capital adequacy, Asset quality,

Management soundness, Earnings and Liquidity. Here the researcher applied

Correlation and stepwise Regression to test the hypothesis.33

2010-Kumbirai Webb The Researcher had studied the overall banks

performance, which was increased in the first two years of the study period. The

Renal reached its peak during 2008-2009. The researcher had used secondary data

and employed with the financial ratios to find the profitability, liquidity and credit

quality of the selected large South African based commercial banks for the period of

2005-2009. The result had shown that the bank faced some notable change in trend

after the global financial crises in 2007.34

2011, Naser Jamil Najjae Krassinig Petrov, had a research on “Capital

structure of Insurance companies in Bahrain” -This study was focused on the capital

structure of the insurance companies in Bahrain. The Researcher had highlighted the

factors affect the capital structure of the firm. The Multiple linear regression analysis

had was used to find the results. The Study period was 2005-2009. If defined a strong

relationship between the firm’s characteristics and observed capital structure. He

found that profitability and revenue growth were not statistically significant. He had

41
suggested that insurance companies should pay special attention to firm’s

characteristics in determining their optimal capital structure.35

2013-Dr.Sumindu Kan Bawa, Samiya Chattha.s, ”Financial Performance

of life insurance in India Insurance Industry.”- This study had included the financial

performance of Indian life insurance industry and the various factors influencing the

performance of the industry. For fulfill this research work ratio analysis had used to

analyze the financial performance of selected insurance companies. The main aim of

the study was accomplished by determined the impact of the liquidity, solvency,

leverage, size and equity capital on the profitability of the life insurers in India. The

sample size was included 18 Indian Life Insurance companies for the period of 5

years from 2007-08 to 2011-12. The Multiple linear regression model had used to

measure the impact on profitability of the sample companies. The result of this study

had revealed that the profitability of the life insurance is positively influenced by

liquidity and size and negatively influenced with capital.36

2013- Frank Gyimah Sackey-Journal of Risk Finance had analyzed

Financial performance of Life Insurance in Ghana- The objective of this study was to

assess the financial performance of the life insurance industry of an emerging

economy. The study had revealed that the three major factors and its relationship

such as, profitability, investment income, underwriting profit and the overall net

profit. The researcher analyzed 11 years‟ financial statements using regression

analysis. This study fulfills the things that are necessary for survival, growth and

improving their profitability of life insurers in an emerging economy.37

2013- Karim and Alam had analyzed “An Evaluation of Financial

Performance of private commercial banks in Bangladesh: Ratio Analysis. The

42
researcher had evaluated the performance of five selected private banks. Financial

ratios had used to find the adequacy of the risk based capital, credit growth, credit

concentration, non-performing loan position, liquidity, return on assets and return on

equity etc. The researcher had choose the ROA, Tobin’s Q model and economic value

added methods as the performance indicators. The multiple regression analysis had

used to test the hypothesis and found that the result is significant.38

2013-P.K.Aspal and Malhotra had analyzed “Performance Appraisal of

Indian Public sector banks.”.-In this Study the Financial Performance of Indian

Public sector banks had analyzed for the period of 2007-11. The researcher had used

secondary data from the annual reports of the banks. To analyze the management

efficiency capital adequacy and asset quality he had used the ratio analysis. The

result of this study revealed that bank of Baroda is First Position in the areas of

liquidity and asset Quality of Andhra bank is in next position. United bank of India is

the bottom most rank. The State bank of India had not included in the selective bank

list.39

2014- T. Rani , Dr. H. Shankar, had a research on “Financial performance

of General Insurance Business in India – A study of selected Indicators” The

objective of this study was to analyze the financial performance of the general

insurance companies in India in terms of capital adequacy and asset quality between

all the four public sector general insurance companies. The researcher had used ratio

analysis to find the results. Finally, the article had concluded that the overall returns

of the companies are acceptable position.40

2014-Mirie Mwangi, Cyrustraya- had conducted a study on “Determinants

of Financial Performance of general insurance underwriters in Kenya”-This study

43
was mainly founded on the relationship between selected factors and financial

performance of general insurance underwriters in Kenya. The Selected factors were

growth of premium, size of insurance, retention ratio, earning assets, investment

yield, less ratio and expenses ratio. The tool used to analyze the study was multiple

linear regressions with the sample of 22, 23 and 25 underwriters. The researchers had

found that the financial performance was positively related to loss ratio and expenses

ratio. Growth of premium size of underwriters and retention ratio were not

significantly related to the financial performance.41

2014- Anoop Mohanty- Lovely Professional University, had a research on

“An empirical study on financial performance of commercial banks in India:

Application of CAMEL model”. This study comprised five different banks and

evaluates their performance using secondary data. In this article the author had used

the CAMEL model to evaluate the performance of selected banks. This model

measures the performance of the banks from the parameters comprising of capital

adequacy, asset quality, management efficiency, earnings and liquidity. The results

of this study clearly defined that the best performer among the sample banks.42

2015- Showket and Javid, had an analysis on “A comparative evaluation of

financial performance and soundness of selected public and private life insurance in

India” The researcher had CARAMEL model to analyze the financial performance of

life insurance companies in India. The CARAMEL parameters were analyzed

through ratio analysis. The data was collected from the annual reports of the selected

private and public life insurance companies for the study period 2005-06 to 2012-

13.The hypothesis framed by the researcher were tested with the help of the various

statistical tools and had presented the results. As per the comparative analysis the

44
overall performance of the public and private sector insurers, the liquidity is better in

public sector insurer than the private sector during the period of the study.43

2015- Bardhan et al, had a study on “Capital structure of life insurance

companies in India- An analytical study”-International journal of economic and

business review, Vol. 3 issue 3.The researcher had evaluated the capital structure of

life insurance in India. For this purpose he test the solvency position of selected

insurance companies in India. The data had collected from the annual reports of the

firms. The researcher had concluded from this study that the life insurers in India are

depending upon the outsiders fund for their business. It is very risky situation to the

insurers in India.44

2015-Anila Cekrezl- The researcher had studied the factors that affect the

financial performance of Albanian insurance companies. The population of the

study consisted of 5 insurance companies with private capital. The study period was

covered from 2008-2013. The data were collected from the annual reports, official

decimals which and provided by the state tax office. The result of the study had

shown that leverage and risk have negative impact on financial performance of the

insurance companies. Whereas, tangibility had a positive impact on the financial

performance (ROA) of these companies.45

2015-Showkat ahmad Dar & Ishfaq Ahmad Thaku had conducted a study

on “A Comparative analysis of Financial Performance of Public and Private Non

Life Insurers in India.”- Hence the researcher had studied the financial performance

of public and private non-life insurance companies operating in India. The Ratio

analysis had used to analyze the insurer’s financial and statistical returns. Only three

parameters had been taken from CARAMEL model to analyze the financial

45
performance of selected public and private Non-Life Insurance companies in India.

The Statistical tools such as mean, standard deviation and F-Test had used to analyze

the parameters statistically. He had concluded that both the public and private

insurers control the management expenses to a significant level. The results of the

statistical analysis of liquidity ratio tells as both public and private insurers lack high

degree of liquidity and none have followed the benchmark of 100 % liquidity ratio. 46

2017-Jenita Moterrio, Nijumon K.Jhon, The researchers had studied that

the financial standing of private and public general insurance companies. It

considers the major source of income and expenses to know the impact on its

operating efficiency. The data was collected by secondary source for 10 years from

2006-07 to 2015-16. Tools had used in this study include ratio analysis, correlation,

multiple regression and descriptive statistics. The researchers had concluded that the

public insurance companies in India have better management soundness and

profitability as compared to provide insurance companies.47

2017- Palamalai Srinivasan & Jhon Britto, had a study on “Analysis of

Financial Performance of Selected Commercial Banks in India”- This study had

conducted for the period of five years from 2012 -13 to 2016-17. It had took 16

commercial banks which consists 11 public sector and 5 private sector banks. The

financial ratios had used to find the financial performance of the banks. Liquidity,

solvency and profitability of the banks were analyzed. ANNOVA test had used to

test the hypothesis, that is there any difference between means of the financial ratios

of public sector and private sector banks. At last the researcher had concluded that

the private sector banks were better than the public sector banks towards the financial

performance.48

46
 2018- Ms. Supriya- Bangalore. In this study the author depicts the

profitability and productivity by using the output maximization model on selected six

life insurance companies in India. Secondary data had used which are collected from

different sources. This study had achieved two main objectives, one is to analyze the

financial performance of life insurers and another one is to measuring the

productivity. For this purpose, the researcher had used different types of ratios such

as Claim ratio, Expenses ratio and investment income ratio. The researcher

comparing the private sector insurers with public sector insurers and concluded that

the private insurers have the superior position in all the phenomenon.49

2017-Prakash Pinto- The Kingdom University, They had used secondary

data to analyze the profitability and efficiency of the bank, using ratio analysis and

also used the regression and correlation analysis to test the relationship between

profitability and efficiency. The banks of Bahrain were not positively correlated.50

2016-J.Lolakapuri- “A study on Financial Performance of Public Sector

General Insurance Companies in India-Pre and post detarification”- In this study the

researcher had met CARAMELS model of research to know the performance, capital

adequacy, asset quality, earnings and profitability, liquidity and solvency position of

the four public sector companies. The data had been collected from the 12 years‟

annual reports of the companies. The main objective was to evaluate the impact of

detariffication on the financial performance of General Insurance companies in India.

T- test and pared sample test are used to find the results.51

References

1. “Profit Generation in General Insurance”-by Anabil Bhattacharya in 2002.

2. Performance evaluation of General Insurance Companies: A case study area by

47
 Post- period and Pre reform Period”-By Kumar,Rohit in2010

3. .“A Comparative Study of Life Insurance Corporation of India and Private Life

Insurance Companies in India”-By Shinde, Sanjaykumar R, 2011

4. “A Comparative performance study of General Insurance Public sector

Companies of India”-By Modi Manisha in 2011

5. “The determinants of financial performance of life assurance companies in

Kenya”, -By Mutugi, Permimus M, 2012.

6. “Factors Affecting Profitability of Insurance Companies in Ethiopia” -By

Addis Ababa University. Abate Gashaw, 2012.

7. “A study on operational and financial performance of Urban Co-operative

Banks in Thanjavur District”, -By Subashini.R, 2012.

8. “General Insurance business in India features and Prospects” -By Aiyadurai. K,

2013.

9. “ A comparative study on Financial Performance appraisal of selected Private

Life Insurance Companies in India”- By Varvadiya Jignesh.2014.

10. A study of Financial Performance of Urban Cooperative banks with special

reference to Pune City.” -By Rathod Bharath Vithal, 2013.

11. “Growth and performance of General insurance in India” -By Navjeet Kaur,

2014.

12. “A Study On the Performance of public sector General Insurance Companies in

Salem Division, Tamil Nadu.” -By Ramaa Baanu. R, 2014.

13. “Financial Performance of scheduled commercial banks in India: an analysis” -

By Kumar Praveen, 2014.

14. “A comparative study of financial performance evaluation of selected non-life

48
 insurance companies in India”. -By Pupat, Ketan M.2015

15. “Operational Efficiency of Life Insurance Companies in India”, -By Gulati

Nancy, 2015.

16. “Efficiency and performance analysis on banc assurance of banks in

Kanyakumari dist” -By Lovelin Auguskani.P, 2015.

17. “Risk management in life insurance companies in India- a comparative study”,

-By Kumawat Meenakshi. 2015.

18. “An empirical analysis of determinants of financial performance of insurance

companies in United Kingdom”, -By Jadi, Diara. M.D, 2015.

19. “Performance evaluation of General Insurance Companies A case study of

National Insurance Company Ltd.” -By Rao M Subba, 2015.

20. “Financial performance of diversified companies” -By Dr.K. Lakshmi, 2016.

21. “The effect on the profitability of insurance companies in Kenya”. -By Karinga

Esther, 2016.

22. “A comparative analysis of financial indicators of private banks vs public

banks in India” -By Mungara,Sandip T, 2016.

23. “A comparative study on financial performance of selective private sector and

public sector insurance companies in India.” -By Balagurusamy A, 2016.

24. “Business and Financial Performance of non-life Insurance Companies in

India.” -By Muthu meena M, 2017.

25. “Financial performance of Indian non-life insurance companies in post reform

period” -By Kumar Naveen, 2017.

26. “Corporate governance, firm‟s performance and efficiency: Three empirical

analysis of the UK insurance Industry” -By Abdoush, Tony, 2017.

49
 27. “Impact of detariffication on non-life insurance business” -By Sharma

Seema,2017.

28. “A comparative analysis of Financial performance of private sector and public

sector companies in India.” -By Ombir, 2018.

29. “Impact of financial restructuring on financial performance a case study of

selected Indian companies.” -By Parmar Ghanshyamsingh D, 2018.

30. “Financial performance of selected nationalized banks in India.” -By Rana

Dharmeshkumar R, 2018.

Articles

31. “Financial Performance of General Insurance in India”-By Mahesh Chand

Garg, Deepti from Haryana School of Business, 2008.

32. “Performance of Life Insurance Companies: A Comparative Study. -Southern

Economist”, -By Basavanthappa and Rajankar, 2009.

33. “Analyzing Financial Performance of Commercial Banks in India: Application

of CAMEL model” By Sangari & Nazir, 2010.

34. A Financial Ratio Analysis of commercial bank performance in South Africa.

African Review of Economics and finance, Vol. 2, P. 30-53, 2010 By Kumbirai

Webb,2010.

35. “Capital structure of Insurance companies in Bahrain”.v-6, P.38- By Naser

Jamil Najjar Krassinig Petrov, 2011.

36. ”Financial Performance of life insurance in India Insurance Industry.” –By

Pacific Business Review International Vol .6 Issue.5, 2013.

37. “Financial performance of Life Insurance in Ghana”, -By,Frank Gyimah

Sackey-Journal of Risk Finance, 2013.

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38. “An Evaluation of Financial Performance of private commercial banks in

Bangladesh: Ratio Analysis.-Journal of Business studies vol. 5 PP.65-77” -By

Karim and Alam, 2013

39. -“Performance Appraisal of Indian Public sector banks. World Journal of

Social sciences, Vol.3, PP 71-88, 2013”- By P.K.Aspal and Malhotra 2013.

40. “Financial performance of General Insurance Business in India – A study of

select Indicators” -By T. Rani , Dr. H. Shankar, 2014.

41. “Determinants of Financial Performance of general insurance underwriters in

kenya”, International Journ“An empirical study on financial performance of

commercial banks in India: Application of CAMEL model” -By Anoop

Mohanty- Lovely Professional University, 2014.

42. “A comparative evaluation of financial performance and soundness of selected

public and private life insurance in India” -By Showket and Javid, 2015.

43. “Capital structure of life insurance companies in India- An analytical study”-

International journal of economic and business review, Vol. 3 issue 3” -By

Bardhan et al, 2015.

44. al of Business and Social Science – ID: 167828342-By Mirie Mwangi,

Cyrustraya-2014.

45. “International Journal of Economics, Commerce and Management” Vol.III

Issue-4 ISSN 2348- 0386” -By Anila Cekrezl, 2015.

46. A Comparative analysis of Financial Performance of Public and Private Non

Life Insurers in India. International Journal of Management (IJM), ISSN 0976

– 6502, Vol 6, Issue 1, January 2015 PP.507- 526.-By Showkat ahmad Dar &

Ishfaq Ahmad Thaku 2015

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47. “A study on the financial performance of General Insurance Companies in

India” -By Jenita Moterrio, Nijumon K.Jhon, 2017. ISSN: 2455-4030

48. “Analysis of Financial Performance of Selected Commercial Banks in India” -

By Palamalai Srinivasan & Jhon Britto, 2017

49. “Evaluation of Financial Performance of Life Insurers in India.”- Ms. Supriya-

Bangalore., JIGNASA International Journal of Management, 2018.

50. “An evaluation of financial performance of commercial Banks”, Prakash Pinto-

The Kingdom University in 2017

51. A study on Financial Performance of Public Sector General Insurance

Companies in India-Pre and post detarification” J.Lolakapuri in 2016

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