Page 48 - Insurance Times March 2023

Death Claims In case of group life insurance business, life insurance
companies settled 98.77 per cent claims during 2021-22
In case of individual life insurance business, the life industry's
against 98.62 per cent in the previous year.
death claim settlement ratio increased to 98.64 per cent in
2021-22 from 98.39 per cent in the previous year and the Insurer-wise claim details of individual and group life
repudiation/rejection ratio decreased to 1.02 per cent from insurance business are provided in Statement 7 and
1.14 per cent. Statement 8 respectively.

Actual Death Claims of Life Insurers
(Amount in Rs. crore)

NOP – No. of Policies
Note:
1. Figures in brackets are percentage to total.
2. For Individual life insurance business, the count is in terms of NOP and in case of group life insurance business, the
count is terms of number of lives

Investment Income of Life Insurers Life Reinsurance
Investment income (Policyholder's and Shareholder's) During 2021-22, ?605.76 crore was ceded as reinsurance
including capital gains and other income of life insurance premium by LIC (?442.21 crore in 2020-21). The private
industry declined by 10.58 per cent to ?4.17 lakh crore in insurers together ceded ?5,190.21 crore (?3908.92 crore in
2021-22. While LIC recorded 5.19 per cent growth, private 2020-21) as premium towards reinsurance. Retention ratio
insurers experienced 34.19 per cent decline in investment of Life insurers was 99.16 per cent for 2021-22 as against
income in the year 2021-22. 99.31 per cent for 2020-21.
Profits of Life Insurers
Profits of life insurance industry declined by 10.50 per cent in
2021-22 with profit after tax (PAT) of Rs. 7,751 crore as against
Rs. 8,661 crore in 2020-21. Out of the 24 life insurers in
operation during 2021-22, 15 companies reported profits. LIC
reported increase in profits by 39.39 per cent while private
insurers together reported a loss of 35.62 per cent in 2021-22.

The Insurance Times March 2023 41