Lok Sabha Question No. 5557 (UNSTARRED), answered on 2017-04-07
Subject: Impact of Foreign Insurance Companies
Ministry: FINANCE
Asked by: RAHUL KASWAN

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UNSTARRED QUESTION NO. 5557

## TO BE ANSWERED ON 7 th April, 2017/Chaitra 17, 1939 (Saka) Impact of Foreign Insurance Companies

†5557. SHRI RAHUL KASWAN:

Will the Minister of FINANCE be pleased to state:

- (a) the details of the insurance companies operating in the insurance sector of the country;
- (b) the amount collected by the said companies as insurance premium during the last three years and the current year, company-wise; and
- (c) the manner and the extent the insurance sector of the country is likely to be affected by these foreign insurance companies?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI SANTOSH KUMAR GANGWAR)

(a) & (b): The details of the insurance companies operating in the insurance sector and the insurance premium collected by them during the last three years and the current year (upto December 2016) are given in Annexure-1 and 2.

(c): The entry of foreign insurance companies as joint venture partners has aided in the capital augmentation of the Indian insurance companies where required capital is needed for expanding the business and aiding in the growth of this sector. They also bring in latest technology and innovative products in order to improve the competitive situation in the domestic market which in turn helps in improving the customer satisfaction and experience. This would also generate employment domestically, provide wider scope of growth of industry and economy and also help in adopting the global best practices.

- **********

## Annexure- 1 referred to in reply to Lok Sabha Un-Starred Question Number 5557 to be answered on 07.04.2017 Total Premium of Life Insurance Companies

(Rs. In Crore)

| S. No.   | Name of Companies                           |   2013-14 |   2014-15 |   2015-16 |   Q3 2016-17 |
|----------|---------------------------------------------|-----------|-----------|-----------|--------------|
| 1        | Aegon Religare Life Insurance Co. Ltd.      |       453 |       559 |       502 |          267 |
| 2        | Aviva Life Insurance Company India Limited  |      1878 |      1796 |      1493 |          801 |
| 3        | Bajaj Allianz Life Insurance Co. Ltd        |      5843 |      6017 |      5897 |         3935 |
| 4        | Bharti Axa Life Insurance Co. Ltd.          |       873 |      1053 |      1208 |          960 |
| 5        | Birla Sun Life Insurance Co. Ltd.           |      4833 |      5233 |      5580 |         3826 |
| 6        | Canara HSBC Life Insurance Co. Ltd.         |      1823 |      1657 |      2060 |         1514 |
| 7        | DHFL Pramerica Life Insurance Co. Ltd.      |       306 |       735 |       920 |          750 |
| 8        | Edelweiss Tokio Life Insurance Co. Ltd.     |       111 |       193 |       310 |          237 |
| 9        | Future Generali Life Insurance Co. Ltd.     |       634 |       604 |       592 |          432 |
| 10       | HDFC Standard Life Insurance Co. Ltd.       |     12063 |     14830 |     16313 |        12221 |
| 11       | ICICI Prudential Life Insurance Co. Ltd.    |     12429 |     15307 |     19164 |        14775 |
| 12       | IDBI Federal Life Insurance Co. Ltd.        |       826 |      1070 |      1240 |          984 |
| 13       | IndiaFirst Life Insurance Co. Ltd.          |      2143 |      2034 |      1967 |         1486 |
| 14       | Kotak Mahindra Life Insurance Co. Ltd.      |      2701 |      3038 |      3972 |         3007 |
| 15       | Max Life Insurance Co. Ltd.                 |      7279 |      8172 |      9216 |         6993 |
| 16       | PNB MetLife Life Insurance Co. Ltd.         |      2241 |      2461 |      2828 |         2060 |
| 17       | Reliance Life Insurance Co. Ltd.            |      4283 |      4621 |      4398 |         2715 |
| 18       | SBI Life Insurance Co. Ltd.                 |     10739 |     12867 |     15825 |        13622 |
| 19       | Shriram Life Insurance Co. Ltd.             |       594 |       735 |      1022 |          772 |
| 20       | Star Union Dai-ichi Life Insurance Co. Ltd. |       949 |      1135 |      1307 |          918 |
| 21       | TATA AIA Life Insurance Co. Ltd.            |      2324 |      2123 |      2479 |         1915 |
| 22       | Exide Life Life Insurance Co. Ltd.          |      1831 |      2027 |      2047 |         1576 |
| 23       | Sahara India Life Insurance Co. Ltd.        |       205 |       167 |       157 |           89 |
| 24       | LIC of India                                |    236942 |    239668 |    266444 |       200945 |
|          | TOTAL                                       |    314302 |    328102 |    366943 |       276799 |

Annexure- 2 referred to in reply to Lok Sabha Un-Starred Question Number 5557 to be answered on 07.04.2017 Gross Premium of Non-Life Insurance Companies

| S. No.   | Name of the Insurer                                |   2013-14 |   2014-15 |   2015-16 |   (Rs. In Crore) Q3 2016-17 |
|----------|----------------------------------------------------|-----------|-----------|-----------|-----------------------------|
| 1        | Aditya Birla                                       |      0    |      0    |      0    |                       33.53 |
| 2        | Apollo MUNICH Health Insurance Company Limited     |    692.47 |    803.13 |   1022.17 |                      744.27 |
| 3        | Bajaj Allianz General insurance Company Limited    |   4516.44 |   5229.85 |   5832.14 |                     5387.63 |
| 4        | Bharati AXA General insurance Company Limited      |   1423.15 |   1457.07 |   1274.41 |                      978.41 |
| 5        | Cholamandalam MS General Insurance Company Limited |   1855.11 |   1890.43 |   2452    |                     2218.87 |
| 6        | CIGNA TTK Health Insurance Company Limited         |      0.33 |     21.83 |    143.81 |                      149.92 |
| 7        | Future Generali General Insurance Company Limited  |   1262.55 |   1438.25 |   1555.26 |                     1252.36 |
| 8        | HDFC ERGO General Insurance Company Limited        |   2906.98 |   3182.21 |   3379.54 |                     3964.45 |
| 9        | ICICI Lombard General Insurance Company limited    |   6856.16 |   6677.8  |   8090.7  |                     8059.28 |
| 10       | Iffco Tokio General Insurance Company Limited      |   2930.92 |   3329.97 |   3691.33 |                     3480.33 |
| 11       | Liberty Videocon General Insurance Company Limited |    129.81 |    283.86 |    408.71 |                      424.34 |
| 12       | Magma HDI General Insurance Company Limited        |    424.93 |    473.59 |    403.94 |                      288.7  |
| 13       | Max Bupa health Insurance company Limited          |    308.85 |    372.66 |    476    |                      400.5  |
| 14       | Raheja QBE General Insurance Company Limited       |     23.23 |     21.63 |     28.75 |                       40.63 |
| 15       | SBI General Insurance Company Limited              |   1187.57 |   1576.9  |   2039.84 |                     1788.19 |
| 16       | Shriram General Insurance Company Ltd.             |   1510.59 |   1496.51 |   1712.26 |                     1331.24 |
| 17       | Star Health Insurance Company Limited              |   1091.07 |   1469.19 |   2007.34 |                     1769.88 |
| 18       | Tata AIG General insurance Company Ltd.            |   2362.71 |   2714.14 |   2958.55 |                     3175.3  |
| 19       | Universal Sompo General insurance Company Ltd.     |    540.44 |    701.11 |    903.78 |                      807.86 |
| 20       | Kotak Mahindra General Insurance Company Limited   |      0    |      0    |      3.7  |                       51.46 |
| 21       | L&T General Insurance Company Limited              |    253.78 |    331.71 |    473.39 |                      279.67 |
| 22       | Reliance General Insurance Company Limited         |   2388.82 |   2715.83 |   2791.56 |                     3169.45 |
| 23       | Religare Health Insurance Company Limited          |    152.3  |    275.8  |    503.32 |                      472.36 |
| 24       | Royal Sundaram General Insurance Company Limited   |   1437.04 |   1569.2  |   1694.12 |                     1622.1  |
| 25       | Agriculture Insurance Corporation of India         |   3395    |   2739.69 |   3521.22 |                     5113.36 |
| 26       | ECGC                                               |   1303.72 |   1362.39 |   1320.73 |                      870.77 |
| 27       | National Insurance Company Limited                 |  10261    |  11282.6  |  12019    |                    10163    |
| 28       | New India Insurance Company Limited                |  13727.6  |  15480.4  |  17763.3  |                    15543.4  |
| 29       | Oriental Insurance Company Limited                 |   7282.53 |   7561.92 |   8611.59 |                     8003.36 |
| 30       | United India Assurance Company Limited             |   9708.93 |  10691.7  |  12250.4  |                    11393.9  |
|          | Grand Total                                        |  79934    |  87151.3  |  99332.8  |                    92978.4  |