Profit & Loss and Death Claim Analysis of All Life Insurers for the Year 2012-13


Profit/Loss (in Crores) Company Name Death Claims
For the year
2012-13
Total Carried forward as on 31/03/2013 % of Claim Amount Paid % of Claim Amount Rejected % of Claim Amount Pending
-16.96 -117.68 Aegon Religare 57.60 42.40 0.00
32.00 -1372.94 Aviva 78.74 30.23 1.04
1343.57 3635.58 Bajaj Allianz 78.74 14.14 7.11
-119.29 -1867.59 Bharati AXA 71.61 23.20 5.19
541.50 -1242.49 Birla Sunlife 69.67 69.67 10.22
23.50 -733.99 Canara HSBC 87.23 8.75 4.01
-132.39 -507.95 DLF Pramerica 22.91 18.48 18.48
-64.72 -93.95 Edelweiss Tokio 15.73 77.13 7.14
-68.33 -1164.53 Future Generali 58.98 31.08 9.95
455.72 -843.00 HDFC Life 87.80 87.80 5.98
1569.61 -1164.35 ICICI Prudential 90.71 8.57 0.73
9.24 -423.11 IDBI Federal 72.13 21.82 6.05
39.58 -228.95 India First 62.09 30.79 7.12
23.07 -1127.07 ING Vysya 69.27 19.05 10.90
79.28 Kotak Mahindra 15.84 15.84 4.88
475.39 -269.33 Max Life 88.43 11.23 0.33
48.34 2.17 PNB Met Life 73.50 18.85 7.57
380.42 -2161.77 Reliance Life 74.94 15.74 9.32
32.56 Sahara 83.20 8.57 7.18
622.17 1682.99 SBI Life 92.30 2.68 5.02
85.03 162.72 Shriram 50.87 39.31 9.82
-17.07 142.34 Star Union Dai-ichi 80.06 2.15 17.80
331.54 -966.21 Tata AIA 74.98 18.24 6.78
5707.79 -8607.83 Private Total 78.81 14.93 6.24
28727.60 * LIC of India 95.66 2.14 1.96

Source: IRDA's Annual Report 2012-2013 Available at www.irda.gov.in
Available at www.irda.gov.in

In case of LIC of India Surplus generated is not carried forward. Out of total surplus generated for the year 95% (27291.22 crores) is distributed among the policyholders and balance 5% (1436.38 crores crores) is Govt of India share.

Notes:

Out of 23 Private Companies 17 companies are still showing total carried forward losses, some are in operation now for more than 12 years.

Higher amount of claims are being rejected by the private companies as compared with LIC of India

During the year 2012-13 Claim settlement performance of Private Companies has reduced as compared with last year.

The outstanding claims of private companies are also on higher side; this shows delay in settlement of claims by private companies