BY: DR A. MUTHUSAMY AND A. MEERA
WINDS OF CHANGE MARK LIFE
INSURANCE MARKET IN INDIA
India is still an under-insured country and holds the 18th position in the life insurance market
of the world.
In the wake of reforms and the passage of the Insurance Regulatory and Development Authority (IRDA) Act by the parliament in 1999, In-dian insurance sector was opened to private companies. Liberalisation thus facilitated entry of foreign play-ers into the market with their part-Table I
Number of Policies
Name of the companies 2001-02 2002-03 2003-04 2004-05 2005-06
Bajaj Allianz Life 1,02,308 1,23,406 1,66,461 3,79,473 8,48,617 (–) (20.62) (34.89) (127.97) (123.63) ING Vysya Life 53,405 62,207 74,022 74,499 1,34,360 (–) (16.48) (18.99) (0.64) (80.35) SBI Life 48.360 67,481 1,29,998 2,01,230 2,50,314
(–) (39.54) (92.64) (54.79) (24.39) TATA AIG Life 1,06,753 1,25,672 1,62,986 2,11,509 2,81,319
(–) (17.72) (29.69) (29.77) (33.01) HDFC STD Life 1,06,480 1,14,528 1,23,118 2,01,943 2,25,591
(–) (7.56) (7.50) (64.02) (11.71) ICICI Life 2,86,508 3,06,205 3,49,823 4,92,423 11,06,798
(–) (6.87) (14.24) (40.76) (124.76) Birla Sun Life 95,302 98,706 1,12,504 1,50,199 1,69,668 (–) (3.57) (13.98) (33.50) (12.96) OM Kotak Life 24,630 36.682 36,356 53,843 83,168 (–) (32.69) (11.24) (48.10) (54.46) Max New York Life 86,885 92,860 1,54,064 2,98,289 3,81,207
(–) (6.88) (65.91) (93.61) (27.80)
Met Life 27,835 38,608 43,862 64,385 68,994
(–) (38.70) (13.61) (46.79) (7.16)
Source: IRDA Annual Report; Note: Percentage figures in brackets
T
he life insurance sector plays a vital role in the economic development of our nation. It acts as a mobiliser of savings, fi-nancial intermediary, promoter of in-vestment activities, stabiliser of fi-nancial markets and a risk manager.However, India is still an under-in-sured country in the world and holds the 18th position in the global life insurance market. The other advan-tages provided by life insurance in-clude security of capital, liquidity, tax benefits, etc besides, cover against risk of death.
ners. Earlier, the Life Insurance Cor-poration had enjoyed the monopoly, but now foreign companies under joint venture with Indian companies were allowed in the insurance sec-tor. This has brought in a healthy competition in the insurance mar-ket and the entry of private life in-surers has considerably changed the sector in India.
Some of the private life insur-ance companies in India are:
1. Bajaj Allianz Life Insurance Company
2. ING Vysya Life Insurance Company
3. SBI Life Insurance Company 4. TATA AIG Life Insurance Company
5. HDFC Standard Life Insur-ance Company
6. ICICI Prudential Life Insur-ance Company
7. Birla Sunlife Life Insurance Company
8. OM Kotak Life Insurance Com-pany
9. Max New York Life Insurance Company
10. Met Life India Life Insurance Company
Number of policies
Table I gives the total number of policies in private life insurance com-panies during the period 2001-2002 to 2005-2006.
Table I shows that the total num-ber of policies in Bajaj Allianz was 3,79,473 in 2004-05. It increased to 8,48,617 in 2005-06 showing a per-centage increase of 123.63 per cent during the study period. In ING Vysya there were 74,499 policies in 2003-04, that increased to 1,34,360 in 2005-06, showing a percentage in-crease of 80.35 per cent during the study period.
The number of policies in SBI
Life were 2,01,230 in 2004-05. It in-creased to 2,50,314 in 2005-06, a per-centage increase of 24.39 per cent. The number of policies in TATA AIG and HDFC were 2,11,509 and 2,01,943 in 2004-05. It increased to 2,81,319 and 2,25,591 in 2005-06 respectively with a percentage in-crease of 33.01 per cent and 11.71 per cent respectively during the study period.
The total number of policies in ICICI Prudential Life and Birla Sun Life were 4,92,423 and 1,50,199 in 2004-05. It increased to 11,06,798 and 1,69,668 respectively in 2005-06, a percentage hike of 124.76 and 12.96 per cent respectively.
The total number of policies in OM Kotak life was 53,843 in 2004-05, increasing to 83,168 in 2005-04 showing a percentage increase of 54.46 per cent during the period. The total number of policies in Max New York Life Insurance was Table II
Growth in Premium Income of Private Life Insurance Companies
(Rs crore)
Name of the companies 2001-02 2002-03 2003-04 2004-05 2005-06
Bajaj Allianz Life 7.14 69.17 220.80 1,001.68 3,133.58 (–) (86876) (219.21) (353.66) (212.83)
ING Vysya Life 4.19 21.16 88.51 338.86 425.38
(–) (405.01) (318.29) (282.85) (25.53)
SBI Life 14.69 72.39 225.67 601.18 1,075.32
(–) (392.78) (211.74) (166.39) (78.87)
TATA AIG Life 21.14 81.12 253.53 497.04 880.19
(–) (283.72) (212.53) (86.05) (77.09) HDFC Std Life 33.46 148.83 297.76 686.63 1,569.91
(–) (344.79) (100.07) (130.59) (128.64) ICICI Prudential Life 116.38 417.62 989.28 2363.82 4,261.05 (–) (288.84) (136.88) (138.94) (80.24) Birla Sun Life 28.26 143.92 537.54 915.47 1,259.68
(–) (409.27) (273.49) (70.31) (37.39)
OM Kotak Life 7.58 40.32 150.72 466.16 621.85
(–) (431.92) (273.81) (29.87) (33.39) Max New York Life 38.95 96.59 215.25 413.43 788.13 (–) (147.98) (122.85) (92.07) (90.36)
Met Life 0.48 7.91 28.73 81.53 205.99
(–) (1547.91) (263.21) (183.78) (152.66)
2,98,289 in 2004-05. It increased to 3,81,207 in 2005-06, a percentage increased of 27.80 per cent during the period.
The total number of policies in Met Life Insurance Company was 64,385 in 2004-05. It increased to 68,994 in 2005-06 showing a percent-age increase of 7.16 per cent during the study period.
Premium income
An important source of insurance business is premium income. The premium amounts received under various policies are given in Table II.
Table II gives the gross direct premium income of private life in-surance companies. The premium earned by Bajaj Allianz was Rs 7.14 crore in 2001-02, Rs 220.80 crore in 2003-04, and Rs 3133.58 crore in 2005-06, showing a percentage
increase of 212.83 per cent during the study period. It has the second position with regard to the gross direct premium earned. ING Vysya earned gross direct premium worth Rs 4.19 crore in 2001-02, Rs. 21.16 crore in 2002-03. It’s earnings in-creased to Rs 425.38 crore in 2005-06, showing a percentage increase of 25.53 per cent during the study period. In SBI Life, the premium earned was Rs 14.69 crore in 2001-02. It increased to Rs 1,075.32 crore in 2005-06 showing a percentage in-crease of 78.87 during the study pe-riod.
The amount of gross direct pre-mium earned in TATA AIG was Rs 21.14 crore in 2001-02. It then in-crease to Rs 880.19 crore in 2005-06, showing a percentage increase of 77.09 per cent during the study pe-riod. In HDFC Life, premium earned in 2001-02 stood at Rs 33.46 crore, increasing to Rs 1,569.91 crore in
2005-06, a percentage increase of 128.64 during the study period. ICICI Prudential life is highest premium earner. It earned Rs 116.38 crore in 2001-02, hiking to Rs 4,261.05 crore in 2005-06; a percentage increase of 80.24 per cent during the study pe-riod. In Birla Sun Life the figures were Rs 28.26 crore in 2001-02. The gross premium earned increased to Rs 1,259.68 crore in 2005-06, thereby showing a percentage hike of 37.39 per cent.
The amount of gross direct pre-mium earned in Kotak Life was Rs 7.58 crore in 2001-02. It increased to Rs 621.85 crore in 2005-06, showing a percentage gain of 33.39 during the study period. In Max New York Life the corresponding figures stood at Rs 38.95 in 2001-2002, increasing to Rs 788.13 crore in 2005-06 show-ing the percentage increase of Rs 90.36 per cent during the study pe-riod. In Met Life the premium earned stood at Rs 0.48 in 2001-02, increas-ing to Rs 205.99 crore in 2005-06 showing a percentage increase of 152.66. It was at the bottom of the list with the lowest premium income earned.
Income from investment
Investment is the allocation of monetary resource to assets that are expected to yield gain over a period of time. The investment of private insurance companies include state government securities, central gov-ernment securities and other ap-proved investments.
Income from investments of the private insurance companies is given in Table III.
Table III gives the net income from investment of private life in-surers. Bajaj Allianz’s income was Rs 149 lakh in 2002-03, increasing to Rs 3,171 lakh in 2005-06; showing a percentage increase of 261.02 per cent during the study period. In ING Vysya net income from investment was Rs 35 lakh in 2002-03. It hiked to Rs 2,430 lakh in 2005-06, showing a percentage increase of 306.35 per Table III
Investment Income of Private Life Insurers
(Rs lakh)
Name of the company 2001-02 2002-03 2003-04 2004-05 2005-06
Bajaj Allianz Life (–) 149 452 880 3,171 (–) (–) (203.35) (94.69) (261.02) ING Vysya Life (–) 35 102 598 2,430
(–) (–) (191.43) (486.27) (306.35) SBI Life 21 502 1,187 3,909 13,150
(–) (2,990.48) (136.45) (299.32) (236.40) TATA AIG Life (–) 172 780 1,727 3,700
(–) (–) (383.49) (12,141) (114.24) HDFC Std Life 110 574 2,631 4,098 16,346
(–) (421.82) (388.61) (55.76) (298.88) ICICI Prudential Life 287 2,489 4,971 6,057 42,355
(–) (764.11) (99.72) (21.786) (599.27) Birla Sun Life 87 309 1,440 5,021 14,961
(–) (255.17) (366.12) (248.68) (178.97) OM Kotak Life (–) 41 703 2,092 13,375
(–) (–) (1,614.63) (197.58) (539.34) Max New York Life 77 406 878 2,180 6,443
(–) (427.27) (116.26) (148.29) (195.55)
Met Life (–) 3 77 231 741
(–) (–) (2,466.67) (200) (2,250.7)
cent during the period. The net in-come in SBI life was Rs 21 lakh in 2001-02, hiking to Rs 13,150 lakh in 2005-06, showing a percentage in-crease of 236.40 per cent during the period.
The net income from investment of TATA AIG was Rs 172 lakh in 2002-03. It increased to Rs 3,700 lakh in 2005-06, thereby showing a per-centage increase of 114.24 per cent during the study period. HDFC Stan-dard Life earned Rs 110 lakh from investment in 2001-02. The ICICI Prudential earned Rs 287 lakh while Birla Sun Life earned Rs 87 lakh in 2001-02. Their earnings increased to Rs 16,346 lakh, Rs 42.355 lakh and Rs 14,961 lakh in 2005-06 respec-tively; showing a percentage hike of 298.88, 599.27 and 178.97 per cent during the study period.
In OM Kotak, net income from investment stood at Rs 41 lakh in 2002-03 increasing to Rs 13,375 lakh in 2005-06. It had a percentage in-crease of 539.34 per cent during the
study period. In Max NewYork Life the corresponding earnings from in-vestment were Rs 77 lakh in 2001-02, increasing to Rs 6,443 lakh in 2005-06, showing a percentage in-crease of 195.55 per cent during the review period.
Profit after tax
Profit is an important parameter to measure the financial performance of private insurance companies.
Table IV gives the profit after tax figures of private life insurers in the period during 2001-02 to 2005-06. It may be observed from the table that serious losses were incurred by all private players till 2005-06. Bajaj Allianz incurred a loss of Rs 15.65 crore in 2001-02. It increased to Rs 98.54 in 2005-06, showing a percentage increase of 68.13 per cent during the study pe-riod. The ING Vysya Life Insurance incurred a loss of Rs 30.94 crore in 2001-02. It increased to Rs 124.00
crore in 2005-06 showing a percent-age increase of 32.28 per cent dur-ing the study period.
In SBI Life Insurance the loss incurred amounted to Rs 0.29 crore in 2001-02. In 2005-06, it earned a profit of 20.30 crore. In TATA AIG Life the loss incurred in 2001-02 was Rs 25.24 crore. In 2005-06, it in-creased to Rs 53.91 crore.
In the year 2001-02, the HDFC Standard Life Insurance suffered losses of Rs 25.11 crore. It increased to Rs 128.76 crore in 2005-06, show-ing a percentage increase of 41.49 per cent during the study period. The ICICI Prudential also suffered losses amounting to Rs 105.99 crore in 2001-02. It increased to Rs 187.88 crore in 2005-06 showing a percent-age increase of 43.49 per cent during the study period.
In OM Kotak Life Insurance the losses were Rs 92.30 crore in 2003-04. It increased to Rs 44.44 crore in 2005-06, that is 137.67 per cent dur-ing the study period.
Max New York Life Insurance earned a profit of Rs 11.38 crores in 2001-02. But in 2005-06, the com-pany incurred a loss of Rs 60.06 crore showing a percentage decrease in profit of 39.74 per cent during the study period. In Met Life Insurance loss was Rs 2.84 crore in 2001-02. It increased to Rs 97.74 crore in 2005-06, showing a percentage increase in loss of 100.25 per cent during the study period. From the above analy-sis it is clear that all the private players suffered losses during the period.
Number of agents
The number of licensed agents appointed by private life insurance companies during the study period are given in Table V.
Table V gives the total number of agents in all life insurance compa-nies during the period 2001-02 to 2005-06. In Bajaj Allianz the num-ber stood at 0.04 lakh in 2001-02, it increased to 0.38 in 2005-06, show-ing a percentage increase of 2.70 per Table IV
Profit After Tax of Private Life Insurance Companies
(Rs crore)Name of the companies 2001-02 2002-03 2003-04 2004-05 2005-06
Bajaj Allianz Life –15.65 –26.55 –26.81 –36.75 –98.04 (–) (69.64) (0.97) (37.07) (168.13) ING Vysya Life –30.94 –37.86 –62.99 –93.74 –124.00 (–) (22.37) (66.38) (48.82) (32.28) SBI Life –0.29 –7.49 –16.41 –11.50 20.30
(–) (2482.75) (119.09) (–29.92) (–120) TATA AIG Life –25.24 –42.89 –58.09 –49.59 –53.91 (–) (69.93) (35.44) (–14.64) (8.71) HDFC Std Life –25.11 –48.20 –23.44 –89.73 –128.76
(–) (91.95) (–51.37) (–282.81) (41.49) ICICI Prudential Life –105.09 –147.18 –221.57 –211.62 –187.88
(–) (40.05) (–51.30) (–282.81) (43.49) OM Kotak Life (–) (–) –92.30 (18.69) –44.44 (–) (–) (–) –79.75 (137.67) Max New York Life 11.38 4.82 –232.76 (–99.66) –60.06
(–) (–57.64) (–4.929.05) –57.18 (–39.74) Met Life –2.84 8.04 –12.13 (–48.81) –97.74
(–) (–383.09) (250.87) (302.39) (30.79)
cent during the study period. In ING Vysya Life the figure was 0.01 lakh agents in 2001-02. It increased to 0.14 lakh agents in 2005-06, a per-centage increase of 7.69 per cent.
The total number of agents in SBI Life was 0.007 lakh in 2001-02. It increased to 0.05 lakh in 2005-06. In TATA AIG Life the figure was 0.07 lakh agents, while in HDFC it was 0.03 lakh agents and ICICI Pru-dential Life 0.11 lakh agents in 2001-02. The corresponding figures for all companies in the year 2005-06, show a percentage increase of 5.56 per cent, 21.43 per cent and 46.67 per cent respectively during the study period.
In Birla Sun Life total number of agents were 0.02 lakh in 2001-02. It increased to 0.12 lakh in 2005-06, showing a percentage increase of 9.09 per cent during the study period. In O M Kotak Life the number of agents were 0.01 lakh in 2001-02,
increas-ing to 0.07 lakh in 2005-06 showincreas-ing, a percentage increase of 16.67 per cent during the study period.
The total number of agents in Max New York were 0.03 lakh and Met Life 0.004 lakh in 2001-02. The total number of agents increased to 0.13 lakh and 0.08 lakh for these companies respectively during the period 2005-06, showing a percent-age increase of 87.71 per cent and 33.33 per cent.
Operating expenses
Operating expenses include em-ployees remuneration, welfare ben-efits and other manpower costs, travel, conveyance and vehicle run-ning expenses, trairun-ning expenses, rents, rates and taxes, repairs, print-ing and stationary, communication expenses, legal and professional charges medical fees, auditor fees, expenses on advertisement and bank
charges.
Table VI shows the operating ex-penses of private life insurers. The amount of operating expenses of Bajaj Allianz was Rs. 25.11 lakhs in 2001-02. It increased to Rs. 486.81 lakhs in 2005-06 showing a percent-age increase of 127.07 per cent dur-ing the study period. The operatdur-ing expenses in ING Vysya were Rs 23.12 lakhs in 2001-02. IT increased to 210.83 lakhs in 2005-06 showing a percentage increase of 43.92 per cent during the study period.
In SBI Life, the operating ex-penses were Rs 11.27 lakh, in TATA AIG Rs 40.34 lakh and in HDFC Standard Life it was Rs 41.26 lakh in 2001-02. The expenses increased to Rs 190.03 lakh, Rs 290.54 lakh and Rs 398.49 lakh respectively, showing a percentage increased of 52.56 per cent 46.72 and 72.69 per cent respectively, during the study period.
The operating expenses of ICICI Prudential Life were Rs 84.85 lakh in 2001-02 rising to Rs 723.86 lakh in 2005-06, a percentage increase of 56.84 per cent during the period un-der consiun-deration. The ICICI Pru-dential Life notched the highest op-erating expenses among all the pri-vate life insurers. In Birla Sun Life, it stood at Rs 48.16 lakh in 2001-02. It increased to Rs 243.97 lakh in 2005-06, showing a percentage in-crease of 37.49 per cent during pe-riod.
The operating expenses in OM Kotak Life were Rs 36.98 lakh, in Max New York Rs 84.88 lakhs and in Met Life Rs 6.53 lakh in 2001-02. It rose to Rs 134.08 lakh, Rs 339.32 lakh and Rs 161.57 lakh respectively, in 2005-06 showing a percentage in-crease of 20.43 per cent, 37.71 per cent and 30.79 per cent during the period. Tables VII and VIII show the correlation between the following:
Premium income and number of policies
Premium income and number of agents
Premium income and profit after tax
Table V
Number of Agents
(Rs lakh)
Name of the Company 2001-02 2002-03 2003-04 2004-05 2005-06
Bajaj Allianz Life 0.04 0.14 0.39 0.37 0.38 (–) (2.5) (179.57) (–5.130) (2.70) ING Vysya Life 0.01 0.10 0.12 0.13 0.14
(–) (9.0) (2.0) (8.33) (7.69) SBI Life 0.007 0.02 0.04 0.05 0.05
(–) (–185.7) (1.0) (2.5) (–) TATA AIG Life 0.07 0.16 0.17 0.18 0.19
(–) (128.57) (6.25) (5.88) (5.56) HDFC Std Life 0.03 0.11 0.12 0.14 0.17
(–) (266.67) (9.09) (16.67) (21.43) ICICI Prudential Life 0.11 0.23 0.26 0.30 0.44
(–) (109.09) (13.04) (15.38) (46.67) Birla Sun Life 0.02 0.06 0.09 0.11 0.12
(–) (2.0) (5.0) (22.22) (9.09) OM Kotak Life 0.01 0.03 0.04 0.06 0.07
(–) (2.0) (33.33) (5.0) (16.67) Max New York Life 0.03 0.05 0.06 0.07 0.13
(–) (66.67) (2.0) (16.670) (87.71) Met Life 0.004 0.01 0.03 (0.06) 0.08
(–) (1.5) (2.0) (1.0) (33.33)
Premium income and operating expenses
Summary of findings
Total gross direct premium
re-ceived in Bajaj Allianz Life Insur-ance Company was Rs 7.14 crore in 2001-02. It increased to Rs 3,133.58 crore in 2005-06, showing the per-centage increase of 212.83 per cent during the review period. It was the Table VI
Operating Expenses of Private Life Insurers
(Rs lakh)
Name of the company 2001-02 2002-03 2003-04 2004-05 2005-06
Bajaj Allianz Life 25.11 66.70 132.37 214.39 486.81 (–) (165.71) (98.39) (61.96) (127.07) ING Vysya Life 23.12 57.55 98.91 146.49 210.83
(–) (149.48) (71.27) (48.1) (43.92) SBI Life 11.27 23.3 57.35 124.56 190.03 (–) (106.74) (146.13) (117.19) (52.56) TATA AIG Life 40.34 63.52 115.04 198.02 290.54 (–) (57.46) (81.10) (72.13) (46.72) HDFC Std Life 41.26 69.73 98.23 230.75 398.49 (–) (69) (40.87) (134.91) (72.69) ICICI Prudential Life 84.85 173.83 296.39 461.51 723.86 (–) (104.87) (70.51) (55.51) (56.84) Birla Sun Life 48.16 89.07 145.12 177.44 243.97 (–) (84.95) (62.93) (22.27) (37.49) OM Kotak Life 36.98 61.38 81.94 111.34 134.08 (–) (65.98) (46.37) (23.92) (20.43) Max New York Life 84.88 111.94 162.73 246.41 339.32 (–) (31.88) (45.37) (51.42) (37.71) Met Life 6.53 30.44 44.65 95.38 161.57 (–) (366.15) (46.68) (113.62) (30.79)
Source: IRDA Annual Report; Note: Percentage figures in brackets
Table VII
Correlation
Name of the company Correlation between Correlation between Correlation between premium income and premium income and premium income and operating expenses profit after tax net commission paid
Bajaj Allianz Life Insurance Company +0.98 -0.98 +0.99 ING Vysya Life Insurance Company +0.96 -0.98 +0.97
SBI Life Insurance Company +0.99 +0.33 +0.97
TATA AIG Life Insurance Company +0.99 -0.62 +0.99 HDFC Standard Life Insurance Company +0.99 -0.93 +0.98 ICICI Prudential Life Insurance Company +0.99 -0.57 +0.99 Birla Sunlife Life Insurance Company +0.98 -24 +0.99 OM Kotak Life Insurance Company +0.94 -0.25 +0.99 Max New York Life Insurance Company +0.99 -0.17 +0.99 Met Life India Life Insurance Company +0.99 -0.96 +0.99
top grosser in gross direct premium received category. On the other hand, Met India Life was at the bot-tom earning premium income of Rs 0.48 crore in 2001-02. It increased to Rs 205.99 crore in 2005-06, show-ing a percentage increase of 152.66 per cent during the study period.
For Bajaj Allianz Life Insurance Company, the gross direct premium has been pegged at Rs 3042.09 crore in 2006-07 and Rs 5916.25 crore in 2010-11. In Met Life India, the gross direct premium has been es-timated to be Rs 210.31 crore in 2006-07 and Rs 404.15 crore in 2010-11.
The operating expenses of ICICI Prudential Life Insurance Company were Rs 84.85 lakh in 2001-02. It increased to Rs 723.86 lakh in 2005-06, showing a percentage increase of 56.84 per cent during the study pe-riod. It spent more on operating ex-penses. Top players, however, spent less amount on operating expenses in 2001-02.
ICICI Prudential’s earned invest-ment income was Rs 287 lakh in 2001-02. It increased to Rs 42,355 lakh in 2005-06, showing the com-pany earned more income from investment compared to other in-surance companies. In Met Life India, the earned investment income was Rs three lakh in 2002-03. It increased to Rs 741 lakh in
2005-Allianz was 0.04 lakh in 2001-02. It increased to 0.38 lakh, showing a percentage in-crease of 2.70 per cent during the study period. Ma-jority of the top players have more agents. In Met India Life there were 0.04 lakh agents, increasing to 0.08 lakh during the study period. Total number of agents were mini-mum in Met Life Insurance Company.
Dr A. Muthusamy is doctorate while A. Meera is research scholar, Alagappa University, Karaikudi
Table VIII
Correlation
Name of the company Correlation between premium Correlation between premium income and number of agents income and number of policies
Bajaj Allianz Life Insurance Company +0.92 +0.99 ING Vysya Life Insurance Company +0.70 +0.83 SBI Life Insurance Company +0.83 +0.97 TATA AIG Life Insurance Company +0.69 +0.96 HDFC Standard Life Insurance Company +0.80 +0.93 ICICI Prudential Life Insurance Company +0.94 +0.93 Birla Sunlife Life Insurance Company +0.93 +0.96 OM Kotak Life Insurance Company +0.95 +0.86 Max New York Life Insurance Company +0.93 +0.97 Met Life India Life Insurance Company +0.93 +0.87
06, showing a percentage hike of 2,250.71 per cent during the study period. It ranked at the bottom among others.
All private companies in life
in-surance business suffered losses ex-cept SBI Life during the year 2005-06. Max earned a profit in 2001-02 to 2002-03.
