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ANNUAL REPORT 2011-12
premium of `885 crore in 2010-11. On net basis, the
insurer earned net premiums to the tune of `766 crore
as against `675 crore in the previous year. The insurer
reported underwriting loss of `29 crore in 2011-12 as
against loss of `176 crore in 2010-11. The net profit of
the company increased to `225 crore from `86 crore
in the previous year. The insurer reported incurred
claims ratio of 88.69 per cent in 2011-12 (112.24 per
cent in 2010-11).
I.3.62 The Corporation had 13,002 short term export
credit insurance policies in-force in 2011-12 (13,093
in 2010-11), including transfer guarantees. Premium
income earned on short term policies during the year
was `356 crore (`334 crore in 2010-11) reporting
growth of 6.59 per cent during the year under review
as against a growth of 14.91 per cent in the previous
year. The premium income from the medium and long
term business during 2011-12 was `47 crore as against
`41 crore in 2010-11 reporting a growth of 14.63 per
cent. Income from short term Export Credit Insurance
Business (ECIB) premium during 2011-12 was `602
crore against `511 crore in 2010-11 reporting a growth
of 17.81 per cent.
I.3.63 Consequent upon the Corporation coming under
the regulatory regime of the Authority, a conscious
effort is being made to gradually shift from bank
deposits to investment opportunities in conformity with
the relevant regulatory provisions. The growth in
investments for the year 2011-12 was 7.14 per cent at
`3,390 crore as against `3,164 crore in 2010-11 and
the total assets of the company expanded by 5.14 per
cent to `2,168 crore in 2011-12 from `2,062 crore in
2010-11.
Agricultural Insurance Company of India Ltd.
I.3.64 Agriculture Insurance Company of India Ltd
(AIC) is a specialised insurer underwriting business in
agriculture insurance. The company underwrote gross
direct premium of `2,577 crore during the year 2011-
12, reporting a growth of 32.15 per cent as against
`1,950 crore in 2010-11. On net basis, the insurer earned
net premiums to the tune of `1,320 crore as against
`1,276 crore in the previous year. The insurer reported
underwriting profit of `499 crore in 2011-12 (underwriting
profi t of `412 crore in 2010-11). The net profi t of the
company increased to `502 crore from `380 crore in
the previous year. The company’s incurred claims ratio
increased to 77.70 per cent in 2011-12 as against 74.47
per cent in 2010-11.
HEALTH INSURANCE COMPANIES
I.3.65 IRDA, as on 31 st March, 2012 has granted
license to three insurance companies to operate as
stand-alone health insurance companies exclusively
in the Health insurance segment. The names of
these insurers are: Star Health and Allied Insurance
Co Ltd, Apollo Munich Health Insurance Co Ltd, and
Max-Bupa Health Insurance Co Ltd. These insurance
companies are authorized to underwrite business
in health, personal accident and travel insurance
segments. Further, IRDA has granted license to the
Religare Health Insurance Co. Ltd., a new standalone
health insurer in the current year viz. 2012-13.
The performance of these companies is given below:
Star Health and Allied Insurance
I.3.66 Star Health was the fi rst company granted
registration to underwrite business in Health,
Personal Accident and Travel insurance segments in
2006-07. In its sixth year of operations, the insurer
underwrote gross direct premium of `1,085 crore in
2011-12, which declined to 11.64 per cent as against
`1,228 crore in 2010-11. On net basis, the insurer
earned net premium to the tune of `809 crore as
against `831 crore in the previous year. The insurer
reported underwriting loss of `173 crore for 2011-12
(underwriting loss of `8.68 crore in 2010-11). In the
year 2011-12, the insurer reported a net loss of `148
crore as against net profit of `7.39 crore in 2010-11.
The net incurred claims ratio in 2011-12 increased to
95.76 per cent from 91.19 per cent in the previous
year.
Apollo Munich Health Insurance
I.3.67 Apollo Munich was the second company to
receive license to underwrite insurance business
exclusively in the Health, Personal Accident and
Travel insurance segments. In its fi fth year of
operations, the company underwrote gross direct
premium of `476 crore in 2011-12 as against
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