Dear Sir, Research team must go in to depth of the facts before writing an article.LIC pays 5% of its profit share to Govt of India and it comes to the Rs 1,313 crore where as actual profit of LIC is 25624.60 crore.Out of total profit LIC gives 5% share to Govt of India and remaining 95% profit is distributed to policy holders. So please clarify the matter to readers that this is only 5% share to Govt which is reflected as profit,actual profit is 25624.60 crore. Punit D Bhatt,Vadodara.
Indianexpress News article
George Mathew : Mumbai, Tue Dec 25 2012, 00:36 hrs
ICICI Prudential overtakes LIC in profits, Bajaj close behind
State-owned Life Insurance Corporation (LIC) is the largest insurer in the country with a market share of over 70 per cent in terms of annual premium income. However, 12-year old ICICI Prudential life, a joint venture between ICICI Bank and UK-based Prudential Life Insurance, is the largest profit-making life insurer in the country, if figures released by the Insurance Regulatory and Development Authority (IRDA) are any indication.
According to IRDA’s annual report released last week, LIC has reported a net profit of Rs 1,313 crore, an increase of 12.08 per cent over Rs 1,172 crore in 2010-11 while ICICI Prudential has reported a profit of Rs 1,384 crore for the third year in a row (Rs 808 crore in 2010-11) after incurring losses for eight consecutive years. Bajaj Allianz reported a net profit of Rs 1,311 crore for the third straight year (Rs 1,057 crore in 2010-11).
Out of 24 life insurers in operations during 2011-12, 14 companies reported profits, IRDA says. They are LIC, ICICI Prudential, Birla Sunlife, HDFC Standard, Max Life, Reliance, Bajaj Allianz, SBI Life, Kotak Mahindra, Tata-AIA, MetLife, Aviva, Sahara India and Shriram. For the first time after the opening up of the insurance sector, private life insurers paid dividends. ICICI Prudential paid Rs 414.37 crore, Birla Sunlife paid Rs 98.48 crore, Reliance Life paid Rs 47.85 crore and SBI Life paid Rs 50 crore as dividends during the year. During the financial year 2011-12, the industry reported net profit of Rs 5,974 crore against Rs 2,657 crore in 2010-11.
Birla Sunlife, Max Life and Tata AIA reported profits of Rs 461 crore, Rs 460 crore and Rs 260 crore respectively for the second year in succession after incurring losses for nine successive years. SBI Life reported profit of Rs 556 crore; the insurer reported profits for 6 out of last 7 years — except in 2008-09. Aviva reported profit of Rs 74 crore for the second year in row (Rs 29 crore in 2010-11).
The cumulative losses of the life insurance industry for 2011-12 stood at Rs 17,945 crore (Rs 20,177 crore in 2010-11). The losses reduced by Rs 376 crore and Rs 1,856 crore in the policyholders account and shareholders account respectively in 2011-12. For the year 2011-12, LIC paid Rs 1,281 crore as dividend to the government. This is 97.55 per cent of its net profit reported during the year.
Cover story
Out of of 24 life insurers in operations during 2011-12, 14 companies reported profits
For the first time after the opening up of the sector, private life insurers paid dividends
During the fiscal 2011-12, the industry reported net profit of R5,974 cr against R2,657 cr in 2010-11
Cumulative losses of the industry for 2011-12 was at R17,945 cr (R20,177 cr in 2010-11)
Indianexpress News article
George Mathew : Mumbai, Tue Dec 25 2012, 00:36 hrs
ICICI Prudential overtakes LIC in profits, Bajaj close behind
State-owned Life Insurance Corporation (LIC) is the largest insurer in the country with a market share of over 70 per cent in terms of annual premium income. However, 12-year old ICICI Prudential life, a joint venture between ICICI Bank and UK-based Prudential Life Insurance, is the largest profit-making life insurer in the country, if figures released by the Insurance Regulatory and Development Authority (IRDA) are any indication.
According to IRDA’s annual report released last week, LIC has reported a net profit of Rs 1,313 crore, an increase of 12.08 per cent over Rs 1,172 crore in 2010-11 while ICICI Prudential has reported a profit of Rs 1,384 crore for the third year in a row (Rs 808 crore in 2010-11) after incurring losses for eight consecutive years. Bajaj Allianz reported a net profit of Rs 1,311 crore for the third straight year (Rs 1,057 crore in 2010-11).
Out of 24 life insurers in operations during 2011-12, 14 companies reported profits, IRDA says. They are LIC, ICICI Prudential, Birla Sunlife, HDFC Standard, Max Life, Reliance, Bajaj Allianz, SBI Life, Kotak Mahindra, Tata-AIA, MetLife, Aviva, Sahara India and Shriram. For the first time after the opening up of the insurance sector, private life insurers paid dividends. ICICI Prudential paid Rs 414.37 crore, Birla Sunlife paid Rs 98.48 crore, Reliance Life paid Rs 47.85 crore and SBI Life paid Rs 50 crore as dividends during the year. During the financial year 2011-12, the industry reported net profit of Rs 5,974 crore against Rs 2,657 crore in 2010-11.
Birla Sunlife, Max Life and Tata AIA reported profits of Rs 461 crore, Rs 460 crore and Rs 260 crore respectively for the second year in succession after incurring losses for nine successive years. SBI Life reported profit of Rs 556 crore; the insurer reported profits for 6 out of last 7 years — except in 2008-09. Aviva reported profit of Rs 74 crore for the second year in row (Rs 29 crore in 2010-11).
The cumulative losses of the life insurance industry for 2011-12 stood at Rs 17,945 crore (Rs 20,177 crore in 2010-11). The losses reduced by Rs 376 crore and Rs 1,856 crore in the policyholders account and shareholders account respectively in 2011-12. For the year 2011-12, LIC paid Rs 1,281 crore as dividend to the government. This is 97.55 per cent of its net profit reported during the year.
Cover story
Out of of 24 life insurers in operations during 2011-12, 14 companies reported profits
For the first time after the opening up of the sector, private life insurers paid dividends
During the fiscal 2011-12, the industry reported net profit of R5,974 cr against R2,657 cr in 2010-11
Cumulative losses of the industry for 2011-12 was at R17,945 cr (R20,177 cr in 2010-11)
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