After two successive years of reporting losses, the non-life insurance industry has turned profitable in FY24. The aggregate net profit of the non-life insurance industry, which includes general insurers, standalone health insurers, and specialized PSU insurers, stood at ₹10,119 crore in FY24.
This compares to a net loss of ₹2,566 crore in FY23 and a net loss of ₹2,857 crore in FY22, according to the Insurance Regulatory and Development Authority's (Irdai) annual report for FY24. While state-owned general insurance companies reported a profit of ₹157 crore, the profit after tax (PAT) for private sector general insurers stood at ₹5,983 crore.
The PAT of specialized insurers was ₹3,063 crore; and the standalone health insurers' reported a net profit of ₹915 crore. The underwriting losses of non-life insurers narrowed to ₹28,555 crore in FY24, a 12.93 per cent year-on-year (Y-o-Y) drop from ₹32,797 crore in FY23.
This story is from the December 24, 2024 edition of Business Standard.
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This story is from the December 24, 2024 edition of Business Standard.
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