Public Sector General Insurance Companies achieves Strong Financial Turnaround, become profitable again
Union Government had also infused a total capital of Rs.17,450 Crore in these PSGICs during 2019-20 to 2021-22 intending to allow these companies to undertake structural reforms, enhance operational efficiencies, and return to profitability.
Public Sector General Insurance Companies achieves Strong Financial Turnaround, become profitable again
Indian Public Sector General Insurance Companies (PSGICs), which historically reported losses, witnessed a major turnaround with all of them having become profitable again.
While Oriental Insurance Company Ltd. (OICL) and National Insurance Company Ltd. (NICL) started posting quarterly profits from Q4 of F.Y. 2023-24 and Q2 of F.Y. 2024-25 respectively, United India Insurance Company Ltd. (UIICL) posted profit in Q3 of FY 2024-25 after a gap of 7 years.
Notably, New India Assurance Company Ltd. (NIACL) has consistently maintained its position as a market leader and has been making profits regularly. The government of India has been committed to creating strong and competitive Public Sector General Insurance Companies and introduced reforms including regular key performance indicators-based monitoring.
Union Government had also infused a total capital of Rs.17,450 Crore in these PSGICs during 2019-20 to 2021-22 intending to allow these companies to undertake structural reforms, enhance operational efficiencies, and return to profitability.
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With improved risk-management practices, loss control initiatives, adoption of technology, development of new products, better customer services, and diversification of portfolio, the PSGICs have posted a magnificent turnaround from combined losses of over Rs.10,000 crore in 2022-23, to all individual PSGICs becoming profitable by Q3 of the current financial year and posting a combined profit of Rs.1066 crore in Q3 of 2024-25.
The Public Sector Insurance Companies remain committed to maintaining this positive trajectory. Ongoing strategic measures and new initiatives continue to be rolled out to further strengthen the financial stability of the PSGICs and improve customer services.
PSGICs are also committed to offering high-quality insurance products and services, ensuring long-term sustainability, and enhancing customer experience while achieving growth. The PSGICs are also committed to the broader objective of achieving “Insurance for All” by 2047.
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