Private Insurance Companies in India

The private insurance companies in India, especially the non life sector, have been performing well of late. During April 2012 all the non life insurers in India underwrote gross premiums worth INR 6506.51 crores. For the private sector non life insurance companies the figure stood at INR 2819.48 crores which was 20 percent more than the figure for April 2011.

In May 2012, the non life insurance sector underwrote gross premiums amounting to INR 4880.81 crores. The private organizations accounted for INR 2044.32 crores from this amount.

List of Private Insurance Companies in India

Following is a list of leading private non life insurers in India and their gross premium statistics for June 2012, and June 2011:

Company	Figure for June 2012 in INR crores	Figure for June 2011 in INR crores
Royal Sundaram	64.78	77.46
Tata AIG	47.14	36.50
Reliance General Insurance	80.45	79.03
IFFCO Tokio	36.55	58.23
ICICI Lombard	348.98	423.54
Bajaj Allianz	136.20	109.84
HDFC Ergo	143.86	123.40
Cholamandalam	87.21	51.71
Future Generali	32.29	37.30
Universal Sompo	17.57	12.22
Bharti AXA	66.30	39.33
SBI	1.99	1.45
L&T	3.94	0.10
Star Health & Allied Insurance	176.90	406.13
Apollo Munich	97.31	67.73
Max Bupa	36.39	14.13

Royal Sundaram

In the 2011-12 fiscal Royal Sundaram witnessed a commendable growth rate of 29% through underwriting GWP worth INR 1479.79 crore throughout the fiscal. In 2010-11 this figure stood at 1143.99 crores. This healthy growth has made Royal Sundaram one of the top performers as far as the privately held general insurers in India are concerned.

In the same period the insurer has earned a profit of INR 0.22 crore following tax deductions. In 2010-11 the organization had incurred losses to the tune of INR 20.1 crores.

The Managing Director of Royal Sundaram, Ajay Bimbhet, has expressed satisfaction at being able to perform better than rest of the industry. He has stated that the effects of growth are visible in the different business lines of the organization and has attributed the success to the underwriting practices of the insurer.

Reliance General Insurance

In 2011-12 the insurance industry recorded a growth of approximately 20 percent on an average but for Reliance General Insurance it was only around 3%. Rakesh Jain, its new chief executive has however stated that the organization is not aiming only for growth in revenue but is also looking at creating a product portfolio with better balance by focusing on health and corporate insurance products.

He has stated that group health plans have contributed a major share to the industry's growth in the previous fiscal but they often have bad underwriting results.

At present health insurance accounts for 35 percent of the organization's business along with property portfolios. In the health insurance domain, Reliance General Insurance shall be bringing out some new products in segments like mass, retail, and group.

Following are some products that the organization will be looking to introduce in the near future:

• Government schemes such as Rashtriya Swasthya Bima Yojana
• Preventive healthcare and wellness plans
• Outsourced product development programs

IFFCO Tokio

IFFCO Tokio has recently received a capital infusion amounting to INR 125 crores, which is supposed to help it execute its expansion plans. This amount has taken the total amount it has earned from its promoters to INR 526.2 crore at the end of March 2012.

S Narayanan, the managing director of the organization, has stated that the organization is now aiming to keep a sustainable level of growth that is profitable and also increase its share in the Indian market.

HDFC Ergo

HDFC Ergo General Insurance has witnessed a substantial growth rate of 22% in their premium collection for April 2012 when it collected INR 279.75 crores as opposed to INR 230.35 crores collected during April 2011. In March 2012, when the premium collected was at INR 210.43 crores, there was a decline of 11% though.

During May 2012, the organization announced that it was going to introduce the Health Claim Services (HCS). This is HDFC Ergo's in house department for servicing health claims and looks to provide quicker and clearer procedures for settling the claims.

Cholamandalam MS General Insurance

Cholamandalam MS General Insurance has earned premium worth INR 132.76 crores during May 2012, which is 30 percent more than May 2011 when the figure stood at INR 101.98 crores. In April 2012 the company had collected premium worth INR 121.15 crore, which was an improvement of 9%.

For April-May 2012 its aggregate premium stood at INR 253.91 crores, which was an improvement of 19 percent compared to April-May 2011 when the same figure stood at INR 213.03 crores.

The organization has, of late, also been announced the leading insurer at the 'In Time Claims Settlement for 2011-12' category in the Rashtriya Swasthya Bima Yojana of the Union Ministry of Labour and Employment.

Future Generali

Future Generali has recently posted a 53 percent growth in the total premium collected for 2011- 2012 with a figure of INR 936 crore. At the end of the same period it had written gross premiums worth INR 612 crore. KG Krishnamoorthy Rao, the CEO and Managing Director of Future Generali India has stated that the organization saw all round growth in the period.

He has stated that this is a pleasing situation given the current condition of the insurance market. At present the Indian insurance sector is pretty unpredictable and aggressive and there is some sustained pressure on premium rates. The health and accident insurance products have contributed INR 176 crore in 2011-12 as opposed to INR 133 crores in 2010-11. Rao thinks that with its mallassurance distribution channel and the positive performance of bancassurance partners and agents the company will be able to increase its footprints in the retail space.

Universal Sompo General Insurance

Universal Sompo General Insurance has reported a gross premium of INR 39.61 crores for May 2012 which is a commendable 64 percent more than the May 2011 figure of INR 24.14 crores. In March 2012 the insurer had collected INR 42.67 crores through premium, which represented a growth of 35%.

In April-May 2012 the insurer collected INR 82.28 crores which was 47 percent more than April-May 2011 when INR 55.81 crores were collected.

L&T Insurance

Latest IRDA data shows that L&T General Insurance has earned INR 124.46 crores through premium during April-February 2011-12. This figure is approximately 1124% more than the year-on-year figure of INR 10.17 crores.

Max Bupa Health Insurance

Max Bupa has earned a commendable growth of 154% during April 2012 with premium collections of INR 10.43 crores. In April 2011 the same figure had stood at INR 4.10 crores. In March 2012 it earned INR 18.52 crores, which was 264% more than the figure for March 2011.

Kotak Mahindra Old Mutual Life Insurance

Kotak Mahindra Old Mutual Life Insurance has recently proclaimed a 109% growth in their profits for the 2011-12 fiscal with the figure standing at INR 211 crores.

Aviva Life Insurance

Aviva Life Insurance has earned a net profit of INR 74 crores for 2011-12 compared to the 2010-11 fiscal figure of INR 29 crores. This signals an increase of more than 100%. IRDA reports also indicate that its market share has gone up to 3.2% in 2011-12 compared to 2.3% in 2010-11.

In 2011-12 it collected INR 2416 crores through premium - a 3% increase from 2010-11. Its new business premium at the end of 2011-12 was INR 762 crores which was 15% more than the earlier year.

Star Union Dai-ichi

In 2011-12 fiscal Star Union Dai-ichi Life has earned a total premium of INR 1271.95 crores, which is 36.3% more than what was achieved in 2010-11. It has also witnessed a 27% growth in new business premium. Its growth rate in the individual business segment is 22.18%.

Last Updated on 07^th September 2012

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