India’s Leading BFSI Companies 2020

XLVI Benefits paid and commission expenses Benefits paid 0 40 80 120 160 200 Surrender/ withdrawal Others Surrender/ withdrawal Others FY19 FY18 ` '000 cr LIC Private sector • The industry paid benefits of ` 3.29 lakh cr, which was 18.6% higher than previous year. Out of total benefits paid, LIC paid ` 2.49 lakh cr and private sector paid other ` 0.8 lakh cr. • Total commission expense was ` 27,774 cr, which was 9.6% higher than previous fiscal. LIC paid commission of ` 19345 cr and private sector paid ` 8,429 as commission. Profitability Profit after tax • During fiscal 2019 Life insurers reported net profit of ` 8,435.81 cr. with a marginal decline of 1% over the previous fiscal. It was a result of 5% decline in general insurers’ profitability. Net profit for LIC, however increased by 10%. 0 1000 2000 3000 4000 5000 6000 7000 FY18 FY19 ` cr Private sector LIC General Insurance Total premium income 0 10 20 30 40 50 60 70 80 90 Public Sector Insurers Private Sector Insurers Standalone Health Insurers Specialized Insurers ` '000 cr FY18 FY19 • General insurance industry in India received total direct premium of ` 1.69 lakh cr in fiscal 2019, with a growth of 12.5% over previous fiscal. Private sector insurers clocked a significant growth of 24.3% as compared to mere 1.3% observed by public sector insurers. Dun & Bradstreet