The Indian insurance industry has grown significantly over the years, and according to the insurance regulatory development authority of India it is now worth Rs. 59 lakh crore.
The industry consists of several public and private insurance companies offering a wide range of ancient insurance policies such as life insurance, health insurance, motor insurance, travel insurance, and home insurance. Some major players in the Indian insurance industry include Life insurance Corporation of India or LIC, ICICI prudential Life insurance, HDFC Life insurance, SBI Life insurance, and Max Life insurance. In this context, it is interesting to explore the working and accuracy of these insurance companies, their assets under management as well as their net profit and loss figures.
According to the IRDA the insurance industry in India is now worth Rs. 59 Lakh Crore. Here are the information that you need that you are needed:-
- Life insurance Corporation of India or LIC: Life insurance Corporation of India, established in 1956 is the largest insurance company with a market share of over 68.57%. Wide range of life insurance policy including endowment plans and United-linked plans.
- ICICI prudential Life insurance: A joint venture between ICICI Bank and Prudential life or PLC is one of the leading private life insurance companies in India. It offers a range of life insurance products such as termed plans, savings, investment plans and retirement plans.
- HDFC Life insurance : A joint venture between HDFC bank and standard life Aberdeen is one of the top private life insurance companies in India in 2000. It offers a range of life insurance products, term plans, your savings and investment plans and retirement plans.
- SBI Life insurance: A joint venture between State Bank of India and BNP Cardif S.A. is one of the leading life insurance companies in India. It ranges from life insurance, products to term plans, life savings investment, and retirement plans.
The primary activities of the health insurance company in India include:
- Offering very straps of insurance policy such as life insurance health insurance, motor insurance, travel insurance, and Home insurance.
- Collecting premier premiums from policyholders and managing the investments
- Evaluating risk and underwriting policies based on the risk involved.
- Paying out claims to policyholders in case of eventuality.
Asset under management (AUM) of some of the major insurance companies in India as follows:-
- LIC: Rs. 36.79 lakh crore
- SBI Life: 2.64 lakh crore
- ICICI: 2.36 lakh crore
- HDFC Life: 2.02 lakh crore
- Max Life Insurance: 1.06 lakh crore
There are different net profit and loss figures for different insurance companies in India varying depending on the performances. For example the LIC has reported their net profit is it person then their previous year 2021 fiscal year. Similarly is where it has reported a total 21% change in their total net profits than the previous clear. LIC alone has a ULIP of rupees 24000 crore.
The growth of the life insurance industry can be significantly attributed to the several public and private insurance companies offering various life insurance policies to cater to the diverse needs of the consumers. As India continues to witness, its economic growth the life insurance industry is expected to continue growing in the upcoming years. To maintain this momentum insurance companies must continue to innovate and adapt to the changing market conditions.