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  • Insurance Top life insurers profit rises despite pandemic

    Top life insurers profit rises despite pandemic

    Both SBI Life and HDFC Life record profit in FY 2021 while ICICI Pru Life sees decline in its profitability last financial year.
    Team Cafemutual May 6, 2021

    Top life insurance companies fared better than expected in covid-hit financial year 2021. SBI Life Insurance and HDFC Life Insurance ended FY 2021 with a rise in yearly profit of 2% and 5%, respectively.

    However, ICICI Prudential Life Insurance's numbers were not so good. The insurer's profit fell over 10% in FY 2021.

    In absolute terms, the SBI Life, HDFC Life and ICICI Prudential Life posted a net profit of Rs 1,456 crore, Rs 1,360 crore and Rs 960 crore, respectively.

    Company

    Profit FY21

    Profit FY20

    Change (%)

    SBI Life

    1,456

    1,422

    2

    HDFC Life

    1,360

    1,295

    5

    ICICI Prudential Life

    960

    1,069

    -10

    *All numbers are in Rs crore except for percentages

    AUM logs healthy gains

    The AUM of the life insurers registered a significant growth in FY 2021. While SBI Life's AUM rose 38% to Rs 2.2 lakh crore, HDFC Life's AUM went up 37% to Rs 1.37 lakh crore.

    ICICI Prudential Life' AUM zoomed 40% to Rs 2.14 lakh crore.

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    1 Comment
    GOWRISHANKAR KASI NAGARAJAN · 3 years ago `
    This is truly NOT great news for the policy holders. In my opinion, almost 50 to 60% of the new policies would have been sold under duress. Not a day passes when bank account holders keep cribbing about Insurance Products being sold under the garb of a Fixed Deposit. The next time a account holder walks into a bank to make a FD he ought to carry a gun in his hand and if necessary fire a shot or two in the air to caution the RMs (Relaxing Managers) from poaching such individuals to their so called Cross Selling tactics (aka .........mis-selling tactics). We the account holders are just fed up with this sinister behaviour by these poachers who are growing by the number. Previously these sharks were present only in the Private Banks. Now, even the Nation's Bank (SBI) has started poaching. This should be nipped in the bud ......HERE & NOW. Is Mr. Shaktikanta Das listening? Hope he has adequate Shakti to tame these beasts.
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