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An analysis of financial disclosure of general insurance companies reveals that ICICI Lombard, Bajaj Allianz and The New India Assurance were the top three general insurers in terms of net profits in FY 2024.
ICICI Lombard tops the list with Profit After Tax (PAT) of Rs.1920 crore in FY 2024. Its profit increased by 11% from Rs.1729 crore in FY 2023.
Bajaj Allianz and The New India Assurance recorded net profit of Rs.1,550 crore and Rs.1,130 crore, respectively in FY 2024.
Similarly, Tata AIG and Shriram General took the next 2 spots with net profit of Rs.685 crore and Rs.455 crore, respectively.
In absolute terms, Bajaj Allianz saw highest growth in its net profits by adding Rs.200 crore to its profits. ICICI Lombard and Magma HDI were the other two insurers with the highest absolute change in their net profits the last financial year.
In percentage terms, Navi, IFFCO-Tokio and Cholamandalam MS recorded the highest growth in terms of net profits in FY24 due to low base.
Overall, the general insurance industry ended FY 2024 by posting net profits of Rs.6400 crore as against net loss of Rs.6,000 crore in FY 2023.
Let us look at the table to know more:
|
General Insurers |
Profit/ (Loss) |
Profit/ Loss |
Change |
Change% |
|
ICICI Lombard |
1,919 |
1,729 |
190 |
11 |
|
Bajaj Allianz |
1,550 |
1,348 |
202 |
15 |
|
The New India |
1,129 |
1,055 |
74 |
7 |
|
Tata AIG |
685 |
553 |
132 |
24 |
|
Shriram |
455 |
372 |
83 |
22 |
|
HDFC Ergo |
438 |
653 |
-215 |
-33 |
|
Cholamandalam |
331 |
199 |
133 |
67 |
|
Reliance |
280 |
271 |
10 |
4 |
|
IFFCO-Tokio |
255 |
136 |
119 |
88 |
|
SBI |
240 |
184 |
56 |
30 |
|
Universal Sompo |
182 |
177 |
5 |
3 |
|
Future Generali |
133 |
106 |
27 |
25 |
|
Royal Sundaram |
114 |
121 |
-7 |
-6 |
|
Navi |
52 |
22 |
30 |
132 |
|
Kshema |
43 |
- |
- |
- |
|
Liberty |
21 |
-76 |
96 |
-128 |
|
The Oriental |
19 |
-4,968 |
4,987 |
-100 |
|
Acko |
15 |
-551 |
567 |
-103 |
|
Go Digit |
- |
36 |
- |
- |
|
Raheja QBE |
-41 |
-90 |
49 |
-54 |
|
Kotak Mahindra |
-89 |
-117 |
28 |
-24 |
|
Edelweiss |
-125 |
-120 |
-5 |
4 |
|
Magma HDI |
-141 |
-287 |
146 |
-51 |
|
National |
-244 |
-3,851 |
3,607 |
-94 |
|
United India |
-804 |
-2,829 |
2,026 |
-72 |
|
General Insurance |
6,417 |
-5,928 |
12,345 |
-208 |
Source: General Insurance Council, all figures are in crore
Further, our analysis on standalone health insurers shows that Star Health & Allied has the highest net profit of Rs 845 crore in FY 2024.
Care Health and Niva Bupa followed Star Health with net profits of Rs 305 crore and Rs 85 crore, respectively.
Meanwhile, the other two companies Manipal Cigna and Aditya Birla reported net loss in FY 2024.
Overall, the health insurers net profits grew to Rs 917 crore in FY 2024 from Rs.457 crore, a 100 % growth in just a year.
Let us look at the table to know more:
|
Health insurer |
Profit/ loss after tax FY24 |
Profit/ loss after tax FY23 |
Change |
Change % |
|
Star Health & Allied |
845 |
619 |
226 |
37 |
|
Care Health |
305 |
246 |
59 |
24 |
|
Niva bupa |
82 |
13 |
69 |
553 |
|
ManipalCigna |
-132 |
-201 |
69 |
-34 |
|
Aditya Birla |
-183 |
-219 |
36 |
-16 |
|
Health insurer total |
917 |
457 |
459 |
100 |
