Finance Minister Mr. P. Chidambaram said in Lok Shabha that some Insurance Companies have been suspected to have evaded service tax and investigation for the same has been done. He also mentioned that in some cases the amount due has already been recovered as well. He added that in cases where investigations are completed, cases have been adjudicated and service tax liability confirmed; demand notice has been issued. Some appeals, against the orders issued, are still pending with Custom, Excise...  Read More »

The Life Insurance industry may be going through a bumpy ride but some life insurers seem to be doing just fine. Some of the policy changes rolled out by the IRDA and the recent changes announced in the Budget 2012-13 have affected the growth of the life insurance industry. But a couple of companies such as IndiaFirst Life and Star Union Dai-ichi are showing healthy growth and outperforming their own projections.

Few days ago, a senior official of IndiaFirst said that the life insurance...  Read More »

Max New York Life Insurance has reported a twelve-fold increase in its net profits to Rs 283 crores for the fiscal 2010-11, up from previous year’s Rs 24 crores.

The company MD and CEO, Rajesh Sud told reporters that, "In spite of significant challenges in the market, we responded extremely well and demonstrated superior all-round performance. While Max New York Life recorded 20% growth in gross revenue, the profit has increased 12 times."

He also added that their assets under management...  Read More »

Life Insurance Corporation of India (LIC) continues to hold its strong position amidst the increasing number of private players in the life insurance space.

This is evident by the 21.94% growth in its premium collection during financial year 2010-11 over that in the previous year. LIC collected Rs 86,444.72 crores during April 2010 and March 2011 as compared to Rs 70891.05 crores collected in the previous year. LIC holds its position as the largest and most dominant insurance player. LIC...  Read More »

The four public sector insurance companies United India, National Insurance, Oriental Insurance and New India Assurance have collectively crossed the Rs 25,000 figure in terms of premium collections for the financial year 2010-2011.

Government owned New India Assurance, which is the largest non-life insurer in India, leads the pack with a premium collection of Rs 7,070.22 crores. This is a 17% growth over its collections of Rs 6,042.51 crores in the previous year.

National Insurance has...  Read More »

ICICI Prudential Life Insurance has left its private counterparts way behind by collecting a premium Rs 7860.99 crores during the financial year 2010-11. This is a 24% jump from its premium collections of Rs 6334.3 crores in FY 2009-10.

 
Out of 22 private life insurance companies in India, ICICI Prudential Life Insurance has turned out to be the highest gainer followed by SBI Life which collected Rs 7570.72 crores. SBI Life has shown an increase of 7.53% over its premium collections of Rs...  Read More »

Apollo Munich Health Insurance has shown a remarkable growth of 147.21% in its premium collections during the financial year 2010-2011 as compared to last year.

The insurer has pocketed new business premiums of Rs 283.45 crores during April 2010 to March 2011 as compared to Rs 114.66 crores collected during the corresponding period last year.

Apollo Munich Health Insurance, Star Health and Max Bupa are the 3 standalone health insurers in the country. Max Bupa being the latest entrant started...  Read More »

Bharti AXA General Insurance Company Ltd and Shriram General Insurance Company Ltd have almost doubled their premium collections this year.

Bharti AXA GI is a 74:26 joint venture between Bharti Enterprises and AXA Group. Between April 2009 and February 2010, Bharti AXA GI had collected only Rs. 244.06 crore. According to the latest data submitted by all the non-life insurance companies, Bharti AXA GI has collected Rs. 491.23 crore in premiums for the period April 2010 to February 2011....  Read More »

Reliance Life Insurance and Bajaj Allianz Life Insurance companies sourced the highest number of policies as compared to all the 22 private insurers in February 2011. These 2 insurers however, do not come anywhere close to SBI Life and ICICI Prudential in terms of their total premium collection for the same period. 

Anil Ambani led Reliance Life Insurance and Bajaj Allianz Life managed to sell over 1.5 lakh number of policies in February this year which is more than 50 per cent the count of...  Read More »