Non-life insurers' profit in green in FY24 after 2 straight years of losses

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Non-life insurers' profit in green in FY24 after 2 straight years of losses - Business Standard

Quick Summary:

While the private sector life insurers clocked a growth of 15.05 per cent Y-o-Y in premium, the public sector life insurer, LIC, recorded a growth of 0.23 per cent in premium.

Separately, standalone insurers reported an increase in underwriting losses in FY24 at Rs 723 crore compared to Rs 529 crore in FY23.

While the state-owned general insurance companies reported a profit of Rs 157 crore, the profit after tax (PAT) for private sector general insurers stood at Rs 5,983 crore; PAT of specialised insurers was Rs 3,063 crore; and the standalone health insurers reported a net profit of Rs 915 crore.