Top Insurance companies
Life Insurance Corporation
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ?1,560,482 crore (US$230 billion). As of 2013 it had total life fund of Rs.14,33,100 crore with total value of policies sold of 367.82 lakh that year.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
Nationalisation in 1956
In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Ramkrishna Dalmia, owner of the Times of India newspaper, was sent to prison for two years.
The Parliament of India passed the Life Insurance of India Act on June 19, 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.
Liberalisation post 2000s
In August 2000, the Indian Government embarked on a program to liberalise the insurance sector and opened it up for the private sector. LIC emerged as a beneficiary from this process with robust performance, albeit on a base substantially higher than the private sector.
In 2013 the first year premium compound annual growth rate (CAGR) was 24.53% while total life premium CAGR was 19.28% matching the growth of the life insurance industry and outperforming general economic growth.
ICICI Prudential
Company Overview
ICICI Prudential Life Insurance Company Ltd. (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., one of India's largest private sector banks, and Prudential Corporation Holdings Limited.
ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been the market leader* amongst private players in the Indian life insurance sector. Our Assets Under Management (AUM) as on 30th June 2016 were 1092.82 billion.
We offer an array of products across savings, investments and protection categories that matches the different life stage requirements of our customers and enables them to achieve their long term financial goals. At ICICI Prudential Life, we operate on the core philosophy of customer centricity. We have developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience to our customers.
ICICI Prudential Life is the first private life insurer to attain assets under management of 1 trillion and In-force sum assured of over 3 trillion. ICICI Prudential Life is also the first insurance company in India to be listed on NSE and BSE.
ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 68% and 32% stake respectively. For the financial year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.
Bharti AXA General Insurance
Bharti AXA General Insurance Company Ltd. is a joint venture between Bharti Enterprises and AXA business Group that operates in India. Bharti Enterprises shares 51% stake in the venture while AXA Group shares 49% stake. The company offers general insurance products to retail and commercial clients.
Bharti AXA started its operations in India from August 2008. Currently, it has 59 branches around the country. The company is the first one in the general insurance industry to receive dual certifications of ISO 9001:2008 and ISO 27001:2005. It is headed by Deepak Iyer, who is CEO and the Managing Director
Bharti AXA General Insurance Company is a joint venture between Bharti Enterprises (a leading business group with interests into telecom, agro business, financial services, manufacturing, and retail sector) and AXA Group (an international insurance and asset management company operating out of France). The company was incorporated on 13 July 2007 and commenced its national operations in August 2008. It is headquartered in Bangalore and operates at 100 locations around the country.
Products and services
Bharti AXA General Insurance Company Ltd is a general insurance company that primarily offers over 50 products catering to retail, rural, and commercial clients. The primary general insurance products in the domestic category include car insurance, two wheeler insurance, health insurance, critical illness insurance, personal accidental insurance, home insurance, and travel insurance. Bharti AXA General Insurance Company also offers commercial products such as commercial vehicle insurance, third party motor liability insurance, commercial line, and SME package.