Page 10 - Insurance Times December 2023

Company, National Insurance Com- Oriental Insurance taking
pany, The Oriental Insurance Com- Attention Subscribers
pany, and United India Insurance Com- steps to become profit- Please renew your Subscription of The
pany saw a decrease in their combined able Insurance Times Journal to receive
premium to Rs 6,971.94 crore from Rs
With steps taken to control losses, Ori- copy of the journal uninterruptedly.
7,234.07 crore in the previous year.
ental Insurance Company anticipates
You can now pay by GPAY, Phonepe,
The entire premium of public sector turning a profit by the end of the fiscal
units was negatively impacted by the year. Although the management ex- Paytm, Amazon, ICICI Pay, BHIM UPI
National Insurance Company's approxi- pects premiums to increase to Rs
mately 50% premium decline. Leader 18,000 crore by 2023-24 (FY24), it
in the insurance sector New India As- emphasizes that profitability would not
surance had a premium growth of be sacrificed in order to achieve this
14.55 percent to Rs 3,188.72 crore. development.
The public sector non-life insurer re-
Zurich Insurance Ltd. plans duced its losses from Rs 3,586.93 crore

to purchase a 51% share in the same time last year to Rs 47.12
crore in the first half (H1) of FY24. It
in Kotak General Insur- does, however, note that because of a
ance salary revision arrear payment in H1 of

With a combination of new expansion 2022-2023 (FY23), the data are not
capital and share purchases, Zurich directly comparable.
Insurance Company Ltd. of Switzerland The Oriental Insurance Company's
has offered to invest Rs. 4,051 crore to chairman and managing director, R
buy a 51% share in Kotak General In- Singh, stated, " Our wage revision oc-
surance. curs every five years. Last year, it cov-
Subject to customary closing adjust- ered five years, and the company paid
ments, the proposed acquisition values Rs 2,300 crore. Excluding this amount,
Kotak General Insurance at around Rs the company incurred a loss of almost
7,943 crore on a post-money valua- Rs 1,300 crore.
tion. The company's combined ratio de-
creased to 119 percent during the pe-
In addition, Zurich plans to purchase a
riod under review from 163 percent in Sashi Publications Easy Payment
further 19% of the company within
three years of the first transaction. The H1 of this year. In H1FY23, the com- Modes :-
greatest investment made in an Indian bined ratio was 132% excluding the i) UPI ID: SASHIBOOKS@KOTAK
non-life insurer by a global strategic salary provision. ii) GPAY: 9830171022@okbizaxis
insurer is Zurich's. "If the trend continues and there are no iii) PAYTM: 9830171022@paytm
For the transaction, definitive agree- catastrophic losses, we may generate iv) NEFT: Current A/C
ments have been signed by Zurich In- some profit by the end of the financial 402120110000327 of 'SASHI
surance, Kotak Mahindra Bank, and year," Singh said with optimism. PUBLICATIONS PRIVATE
Kotak Mahindra General Insurance. The management plans to expand pre- LIMITED, Bank of India, VVK
"The alliance brings together two mium expectations to between Rs Road Branch., Kolkata, India,
trusted and respected brands," stated 17,500 and Rs 18,000 crore by the end IFSC Code : BKID0004021
Dipak Gupta, MD & CEO of Kotak of FY24. v) Credit Card:
Mahindra Bank. With the combined "In H1FY24, we grew at a rate of www.sashipublications.com
knowledge and assets of the individual 15%," Singh stated. Even if this growth For any query please call
companies, we will be able to offer rate only reaches 10% by the end of the 9073791022/9883398055
creative solutions to satisfy our clients' year, that is still a growth rate I would
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changing needs. like to maintain.

10 December 2023 The Insurance Times