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Download DI S S E R T A T I O N P R O J E C T R E P O R T P A R A T I V E ANALYSIS OF LIFE INSURANCERPORATION AND P R I V A T E I N S U R A N C E C O M P A N I E S e in Man age men t GUIDE: SUBMITTED BY:Usha Kiran Rai Shashank TripathiBHU MBA IV Sem (Finance)gyt ack no wledg e my ind ebtedn ess to v ariou s p ersonalities, bu t fo r who m, th is p ro ject m p r o f o u n d l y g r a t e f u l t o P r o f . U s h a K i r a n R a i , F a c u l t y o f M a n a g e m e n t S t u d i e s , B H U reed to b eco me my me n to r an d guide fo r the p ro ject and g av e me the o ppo rtunity to r k o n t h i s p r o j e c t . I a m a l s o g r a t e f u l , for her support and guidan ce throughout thisj e c t w i t h valuable information and giving me a better i n s i g h t o f t h e t h i n g s , w i t h o u t successful culmination of this project would not have been p o s s i b l e . N o t o n l y d i d h e in sp ired me th rough out the p rog ress of th e p ro ject, b ut, also mo tiv ated me to g et an h t i n t o t h e f i e l d o f m y w o r k . uld also like to extent my immense gratitude to Prof. A. K. Agrawal, and respecteda n P r o f . D e e p a k B a r m a n , F a c u l t y o f M a n a g e m e n t S t u d i e s , B H U w h o a l l o w e d m e t o o se

the top ic fo r my Disser tation .h a s h a n k TripathiE P T O F I N S U R A N C E : h a t i s I n s u r a n c e unctional.d practice.e 8 ruling power, with vested interests in developing trade, took charge , the "Medical" extendedits area of operation, established large connections, absorbed the" Agra Life" and in 1835,took over the "New Oriental". P.M. Tate, the then manager of the "Medical", was a keenbusinessman, widely liked, influential and shrewd. With W.F. Ferguson, who was themanager of the "New Oriental" before amalgamation, he commenced very active operationswhich were temporarily affected by the 1857 "Mutiny".The Universal Life Insurance Company established in England in 1836 opened its IndianBranch in 1840 and enjoyed a long period of successful operations until it was taken over bythe "North British" in May 1901. Insurance exceeding Rs. 10 crores were issued in Indiaduring this period. Another English Company operating in India at that time was the ColonialLife Assurance Company. It was established in 1846 under the auspices of the Standard LifeAssurance Company. The original prospectus of this company declared its purpose as"extending to the Colonies of Great Britain and to Indian the full benefit of Life Assurance".It appointed agents with local boards which were first established on Calcutta, Bombay,Madras and Colombo. Later on this company was taken over by the "Standard Life" andmade valuable contribution to investigations into the mortality experience of assured lives inIndia. Eventually it ceased its operations in India in 1938.It is difficult to say which was the oldest Life Policy in India, but the oldest known appears tobe one sold by the Royal Insurance (which commenced business in India in 1845) on the lifewas to Cursetjee Furdonjee on 6th January 1848, no reference to any earlier policy beingavailable. In the year 1853, the Liver pool and London and Globe Insurance Companyestablished in England in 1836, commenced business in India. Sir Charles Forbes was its firstagent, succeeded by M/s. Forbes, Forbes and Campbell. It accepted only European lives andcommenced insuring Indian lives only after 1929.This too, was mainly to oblige good

agentsof the Company for classes other than life business. The North British and Mercantile was thenext company to appear on the Indian scene.It started fire insurance business in the year 1861 and life business 1864. The LondonAssurance started life business in 1864, limited principally to European lives and closeddown its life department when the Life Assurance Companies Act 1912 made submission of returns compulsory.On 3rd December, 1870, seven earnest men of Bombay with just seven rupees for initialexpenses gave shape to a plan of offering insurance to the public without the risk of ruin andthe "Bombay Mutual Life Assurance Society" came into existence. This was followed by theOriental Life Assurance Company in1874, the Bharat in 1896 and the Empire of India in1897. THE BIRTH OF INDIAN INSURERS With the advent of the 20th century, the glorious renaissance of swadeshi days dawned. Atthe same time, well- to do Indians realized the potentiality of Indian Insurance business. TheSwadeshi movement of 1905-1907 gave rise to more insurance companies. The United Indiain Madras, National Indian and National Insurance in Calcutta and the CooperativeAssurance at Lahore were established in 1906. In 1907, Hindustan Co-operative InsuranceCompany took its birth in one of the rooms of the Jorasanko House of the great poetRabindranath Tagore, in Calcutta. The Indian Mercantile (1907) was started in Bombay,

9 General Assurance (1908) at Ajmer and the Swadeshi Life (Later Bombay Life) in Bombayin 1908.The end of the First World War (191418) witnessed an influx of insurance companies inIndia. Famous Indian business houses started new insurance companies. Industrial andPrudential Bombay, Western India, Satara, were floated before the war, but by 1919,companies like Jupiter General, New India, Vulcan Insurance Company etc. came into being.Pandit K.Santhanam with blessing of Lala Lajpat Rai and Pandit Motilal Nehru started LaxmiInsurance Co. Similarly, Andhra Insurance was started in Masulipatnam, with the initiative of stalwarts like Dr. Pattabhi Sitaramaiah. From political platforms also, national leaderssupported this cause. It is duty to every Indian to support only Indian Insurance. The keynoteof our Swaraj is in placing all our insurance with our Indian companies", said MahatmaGandhi in his message. "I hope Indians will realize the importance of patriotism only throughIndian insurance institution", stated Pandit Jawaharlal Nehru. Thus, the cause of Indianinsurance became a national issue. The pursuit to boost Indian insurance represented acrusade to extricate the Indian economy from foreign domination. PROGRESS IN INSURANCE BUSINESS The growth of Life Insurance in concrete terms could be said to being during the first twodecades of twentieth century when most of the major companies were founded. They grew interms of rise in the number of companies, in terms of number of policies and sum assured aswell as total life fund. Indian Insurance Year Book, published for the first time in 1914, givesthe figure of the total business-in -force as 22.44 crore which grew to Rs. 298 crore in 1938.In 1914, there were only 44companies transacting insurance business in India, and during thenext 25 years their number rose to 176. The total progress on all the primary heads, viz. lifefund (Rs. 50.50 crore), premium income (Rs. 10.50 crore) and new business (Rs. 43.30 crore)indicate that Indian Insurance Business had been making a definite headway during thisyears. The inter-war -years thus saw rapid growth life insurance in India.The

promotion of new life insurance companies continued to be almost a craze and insurancecompanies mushroomed. In this period, 176 insurance companies were formed and many of them failed. Thus unhealthy growth was harmful to the interest of the policy holders andinsurance business in India. Feeling concerned about it, the All India Life Assurance Offices'Association urged upon the Government in 1932 to undertake the insurance legislation to (a) Compulsorily register all Life Insurance companies. (b) Secure a deposit of Rs.2 lakh from all Life Insurance companies. (c) Compel foreign companies doing business in India to keep sufficient funds inIndia securities to meet their liabilities under all policies issued in India.

10 INSURANCE ACT, 1938 The Insurance Act, 1938, was the first comprehensive legislation governing not only life butalso non- life branches of insurance to provide strict state control over insurance business. Insub- sections to dealt with provident companies, mutual offices and co-operative societies aswell.The silent features of the Act were as follows: (A) Constitution of a Department of Insurance under a superintendent vested withwide powers of supervision and control over all kinds of insurance companies. (B) Regulation for the compulsory registration of insurance companies and for filingof returns of investment and financial conditions. (C) Provisions for deposit, to prevent insurers of inadequate financial resources of speculative concerns for commencing business. (D) Provisions that 55% of the net life fund of an Indian or non- Indian insurer shouldinvested in Indian Government and approved securities with at least 25% in IndianGovernment Rupee securities.. All other companies, i.e., foreign companies mustinvest 100% of their Indian liabilities in Indian Government and approved securities,with at least 33.3% Indian Government securities. (E) Prohibition of rebating, restriction of commission, licensing of agents etc.Maximum rates of commission were fixed at 40% of the first premiums and 5% of therenewal premium in respect of life assurance business. The agent must be licensed, toimprove the status of the profession. (F) Periodical valuation of Indian Insurance business of foreign companies and thebusiness of Indian companies.

(G) Provision for policyholders' directors, making it possible for the representatives of policyholders to be on the Board of directors. (H) Standardization of policy conditions required all companies to file standard formsand tables of premium approved by an Actuary. Under this requirement, the initialdeposit for life insurance business was raised from Rs. 25000 in Governmentsecurities to Rs. 50000 in cash approved securities, which was subsequently to beraised by installments to Rs. 2 lakh within a specified time limit.

11 GROWTH OF LIFE BUSINESS IN INDIA: 1914-1948 Srno1 9 1 4 1 9 3 0 1 9 4 0 1 9 4 5 1 9 4 8 1N o o f i n s u r e r s 4 4 6 8 1 9 5 2 1 5 2 0 9 ( a ) I n d i a n 4 4 6 8 179(91.79)200(93.02)189(90.43)(b)No n -Ind ian - - 16 15 2 0 2Total No. of policies In force 748997162838127140003016000 ( a ) I n d i a n 513925(68.61)1371963(84.25)2376000(87.55)2791000(90.15)(b)NonIndian - 220703 181247 261000 234000(c)Indian outsideIndia14369 75171 77000 202000 3Total business inforce2 2 . 4 4 2 5 8 . 4 2 3 0 4 . 0 3 5 7 3 . 0 7 7 1 2 . 7 6 (a)Indian (Rs. Crore) 22.4484.89(32.85)225.51(74.17)459.43(80.17)566.38(79.46)(b) NonIndian - 69.76 60.12 91.85 101.08(c)Indian outsideIndia- 3.77 18.4 21.79 45.3 4Total life funds(Rs. Crore)6 . 3 6 2 0 . 5 3 6 2 . 4 1 1 0 7 . 4 1 5 0 . 3 9 Note: Figures in brackets show percentage of the total.

12 Nationalization THE LIFE INSURANCE CORPORATION OF INDIA: 1956 This was the first step taken towards the nationalization of life insurance business in India.On 20th January, 1956 all life insurance companies were taken over by 43 nominatedcustodians. The custodians were experienced senior executives of private insurancecompanies, reporting directly to the Finance Ministry. From the word go, the complex task of running the industry on a permanent basis and continuing the services to policy holderswithout interruption were their major concerns. The actual work of integration had to awaitlegislation. The custodians managed the insurance companies till 1-09-1956, when LifeInsurance Corporation was established under the general direction and control of the Ministryof Finance.The Ordinance provided for the transfer of the control of 154 Indian insurers, 16 non Indianinsurers and 75 provident societies. These arrangements were designed to ensure that noinconvenience whatsoever was caused to the policy holders. With the Government take overthe management aimed towards the evolution of a common uniform premium rate, policyconditions and service and working procedures and above all to help promote team spirit.The corporation, a body corporate shall consist of not more than 15 members appointed bythe Central Government, one of them being appointed by the government as chairman.The capital of the corporation was at Rs 5 crore provided by the central government. INSURANCE SECTOR REFORMS In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N.Malhotra was formed to evaluate the Indian Insurance industry and recommended its futuredirection.The Malhotra committee was set up with the objective of complementing the reformsinitiated in the financial sector.The reforms were aimed at "creating a more efficient and competitive financial systemsuitable for the requirements of the economy keeping in mind the structural changes currentlyunderway and recognizing that insurance is an important part of the over all financial systemwhere it was necessary to address the need

for similar reforms...".In 1994, the committee submitted the report and some of the key recommendations included: (1) STRUCTURE Government stake in the Insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that thesesubsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate

ation :d by the IRDA 2000.gory 1A : Direct General Insurance Brokerory 1B : Direct Life Insurance Brokertegory 2 : Reinsu ran ce Brok er teg ory 3: Co mp o site Brok er gory4: Others, for example Insurance Consultants and Risk u r p o s e a n d N e e d o f I n s u r a n c e : r a n c e W o r k s ? e common fund would be Rs. 80000. this is enough to pay Rs.ies and regulated as insurance and require the same kindspically compensates the owner.mes.ents.I N S U R A N C E I N D U S T R Y : Country 2001** 2002** 2003** 2004** 2005** 2006**America 1508.6 1563.8 1565.7 1617.2 1686.3 1731.8States 1602 1662.6 1657.5 1692.5 1753.2 1789.5657.3 722.9 926.1 1071.9 1204.1America 26.3 29.1 30 37.2 42.0 51.327.2 35.8 45.9 56.8 72.559.2 41.3 50.2 49.9 62.917.8 15.4 N/A 15.5 16.619.7 24.2 34.5 35.4 43.844.6 42.4 50.6 47.2 51.2103.5 138.3 164.5 174.9 17612.5 12.4 14.3 16.8 20.5620.4 726.9 848.1 911.8 1119.6kingdom 2567.9 2679.4 2617.1 3190.4 3287.1 5139.63099.7 3431.8 3275.1 3078.1 3111.81296.1 1561.7 1936.5 1954.2 2071.61349.5 1767.9 2150.2 2474.6 2922.51323.6 2004.8 2291.2 2988.7 2427.71232.2 1602.3 1764.3 2105.2 2214.61574.9 2037.5 2310.5 2489.9 2840.8736.7 930.4 1021.3 1042.1 1136.1904.9 1238.3 1417.2 1449.8 1492.8648.7 811 955.3 1095.1 1104.6418.6 611.4 768.1 1113.7 1131.5588 488.6 571.9 615.8 651.050.7 59.9 73.3 101.9 150.523.1 33.9 24.8 6.3 4.033.2 46.3 58.7 70.9 81.876.7 99.1 117.3 148.2 192.3116 152.1 177.9 213.1 256.79.9 5.5 8.2 11.1 13.20.1 0.3 0.6 1.3 1.96.5 8.4 12 12.7 13.1128.1 140.1 147.2 149.6 154.6Korea 763.4 821.9 873.6 1006.8 1210.6 1480.02783.9 3002.9 3044 2956.3 2829.3925.1 1050.1 1494.6 1699.1 1800.01237.9 1483.9 1884.3 2213.2 2456459.3 460.8 467.4 510.2 532.6118.7 139.8 167.3 188 189.2730.1 1300.2 1483.9 1591.4 1616.542.1 52 50.8 54.6 6011.7 12.9 15.7 18.3 33.219.5 25.1 27.3 30.5 34.18.7 8.6 9.4 10.6 13.174 72.5 59.7 74.7 89.84.5 5.3 6.2 6.9 8.55.2 6.4 7.5 10.5 12.514.8 13.8 14.2 17.3 14.33.8 4.1 7.3 6.1 6.11.5 1.7 2.3 2.2 2.636.8 36.9 39.1 35.7 40.91 1.1 1.5 1.9 2.3Arabia 0.6 1.7 1.7 2.1 0.7 0.821.5 26.1 30.3 30.7 38.3Africa 377.2 360.5 476.5 545.5 558.3 695.6103.7 119.1 133.1 136.1 N/A12.4 7.8 21.4 N/A N/A N/A12.2 12

10.6 11.7 14.73 3.4 3.7 4.5 5.30.5 0.6 0.7 0.5 0.82.4 2.7 3.1 4 4.70.5 0.5 0.8 0.9 1.2668.7 750.7 851 885 896.31010.4 1129.3 1285.1 1366.7 1389Zealand 198.4 211.1 272 318 219.7 215247.3 267.1 291.5 299.5 330.6N D I A N I N S U R A N C E I N D U S T R Y : .35 lakh and Rs.1832976.45 lakh respectively. In. A vibrante in India as as. Whereas in India about 80 percent of human beings and major naturalre the performance of LIC and private insurance companies in India.ut the performances of LIC and private insurance companies in eachre grievance management of LIC and private insurance companies.e of research design : Analytical ResearchData co llection : Secon dary Sou rces istical Too ls : Ratio An alysis . S i z e . G r o w t h . P r o d u c t i v i t y e v a n c e H a n d l i n g . S i z e s. G r o w t h . P r o d u c t i v i t y i e v a n c e Handlinga c t o r s W e i g h t a g e i z e 2 5 % A . T o t a l P r e m i u m 5 % . T o t a l I n c o m e 5 % . B a l a n c e S h e e t S i z e 5 % . T o t a l N o . o f P o l i c i e s 5 % . T o t a l N o . o f B r a n c h e s 5 %

r o w t h 4 0 % A . F i r s t P r e m i u m 1 0 % . G r o w t h i n I n c o m e 1 0 % . I n c r e a s e i n N o . o f P o l i c i e s 1 0 % . G r o w t h i n M a r k e t S h a r e 1 0 % r o d u c t i v i t y 1 5 % A . B u s i n e s s p e r B r a n c h 5 % . I n c o m e P e r B r a n c h 5 % . F i r s t P r e m i u m p e r B r a n c h 5 % r i e v a n c e H a n d l i n g 2 0 % mberofdocumentsofdifferentinsurancecompaniesinrdtothemanagementand otherpoliciesandresultantfiguressoastoidentifytsindividually.ctsofinsurancecompaniesmighthave hinderedtheS I Z E : UM :Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 0 8 3533 7512790792 127822 1497891 2 0 7 7 2 7 1 5 0 8 3 2 8 2 5 3 5 1 5 6 1 156075Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 FY 06-07 FY 07-08Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08a n k p o i n t s g

byI C 1 0 1 4 1 2 . 2 0 . 5 Insurance Co. 21148.800 . 5 3 . 7 5 e players ine but then also undoubtedly LIC is the king.Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 0 7 F Y 0 7 - 0 8 3089 112393132147 174425 2063633 2 3 9 0 4 9 1 8 8 6 3 2 4 2 4 2 5 2 6 4 8 7 4 1 2 1 2 1 4 4 2 1 5 1 0 1 0 1 9 8 6 6 7 Y 03-04 FY 04-05 FY 0506 FY 06-07 FY 0708a n k p o i n t s I C 1 4 3 6 8 3 . 4 0 . 5 Insurance Co. 21825.000 . 5 3 . 7 5 Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 46022 416910531390 625956 7769045 8 5 1 3 6 5 3 2 8 9 1 0 5 3 0 4 8 1 0 0 7 7 4 5 2 6 0 7 4 3 0 5 6 3 5 6 0 3 0 0 6 7 9 0 0 4 Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08a n k p o i n t s g byI C 5 3 9 4 3 6 . 4 0 . 5 Insurance co. 40594.00. 5 3 . 7 5 Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 58847 22330753871410 7922294 132615588 6 2 6 9 1 6 2 6 2 1 1 1 9 8 3 5 4 6 2 1 1 7 4 6 1 5

1586a n k p o i n t s I C 3 1 6 7 5 6 7 0 . 5 Insurance Co. 57894370 . 5 3 . 7 5 03-04 FY 04-05 FY 05-06 FY 06-07 FY 070 8 AL NUMBER OF POLICIESF BRANCHES :Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 0 8 2197 2220 2301 25221 6 8 0 4 1 6 4 5 3 0 7 2 6 3 9 1 6 1 2 3 0 0 1 3 8 6 5 5 3 7 3 a n k p o i n t s I C 1 4 . 8 . 5 3 . 7 5 r i v a t e I n s u r a n c e C o . 1 4 3 6 . 5 le insurance company. Since1 9 6 2 1 9 7 Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08G R O W T H : )FIRST PREMIUM :Y 0 3 - 0 4 F Y 0 4 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 0 8 7 3 4 7 2 0 6 5 3 2 8 5 1 5 5 5 9 3 4 5 9 9 9 6 4 4 0 5 5 6 4 1 0 2 7 0 1 9 4 2 5 3 3 7 1 5 9 7 8 7 2 6 2 1 7 3 8 7 8 5 7 5 3 5 9 Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08Y 03-04 FY 04-05 FY 05-06 FY 06-07 FY 070 8 tager o r e s ) R a n k p o i n t s I C 1 6 4 . 3 4 1 9 8 8 7 0.55r i v a t e

I n s u r a n c e C o . 9 5 5 . 2 0 2 5 7 1 4 0 Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 -2989946 7632584 6638585 -6166934 6 9 6 5 7 4 2 2 8 1 6 3 8 3 3 5 4 0 5 0 8 8 4 53392642 8 0 6 8 8 2 7 0 9 1 9 1 0 6 8 9 4 6 9 4 7 2 2 5 7 1 Y 03-04 FY 040 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 N NUMBER OF POLICIES :Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 31.75 21.01 -1.64 . 2 1 3 4 . 6 2 7 3 . 3 7 1 0 4 . 6 4 6 7 . 4 . 6 8 . 4 3 5 . 3 3 0 . 1 tagee r m s ) R a n k p o i n t s I C 3 9 . 4 7 1 0 6 4 4 5 3 0 0.55r i v a t e I n s u r a n c e C o . 6 9 9 . 4 4 1 1 6 0 2 7 1 1 0 Y 03-04 FY 04-05 FY 05-06 F Y 0 6 - 0 7 F Y 0 7 - 0 8 ) M A R K E T S H A R E : tin last five years market share of LIC has decreased. It was0 4 0 6 0 8 0 1 0 0 E V A N C E H A N D L I N G : Y 0 3 - 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 704 851 354 651540 507 1406Y 0 3 0 4 F Y 0 4 - 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 215 313 80450 1103Y 0 3 - 0 4 F Y 0 4 0 5 F Y 0 5 - 0 6 F Y 0 6 - 0 7 F Y 0 7 - 0 8 25.3 88.4 12.242.6 40.0 88.7 78.403-04 FY 04-05 FY 05-06 FY 06-07 FY 070803-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08. COMPANIES03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-

08a n k p o i n t s I C 2 5 . 3 7 . 5 3 . 7 5 r i v a t e I n s u r a n c e C o . 6 9 . 7 0 . 5 a c t o r s L I C . 5 3 . 7 5 . 5 3 . 7 5 . 5 3 . 7 5 . 5 3 . 7 5 . 7 5 7 . 5 . 5 . 5 . 5 . 7 5 7 . 5 7 . 7 5 7 2 . 7 5 their size but are still much behind LIC. Total premium deposits in 10 of 65 Leave a Comment
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