TOP INSRANCE COMPANIES
Author: SENTHIL KUMAR
OF ALL THE INSURANCE COMPANIES, SOME WELL PERFORMING COMPANIES ARE LISTED BELOW STATING THEIR PERFORMANCE IN THE INDUSTRY.
1. BAJAJ ALLIANZ
2. LIFE INSURANCE CORPORATION
3. MAX NEWYORK LIFE
4. ICICI PRUDENTIAL
5. SBI LIFE INSURANCE.
BAJAJ ALLIANZ:
Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2007 Bajaj Allianz General Insurance maintained its premier position in the industry by garnering a premium income of Rs.1803 crore. Bajaj Allianz has made a profit before taxes of Rs.117 crore and emerged as the first private insurance company to make profit before taxes of more than Rs.100 crores. The company also was the one of the highest profitable insurer among private insurance companies and made a profit after tax of Rs.75 crores. Bajaj Allianz is the only company to make underwriting profits for the last three years consecutively.
Bajaj Allianz today has a network presence in over 200 towns spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.
In the first quarter of the current financial year, 2007-08, Bajaj Allianz garnered a premium income of Rs. 574 crores, achieving a growth of 27% over the last year for the same period and Net profits rose to Rs.21 Crores.
A Partnership Based on Synergy
Bajaj Allianz General Insurance offers technical excellence in all areas of General and Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Auto's in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of general insurance business including health insurance.
Achievements
Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of Moody's Investors Services, for Claims Paying Ability.This rating indicates highest claims paying ability and a fundamentally strong position.
LIFEINSURANCE CORPORATION:
Every day we wake up to the fact that more than 220 million lives are part of our family called LIC.We are humbled by the magnitude of the responsibility we carry and realise that the lives that are associated with us are very valuable indeed.
Although this journey started five decades ago, we are still conscious of the fact that, while insurance may be a business for us, being part of millions of lives every day for the past 50 years has been a process called TRUST.
50 Years Of Trust…
…Thy Name Is LIC
MAX NEWYORK LIFE INSURANCE:
OverviewMax New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.
Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up is Rs. 1032 crore.
Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company has multi-channel distribution that includes the agency distribution, partnership distribution, bancassurance, distribution focused on emerging markets and alliance marketing through employed sales force. The company currently has 33 bancassurance relationships, 14 corporate agency tie-ups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and spoke model of distribution to deepen rural penetration. The company has 39 (9 hub office 30 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexible products. It now has 38 products covering both life and health insurance and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides this, the company offers 6 products and 4 riders in group insurance business.
The company currently has more than 7500 employees.
ICICI PRUDENTIAL :
Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 37.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.
We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 952 branches in addition to 1,004 micro-offices, over 291,000 advisors; and 21 bancassurance partners.
ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.
SBI LIFE INSURANCE:
SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of France. SBI Life Insurance is registered with an authorised capital of Rs 500 crore and a paid up capital of Rs 350 crores. SBI owns 74% of the total capital and Cardif the remaining 26%.
State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the unrivalled strength of over 14,000 branches across the country, the largest in the world.
Cardif is a wholly owned subsidiary of BNP Paribas, which is The Euro Zone’s leading Bank. BNP is one of the oldest foreign banks with a presence in India dating back to 1860. It has 9 branches in the metros and other major towns in the country.
Cardif is a vibrant insurance company specialising in personal lines such as long-term savings, protection products and creditor insurance. Cardif has also been a pioneer in the art of selling insurance products through commercial banks in France and 29 more countries.
SBI Life Insurance’s mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency. The company plans to make the insurance buying process quick, simple and based on well-informed judgement. In 2004, SBI Life Insurance became the first company amongst private insurance players to cover 30 lakh lives.
The company expects to carve a niche in the Indian insurance market through extensive product innovation and aims to provide the highest standards of customer service through a technological interface. To facilitate this, call centres have been already installed and help lines will be installed and customers will have access to their accounts through the Internet or through SBI branches.
The company proposes to make available ready liquidity to its Life Insurance policies by way of loans at SBI counters. This will make Life Insurance a liquid asset in the financial portfolio of households.
SBI Life Insurance is uniquely placed as a pioneer to usher bancassurance into India. The company hopes to extensively utilise the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans, personal loans and credit cards. SBI’s access to over 100 million accounts provides a vibrant base to build insurance selling across every region and economic strata in the country.
