Source: Business line 9,April9 2008-
Losses of private sector insurance companies were up by nearly 80 per cent in 2006-07. According to figures provided by the Insurance Regulatory and Development Authority (IRDA) in its annual report, the total losses of 15 private life insurers rose to Rs 1,934 crore in 2006-07 compared with Rs 1,084 crore in the previous year.
The biggest losses were posted by ICICI Prudential at Rs 649 crore compared to Rs 188 crore earlier and Reliance Life at Rs 315 crore compared to Rs 98 crore earlier.
The public sector major Life Insurance Corporation (LIC) was comparatively in a much more comfortable situation, reporting a 22 per cent growth in profits at Rs 774 crore.
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