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Chennai:
The government owned New India Assurance Company Limited
became the first domestic non-life insurer to cross
the Rs5,000 crore gross premium income mark. Though
it closed FY07 with a premium income of Rs5,024.15 crore
against Rs4,791.51 crore in the previous year, yet it
logged the lowest growth rate amongst government insurers
with just at 4.86 per cent growth.
Out
of the four government companies only United India and
Oriental Insurance Company Limited (premium income Rs3,940.53
crore) logged double-digit growth last year. National
Insurance Company Limited ended the year with a gross
premium income of Rs3810.88 crore, representing 8.15-per
cent growth.
On
the other hand private sector Reliance General Insurance
Company Ltd registered a stupendous growth rate of 461.96
per cent — the highest amongst the 12 non-life
insurers — and earned a premium income of Rs912.23
crore. In the process it catapulted itself to the seventh
rank last fiscal from twelfth in the previous year with
a premium of Rs162.33 crore.
The
other high growth company last year was the Chennai-based
Cholamandalam MS General Insurance Company Limited that
earned Rs314.59 crore and registered a growth rate of
41.57 per cent.
Bcking
the growth trend was another private sector insurer,
Chubb General Insurance Company Limited, which logged
a negative growth of 7.59 per cent, earning Rs190.16
crore, down from Rs205.77 crore in FY06.
Apart
from these, the rankings amongst the 12 non-life insurers
last fiscal remained unchanged. The much expected event
— ICICI Lombard General Insurance Company Limited
dislodging United India Insurance Company Limited from
the fourth spot did not happen. United India closed
the year with a gross premium of Rs3,509.95 crore leaving
behind ICICI Lombard with Rs3,003.45 crore.
For
quite some time during the year that went by, the difference
in the premium income between the two was around Rs300
crore, fuelling expectations of private sector ICICI
Lombard overtaking government owned United India.
What
is interesting is that ICICI Lombard has widened the
topline difference between itself and the Pune-based
Bajaj Allianz General Insurance Company Limited by Rs1,198.85
crore as against Rs307.43 crore at the end of FY06.
Last fiscal Bajaj Allianz closed its books with a premium
of Rs1,804.60 crore.
On
its part Bajaj Allianz General was the only insurer
to have an underwriting profit (premium income minus
claims paid) for three consecutive years and also the
first private insurer to cross the Rs100-crore in profit
before tax, generating Rs117 crore. Its after-tax profit
stood at Rs76 crore up from Rs52 crore in 2005-06.
It
also continued with its policy of transparency by declaring
its detailed financials on the net.
According
to Bajaj Allianz General, CEO Kamesh Goyal, "The
year 2006-07 was significant for the industry as we
witnessed a transition from a regulated to a de-tariffed
regime. Our focus has and will continue to be maintaining
the right balance between growth and profitability."
At
the macro level the domestic non-life industry crossed
a landmark figure of Rs25,000- crore premium during
the year under review. The industry registered a premium
of Rs25,002.45 crore as against Rs20,431.82 crore the
previous year. The share of government companies in
this is Rs16,285.51 crore as against the private player''s
share of Rs8,716.94 crore.
Meanwhile
the two specialised insurers – Export Credit Guarantee
Corporation of India (ECGC) and Star Health & Allied
Insurance- have also turned out good performance. The
former earned Rs618.05 crore and the later Rs22.42 crore.
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Gross
premium underwritten for and upto the month of
March, 2007
|
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(Rs
in crore)
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|
Insurer
|
Premium
2006-07
|
Premium
2005-06
|
Growth
over the corresponding period of previous year
|
|
For
March 07
|
Upto
March 07
|
For
March 06
|
Upto
March 06
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Royal
Sundaram
|
57.37
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600.03
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52.31
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459.35
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30.63
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Tata-AIG
|
54.61
|
741.56
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72.23
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612.39
|
21.09
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Reliance
General
|
108.64
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912.23
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17.66
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162.33
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461.96
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IFFCO-Tokio
|
80.05
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1150.32
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116.96
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896.11
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28.37
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ICICI-Lombard
|
200.11
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3003.45
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123.53
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1592.00
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88.66
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Bajaj
Allianz
|
183.16
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1804.60
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119.65
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1284.57
|
40.48
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HDFC
Chubb
|
19.99
|
190.16
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28.59
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205.77
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-7.59
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Cholamandalam
|
34.74
|
314.59
|
15.37
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222.21
|
41.57
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New
India
|
515.62
|
5024.15
|
534.90
|
4791.51
|
4.86
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National
|
382.67
|
3810.88
|
350.63
|
3523.67
|
8.15
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United
India
|
349.15
|
3509.95
|
316.21
|
3154.78
|
11.26
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Oriental
|
344.32
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3940.53
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347.07
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3527.13
|
11.72
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PRIVATE
TOTAL
|
738.67
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8716.94
|
546.30
|
5434.73
|
60.39
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PUBLIC
TOTAL
|
1591.76
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16285.51
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1548.81
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14997.09
|
8.59
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GRAND
TOTAL
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2330.43
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25002.45
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2095.11
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20431.82
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22.37
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SPECIALISED
INSTITUTIONS:
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ECGC
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72.53
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618.05
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64.54
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578.46
|
6.84
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Star
Health & Allied Insurance
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5.72
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22.42
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0.00
|
0.00
|
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Source:IRDA
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