Listen to this article
ICICI Lombard, Bajaj Allianz and The New India Assurance were the top three general insurers in terms of profit after taxation (PAT), reveals an analysis of financial disclosure of general insurance companies done by Cafemutual.
ICICI Lombard topped the list with net profit of Rs.1730 crore in FY 2023. Its profit has increased by 36% from Rs.1270 crore in FY 2022.
Bajaj Allianz and The New India Assurance booked PAT of Rs.1350 crore and Rs.1060 crore, respectively, in FY 2023.
HDFC Ergo Insurance and Tata AIG were the next two in the list with net profit of Rs.650 crore and Rs.550 crore, respectively.
In absolute terms, the New India Assurance saw massive growth in its net profits by adding close to Rs.900 crore to its profitability. ICICI Lombard and Go Digit were the other two with highest absolute change last financial year.
In percentage terms, Magma HDI, The New India Assurance and Cholamandalam MS saw highest growth in terms of net profits last financial year.
Notably, three PSU general insurers – United India, New India and Oriental Insurance posted massive loss in FY 2022-23. As a result, the general insurance industry ended FY 2022-23 in loss by posting net loss of Rs.6000 crore, much higher than the loss of Rs.2600 crore in FY 2021-22.
Let us look at the table to know more:
|
General Insurers |
Profit after Taxation FY 2023 |
Profit after Taxation FY 2022 |
Change |
Change in % |
|
ICICI Lombard |
1,729 |
1271 |
458 |
36% |
|
Bajaj Allianz |
1,348 |
1339 |
9 |
1% |
|
The New India Assurance |
1,055 |
164 |
891 |
542% |
|
HDFC Ergo |
653 |
500 |
153 |
30% |
|
Tata AIG |
553 |
454 |
99 |
22% |
|
Shriram |
372 |
663 |
-291 |
-44% |
|
Reliance |
271 |
242 |
28 |
12% |
|
Cholamandalam MS |
199 |
77 |
122 |
158% |
|
SBI |
184 |
131 |
53 |
40% |
|
Universal Sompo |
177 |
119 |
58 |
49% |
|
IFFCO-Tokio |
136 |
58 |
77 |
132% |
|
Royal Sundaram |
121 |
131 |
-10 |
-7% |
|
Future |
106 |
119 |
-13 |
-11% |
|
Go Digit |
36 |
-296 |
331 |
-112% |
|
Navi |
22 |
-61 |
84 |
-137% |
|
Liberty |
-76 |
34 |
-109 |
-324% |
|
Raheja QBE |
-90 |
-96 |
6 |
-6% |
|
Kotak Mahindra |
-117 |
-83 |
-34 |
41% |
|
Zuno |
-120 |
-109 |
-11 |
10% |
|
Magma HDI |
-287 |
-12 |
-275 |
2205% |
|
Acko |
-551 |
-382 |
-169 |
44% |
|
United India |
-2,829 |
-2136 |
-694 |
32% |
|
National |
-3,851 |
-1664 |
-2,186 |
131% |
|
The Oriental |
-4,968 |
-3105 |
-1,864 |
60% |
|
Total |
-5,928 |
-2641 |
-3,287 |
124% |