Lok Sabha Question No. 4766 (UNSTARRED), answered on 2020-03-23
Subject: Insurance Companies
Ministry: FINANCE
Asked by: Sanjay(Kaka) Ramchandra Patil

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

## LOK SABHA

## UNSTARRED QUESTION NO. 4766

ANSWERED ON 23.03.2020

## Insurance Companies

## 4766. SHRI SANJAY KAKA PATIL:

Will the Minister of FINANCE be pleased to state:

- (a) the number of Government-run insurance companies operating in India during 2014-19;
- (b) the details of the premium these companies collected during 2014-19;
- (c) the details of the money these companies gave to claimant as re-imbursement to insurance customers during 2014-19 across India, sector and State-wise; and
- (d) the details of the profit earned by these companies during the said period, company-wise?

## ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ANURAG SINGH THAKUR)

- (a): There are 8 Government-run insurance companies operating in the country during 2014-19 which are detailed as below:

|  Life Insurance Corporation of India (LIC)                                                                                      | 100% owned by Government of India                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  National Insurance Co. Ltd.,  Oriental Insurance Co. Ltd. and  United India Insurance Co. Ltd.                               | 100% owned by Government of India                                                                                                                                                                          |
|  New India Assurance Co. Ltd                                                                                                    | 85.44% owned by Government of India                                                                                                                                                                        |
|  General Insurance Corporation of India (Re-insurer)                                                                            | 85.78% owned by Government of India                                                                                                                                                                        |
| Specialised Insurance Companies  Export Credit Guarantee Corporation of India Limited  Agriculture Insurance Co. of India Ltd. | 100% owned by Government of India Not directly owned by Government of India. Share capital provided by public sector insurance companies and National Bank for Agriculture and Rural Development (NABARD). |

(b): The details of premium collected by these companies during 2014-19 are as follows:

(Rs. in crore)

| Financial Years   |   Public Sector General Insurance Companies (PSGICs) - Gross Direct Premium |   Public Sector (Life) - Life Insurance Corporation of India (LIC) - Total Premium |   Public Sector Re- insurer -General Insurance Corporation of India (GIC) - Gross Premium |
|-------------------|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|
| 2014-15           |                                                                     49118.7 |                                                                             239668 |                                                                                   15184   |
| 2015-16           |                                                                     55486.2 |                                                                             266444 |                                                                                   18435.8 |
| 2016-17           |                                                                     71307.3 |                                                                             300487 |                                                                                   33585.4 |
| 2017-18           |                                                                     79703.6 |                                                                             318223 |                                                                                   41799.4 |
| 2018-19           |                                                                     79841.6 |                                                                             337505 |                                                                                   44238   |

(c): The sector-wise details of claims paid during 2014-19 are as follows:

(Rs. in crore)

| Financial Years   |   PSGICs |   Public Sector (Life) - LIC |   Public Sector Re- insurer - (GIC) |
|-------------------|----------|------------------------------|-------------------------------------|
| 2014-15           |    35874 |                       144126 |                             11891.8 |
| 2015-16           |    43034 |                       141201 |                             12899.9 |
| 2016-17           |    50112 |                       166877 |                             21646.4 |
| 2017-18           |    57645 |                       196718 |                             32953.6 |
| 2018-19           |    68275 |                       249285 |                             33739.9 |

As per Insurance Regulatory and Development Authority of India (IRDAI), State-wise details of total claims paid by public sector insurance companies is not maintained.

(d): The year-wise Profit/(Loss) after Tax earned (Rs. in crore) by these companies are as follows:

(Rs. in crore)

| Financial Years   | PSGICs    |   Public Sector (Life) - LIC |   Public Sector Re- insurer - (GIC) |
|-------------------|-----------|------------------------------|-------------------------------------|
| 2014-15           | 3442.15   |                      1823.78 |                             2693.72 |
| 2015-16           | 2082.17   |                      2517.85 |                             2848.39 |
| 2016-17           | (1944.95) |                      2231.74 |                             3127.67 |
| 2017-18           | 3206.29   |                      2446.41 |                             3233.58 |
| 2018-19           | (2603.19) |                      2688.5  |                             2224.31 |

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