Dear Viewers,
The government has started consultations on listing the four public sector general or non-life insurance companies – New India Assurance, United India Insurance, Oriental Insurance and National Insurance.
For the financial year 2010-2011, these 4 PSUs collectively crossed the Rs 25,000 figure in their new business premium collections. During the last financial year, these PSUs saw a decline in their net profit on account of lower investment income and also due to higher provisions and losses in motor insurance segment.
According to media reports, the finance ministry has already started internal discussions on the way forward and although it may take a while, it is not far-fetched. All companies may not get listed at the same time. New India, which is the largest non-life insurer in India, is most likely to be the first one to get listed.
For the half year ended September 2011, New India Assurance mobilized Rs 4362.51 crore in premiums with a 20% growth over the corresponding period last year. United India Insurance showed a jump of 28% by garnering Rs 3900.37 crore in premiums. National Insurance garnered Rs 3670.45 crore in premiums, a jump of 29% over the same period last year. Last in line is Oriental Insurance with Rs 3068. 42 crore in new business premiums, an increase of 16% over the corresponding period last year. The collective premiums by all four PSUs during April-September 2011 is 15001.76 crore with a 23% growth over the corresponding period last year.
For the financial year 2010-2011, these 4 PSUs collectively crossed the Rs 25,000 figure in their new business premium collections. During the last financial year, these PSUs saw a decline in their net profit on account of lower investment income and also due to higher provisions and losses in motor insurance segment.
According to media reports, the finance ministry has already started internal discussions on the way forward and although it may take a while, it is not far-fetched. All companies may not get listed at the same time. New India, which is the largest non-life insurer in India, is most likely to be the first one to get listed.
For the half year ended September 2011, New India Assurance mobilized Rs 4362.51 crore in premiums with a 20% growth over the corresponding period last year. United India Insurance showed a jump of 28% by garnering Rs 3900.37 crore in premiums. National Insurance garnered Rs 3670.45 crore in premiums, a jump of 29% over the same period last year. Last in line is Oriental Insurance with Rs 3068. 42 crore in new business premiums, an increase of 16% over the corresponding period last year. The collective premiums by all four PSUs during April-September 2011 is 15001.76 crore with a 23% growth over the corresponding period last year.
Listing of these state-owned insurers is likely to pave the way ahead for the private general insurance companies as well.
...EDITOR
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