AUGUST 2012 Insurance AUGUST 2012 · • The life insurance sector was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds • All life insurance

AUGUST

2012

1

Insurance

For updated information, please visit www.ibef.org

AUGUST

2012

AUGUST

2012

2

Contents

Advantage India

Market overview and trends

Growth drivers

Success stories: Tata AIG

Opportunities

Useful information


Insurance AUGUST

2012

AUGUST

2012

3

Insurance

For updated information, please visit www.ibef.org ADVANTAGE INDIA

Advantage India

Advantage India

• Growing interest towards insurance among people; innovative products and distribution channels aiding growth

• Increasing demand for insurance offshoring

• Life insurance in low-income urban areas

• Health insurance, pension segment

• Strong growth potential for microinsurance, especially from rural areas

• Growing participation of the private sector with market share of 30 per cent in FY11 as against 2 per cent in FY01

• Government’s proposed increase in FDI limit to 49 per cent from 26 per cent will further fuel investments

• Tax incentives on insurance products

• Passing of Insurance Bill gives IRDA flexibility to frame regulations

• Clarity on rules for insurance IPOs which will infuse liquidity into the industry

Market size: USD139 billion

FY15E

Market size: USD70 billion

FY11

Notes: 2015E – Expected value for 2015; estimate according to BMI; IRDA – Insurance Regulatory and Development Authority

IPO – Initial Public Offering; FDI – Foreign Direct Investment

Strong demand Attractive opportunities

Increasing investments Policy support

AUGUST

2012

4

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance AUGUST

2012

AUGUST

2012

5 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS

Evolution of the Indian insurance sector

• The life insurance sector was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds

• All life insurance companies were nationalised to form LIC in 1956 to increase penetration and protect policy holders from mismanagement

• The non life insurance business was nationalised to form GIC in 1972

• Malhotra Committee recommended opening up the insurance sector to private players

• IRDA, LIC and GIC Acts were passed in 1999, making IRDA the statutory regulatory body for insurance and ending the monopoly of LIC and GIC

• Post liberalisation, the

insurance industry has recorded significant growth and the number of private players increased to 41 in 2011*

• Customers are more conscious of the benefits of insurance and its importance for a secure future

Notes: * figure as on September 30, 2011 LIC – Life Insurance Corporation of India

GIC – General Insurance Corporation of India IRDA –Insurance Regulatory and Development Authority

Before 1956

1956-1972

1993-99

2000 onwards

Insurance

AUGUST

2012

6 For updated information, please visit www.ibef.org

IRDA governs the Indian insurance sector

→ Insurance Regulatory and Development Authority (IRDA) → Established in 1999 under the IRDA Act → Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance

business in India

MARKET OVERVIEW AND TRENDS

Insurance

Insurance Regulatory and Development

Authority (IRDA)

Life Insurance (24

players)

Non Life Insurance (24

players)

Public (1)

Private (23)

Public (6)

Private (18)

Ministry of Finance

(Government of India)

Source: IRDA, Aranca Research

Re-insurance(1

player) Public (1)

AUGUST

2012


India’s lucrative insurance market

→ India is one of the fastest growing insurance markets in the world

→ India is set to beat* other emerging markets in growth over 2010-12

Projected average real premium growth rate (2010-2012)

Source: Swiss Re Estimates, Aranca Research Note: * estimates by Swiss Re


Insurance

2.4%

3.2%

6.6%

7.8%

11.3%

3.1%

4.0%

5.2%

9.2%

10.8%

0.0% 5.0% 10.0% 15.0%

Industrialized Countries

World

Total Asia

Emerging Markets

India

Life Insurance Nonlife Insurance

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2012


Premiums have been growing at a brisk pace

→ The total insurance market has grown from USD13 billion in FY02 to USD70 billion in FY11

→ Over FY02-11, premiums have increased at a CAGR of 20.5 per cent

Gross premiums written in India (USD billion)



Insurance

3 3 3 4 4 5 6 7 7 9 10 12 14 17

22

33

42 46

55 61

0

10

20

30

40

50

60

70

80

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Non-life Insurance Life insurance

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2012


Life insurance market appears particularly vibrant

High growth in life insurance premiums (USD billion)



Insurance

→ The life insurance market has grown from USD10 billion in FY02 to USD61 billion in FY11

→ Over FY02-11, life insurance premiums increased at a CAGR of 21.6 per cent

2 3 6 11 13 17 18

10 11 13 16

19

27

31 33

39 42

-5

5

15

25

35

45

55

65


Private Public

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2012


Penetration of life insurance has also increased over the years

→ Penetration rate has increased to 4.4 per cent in FY11 from 2.2 per cent in FY02

→ This rate is above the global average of 4.0 per cent

Higher penetration rates (%) over years



Insurance

2.2

2.6

2.3

2.5 2.5

4.1

4.0 4.0

4.6

4.4


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2012


Increasing private sector activity in life insurance segment … (1/2)

→ LIC is the largest insurance company and accounted for the market share of 70 per cent in FY11

→ Share of private sector has been increasing over the years; it increased from around 2 per cent in FY03 to around 30 per cent in FY11

Greater private sector activity (% share) over the years



Insurance

2 5 9 14 18 26 29 30 30

98 95 91 86 82 74 71

70 70

0%

20%

40%

60%

80%

100%

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Private sector Public sector

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2012


Increasing private sector activity in life insurance segment … (2/2)

→ LIC is still the market leader, with a share of 70 per cent

→ The share of private sector players has increased to 30 per cent from 2 per cent over FY03-11

Market share (FY11)

Source: IRDA, Aranca Research HHI* Index = 0.50

HHI* Index (among private players) = 0.11


Insurance

* Herfindahl–Hirschman Index measures market concentration. An index value between 0 and 0.10 denotes low concentration level,

between 0.10 and 0.18 moderate concentration level, and more than 0.18 high concentration level.

70%

6%

4%

3% 3%

2% 2%

2% 7% LIC

ICICI Prudential

SBI Life

Bajaj Allianz

HDFC Standard

Reliance

Max New York

Birla Sun Life

Others

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2012


Non life insurance market has also posted strong growth

→ The non life insurance market has grown from USD2.6 billion in FY02 to USD9.1 billion in FY11

→ Over FY03-11, non life insurance premiums have increased at a CAGR of 14.5 per cent

Healthy growth in non life insurance premiums (USD billion)



Insurance

0.1 0.3 0.5 0.7 1.1

1.8 2.3 2.6 2.9 3.6 2.5

2.8 3.0

3.1 3.3

3.6 3.7

4.0

4.5

5.5


Private Public

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With penetration rates low, there is strong potential for growth

→ Penetration rate has been in the 0.56-0.71 per cent range over FY02-11

→ Strong potential for growth apparent from comparison with the global average (3 per cent)

Penetration rates (%) over the years



Insurance

0.56

0.67

0.62

0.64

0.61

0.60

0.60

0.60

0.60

0.71


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Shares in non life insurance market: Motor insurance leads the way

→ Motor insurance forms the largest non life segment with a share of 43 per cent

→ Health insurance is the fastest growing segment and currently accounts for 23 per cent of the total

Segment wise breakup (%, FY11)



Insurance

11%

6%

43%

23%

17% Fire

Marine

Motor

Health

Others

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2012


Private sector participation is higher in the non-life segment

→ The top 4 players are public corporations and account for 59 per cent of the total market

→ Private players are not far behind and compete better in the non life insurance segment

Market Share (FY11)

Source: IRDA, Aranca Research HHI* Index = 0.12

HHI*Index (among private players) = 0.14


Insurance

* Herfindahl–Hirschman Index measures market concentration. An index value between 0 and 0.10 denotes low concentration level,

between 0.10 and 0.18 moderate concentration level, and more than 0.18 high concentration level.

17%

15%

15%

13%

10%

7%

4%

20%

New India

United

National

Oriental

ICICI Lombard

Bajaj Allianz

IFFCO Tokio

Others

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2012


Notable trends in the insurance sector


Insurance

Emergence of new distribution channels

• New distribution channels like bancassurance, online distribution and NBFCs have widened the reach and reduced costs

• Firms have tied up with local NGOs to target lucrative rural markets

Growing market share of private players

• In the life insurance segment, share of the private sector in total premiums increased to 30 per cent in FY11 from 2 per cent in FY03

• In the non-life insurance segment, share of the private sector increased to 41 per cent from 9.5 per cent cent over the same period

Launch of Innovative products

• The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs)

• Other traditional products have also been customised to meet specific needs of Indian consumers

Notes: EV – Embedded Value

Mounting focus on EV over profitability

• Large insurers are continuing to expand, focusing on cost rationalisation and aligning business models to realise reported embedded value (EV), and generate value from future business rather than focus on present profits

AUGUST

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18

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance AUGUST

2012

AUGUST

2012

19 For updated information, please visit www.ibef.org GROWTH DRIVERS

Demand growth for insurance products is set to accelerate … (1/2)

Notes: Financial savings denote investment in equity and debt instruments

Insurance

→ Increasing savings drive insurance

→ India’s robust economy is expected to sustain the growth in insurance premiums written. Higher personal disposable incomes would result in higher household savings that will be channeled into different financial savings instruments like insurance and pension policies

Household and financial savings projections for 2015

Source: ICICI, Aranca Research

89

306

540

2000 2010 2015E

Household Savings (USD billion)

45

141

248

2000 2010 2015E

Financial Savings (USD billion)

AUGUST

2012

20 For updated information, please visit www.ibef.org GROWTH DRIVERS

Demand growth for insurance products is set to accelerate … (2/2)

Insurance

→ Growing affluent middle class

→ The emergence of an affluent middle class is triggering demand for both life and non-life personal insurance lines

→ A rising number of young professionals are opting for health insurance, motor insurance and unit-linked insurance products (ULIPs)

Indian residents shifting from low- to high-income groups

Source: McKinsey Quarterly, Aranca Research

0

10

20

30

40

50

60

70

2005 2010 2015 2020 2025

Strivers Seekers Deprived Aspirers Globals

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2012


Favourable policy measures have aided the sector

GROWTH DRIVERS

Insurance

Tax incentives

• Insurance products are covered under the EEE (exempt, exempt, exempt) method of taxation. This translates to an effective tax benefit of approximately 30 per cent on select investments (including life insurance premiums) every financial year

Union Budget 2012–13

• The proposed Insurance (Amendment) Bill would empower IRDA to introduce forward-looking regulations to promote sustainable growth as it would give IRDA flexibility to frame regulations

• The government has also extended Rashtriya Swasthya Bima Yojana (RSBY) to cover unorganised sector workers in hazardous mining and associated industries like slate and slate pencil, dolomite, mica and asbestos etc. This would help in further growth of the insurance sector

Life insurance companies allowed to go public

• IRDA recently allowed life insurance companies that have completed 10 years of operations to raise capital through initial public offerings (IPOs)

• Companies will be able to raise capital if they have embedded value of twice the paid up equity-capital

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2012


Major foreign investment in insurance was done in 2000-01 … (1/2)

→ The IRDA Act, 1999 allowed an FDI of up to 26 per cent in the insurance sector on automatic route subject to obtaining license from IRDA

→ Authorities are now considering an increase of FDI limit to 49 per cent through the Insurance Laws Amendment Bill

GROWTH DRIVERS

Top Life Insurance Co Foreign partner Domestic partner Year

Prudential plc (26%) ICICI Bank Ltd (74%) 2000

Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001

BNP Paribas Assurance (26%) SBI (74%) 2001

Standard Life (26%) HDFC Bank (72.4%) 2000

Sun Life Financial Inc (26%) Aditya Birla Group (74%) 2000

Nippon Life Insurance (26%) Reliance Capital (74%) 2011

New York Life International (26%) Max India (74%) 2000

Insurance

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2012


Major foreign investment in insurance was done in 2000-01 … (2/2)

Source: Aranca Research

GROWTH DRIVERS

Insurance

Top General Insurance Co Foreign partner Domestic partner Year

Fairfax Financial Holdings Ltd (26%) ICICI Bank Ltd (74%) 2001

Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001

Tokio Marine & Nichido Fire Insurance

Group (26%) IFFCO (74%) 2000

AUGUST

2012


Private sector investment in insurance is rising

→ Most of the existing players are tying up with banks to expand their distribution network

→ Few players like HDFC Life are planning to go public; others are selling stakes in order to generate the funds

GROWTH DRIVERS

IndiaFirst Life Insurance • USD28 million in 2010; plans to invest USD45 million in 2011

Aviva Life • USD26 million in 2010

Reliance Life • USD58 million in 2011

Canara HSBC Life • USD22 million in 2011

Bharti AXA Life • Plans to inject USD100 million in 2011

AEGON Religare Life • USD71 million in 2010; plans to invest USD445 million through 2016

ING Vysya Life • USD53 million in 2010

HDFC Life • Going public by FY14

Insurance

Investments from the private sector are increasing as they see a huge opportunity in the growing insurance sector of the country

Source: Towers Watson; Assorted news articles; Aranca Research

AUGUST

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25

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance AUGUST

2012

AUGUST

2012


Success of SBI Life

SUCCESS STORIES: TATA AIG

Insurance

Source: Company website, Aranca Analysis

1.2

1.5

2.1

2.7 2.7

1.0

1.4

1.8

2.2

2.6

FY08 FY09 FY10 FY11 FY12

7.1

37.5

57.5

76.3

115.8

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

FY08 FY09 FY10 FY11 FY12

Total premium collected in (USD billion) Net profit (USD million)

CAGR: 23%

CAGR: 101%

→ SBI Life Insurance is a joint venture between Indian banking giant State Bank of India (74 per cent) and France headquartered BNP Paribas Assurance (26 per cent). The company primarily deals in life insurance and pension plans. Currently, the company has 629 branches in India. In FY11, it issued around one million insurance policies

→ Between FY08 and FY12, SBI Life’s profits increased at a CAGR of 101 per cent; in FY12 alone annual profits increased 52 per cent to USD115.8 million. It was also the major private life insurer in new business premium during FY12

AUGUST

2012


Success of Tata-AIG microinsurance … (1/3)


Insurance

Objective for establishing microinsurance

• Fulfilment of corporate social responsibility

• Increase brand recognition to boost market entry – today’s micro

clients maybe tomorrow’s high-premium clients

• To target untapped markets and income groups of rural India

Key strategic decision

• The microinsurance business model must be separated from the

regular insurance business model

• Selling microinsurance would require new, alternate distribution

mechanisms

The microinsurance business model


New business unit

• A special microinsurance team called the Rural & Social Team is formed

Partnering with NGOs

• Identify and partner with credible NGOs operating in the local community

• NGO suggests good agents for microinsurance policies (micro-agents)

Forming CRIGs

• A group of micro-agents called a community rural insurance group (CRIG) is formed; it relies on direct marketing of microinsurance policies to local community members

Local operations managed by NGOs

• Local operations like collecting and aggregating the premiums, training micro-agents, and helping to distribute benefits looked after by the NGO; this saves administrative costs for Tata-AIG

AUGUST

2012



Rural obligations specified by IRDA exceeded

Insurance



Key Takeaway

• Partnerships with NGOs have been instrumental in the success of

Tata-AIG microinsurance. They have helped select agents and

reduced the costs of front-end administrative services. Most

crucially, their local know-how and connections have helped build

trust for the insurance products in low-income rural areas

19%

21%

18%

14%

10%

11%

18%

16%

14%

12%

9%

7%

0 0.05 0.1 0.15 0.2 0.25

2007

2006

2005

2004

2003

2002

Required Achieved

AUGUST

2012



Insurance




Robust growth of microinsurance expected

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

2008 2009 2010 2011 2012

Number of policies

0

500

1000

1500

2000

2500

3000

3500

2008 2009 2010 2011 2012

Premium – First year (FYP) and Renewals (RYP)

FYP RYP

AUGUST

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30

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance AUGUST

2012

AUGUST

2012

31 For updated information, please visit www.ibef.org OPPORTUNITIES

Life insurers: Low-income urban and pension markets … (1/2)

→ India’s life insurance market has grown phenomenally over the past few years; premium for life insurance has grown at about 10 per cent in FY11

→ Insurance density and penetration remain at very low levels compared to developed countries; this points towards strong potential for growth in future

→ Rapid development in Tier II and Tier III cities and

growth in new bankable households have led to the emergence of a large insurable class with an appetite for sophisticated life insurance products

→ Business models would need to be customised accordingly, to maintain cost effectiveness as most low-income customers would be small-ticket accounts though huge in numbers Source: Asia Insurance Review, Aranca Research

Notes: E in the axis for the figures above refer to estimates

The low-income urban opportunity in India

Insurance

Notes: E in the axis for the above figures refer to estimates

1,300

4,100

2007 2012(E)

Household insurance premiums (INR)

30%

40%

2007 2012(E)

Urban low-income insurance penetration

CAGR: 26%

AUGUST

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32

Formal pension system penetration (2010)

13%

Workers covered

Workers not covered

For updated information, please visit www.ibef.org OPPORTUNITIES

Life insurers: Low-income urban and pension markets … (2/2)

→ Increasing life expectancy, favourable savings, and greater employment in the private sector will fuel demand for pension plans

→ The opening of the pension market with the passing of the PFRDA Bill 2011 will make the pension market more conducive for private life insurers

→ Proposed new pension bill by government will further provide new opportunities to insurers

→ There is scope to introduce new-generation pension

products such as Variable Annuity and Inflation Indexed Annuity

Source: McKinsey Quarterly, Aranca Research Notes: PFRDA – Pension Fund Regulatory and

Development Authority

Opportunity in the Indian pension and annuity market

Insurance

2

4

0

1

1

2

2

3

3

4

4

5

2010 2025(E)

CAGR: 7%

Indian retirement market (INR trillion)

AUGUST

2012


Non-life insurers: Motor and health insurance markets … (1/2)

→ In FY11, non-life insurance has showed growth of 17.5 per cent in terms of new policy issued

→ Despite posting strong growth, non-life insurance sector remains far from tapped, with penetration rates (premium to GDP ratios) remaining low at 0.7 per cent in 2011 as compared to average of 4.6 per cent in US and 3 per cent in Europe

→ Strong growth in the automotive industry over the next decade will be a key driver of motor insurance

→ Proposed IRDA draft envisages a 10-80 per cent rise in premium rates for the erstwhile loss making third-party motor insurance

Source: *ACMA Estimates, Aranca Research Notes: E in the axis for the figures above refer to estimates

Vehicle production in India* (million units)

Insurance

2.8 0.7

9 9.2

2.3

32

0

5

10

15

20

25

30

35

CarProduction

Commercial 2&3wheelers2010 2020E

Breakup of non-life insurance market in India (2011)

43%

22.60%

11.30%

6.30%

16.8% Motor insurance

Health insurance

Fire insurance

Marine insurance

other

AUGUST

2012


Non-life insurers: Motor and health insurance markets … (2/2)

→ Only 1.5-2 per cent of total healthcare expenditure in India is currently covered by insurance providers

→ From just 2 per cent of Non-life insurance in 2007, Health insurance now contributes 22.6 per cent of non-life insurance

→ Health insurance continues to be one of the most

rapidly growing sectors in the Indian insurance industry and reported growth of 38.2 per cent in FY11

→ Absence of government-funded health insurance makes the market attractive for private players

→ IRDA recommended the government to bring down capital requirements for standalone health insurance companies from USD21 million to USD10 million

Source: McKinsey Quarterly, Annual report IRDA, Aranca Research

Health insurance penetration

Insurance

14%

86%

Health insurance penetration (2010)

Population covered

Population not covered

110

220

2005 2015

Health insurance (million policies)

CAGR: 8%

AUGUST

2012


Microinsurance: Tapping India’s rural wealth

Source: IRDA, McKinsey, Aranca Research

Insurance

The business environment in India’s microinsurance sector supports healthy growth

Macro level

(The enabling environment)

Intermediate level

(Support infrastructure)

Micro level

(Policy holders)

• IRDA drafted microinsurance guidelines in 2010 which contain a number

of favourable measures such as

• Lower threshold limits for agents’ commissions

• Rural areas must account for 7 per cent of new life insurance

policies in 1st year of firm’s operation and rise to 20 per cent over

the next 10 years

• In order to reduce microinsurance distribution costs, IRDA proposed

microinsurance schemes to supplement existing government insurance

schemes

• The number of regional rural banks and NGOs operating in the rural

sector will aid distribution of microinsurance products

• The annual income growth rate in rural India is expected to increase to

3.6 per cent over 2010-30 from 2.8 per cent over 1990-2010

• About 5 million people currently have microinsurance while the entire

market is expected to be in the range of 140-300 million

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36

398 208

1,093

3,174

0

500

1000

1500

2000

2500

3000

3500

FY08 FY09 FY10 FY11


Strong potential in crop insurance


Insurance

Source: World Bank, Aranca Research Note: Figures mentioned above are as per Indian agricultural year

Farmers covered under crop insurance (USD millions) Sum insured (USD million)

CAGR: 100%

→ Crop insurance market in India is the largest in the world and covers around 9 million farmers

→ Between 2008 and 2011, crop insurance in the country increased at a CAGR of 139 per cent

0.7 0.4

2.3

9.3

0.0

2.0

4.0

6.0

8.0

10.0

FY08 FY09 FY10 FY11

CAGR: 139%

AUGUST

2012

37

Contents

Advantage India


Growth drivers


Opportunities

Useful information


Insurance AUGUST

2012

AUGUST

2012

38 For updated information, please visit www.ibef.org USEFUL INFORMATION

Industry Associations

Insurance Regulatory and Development Authority (IRDA) 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad–500 004 Phone: 91-040-23381100 Fax: 91-040-66823334 E-mail: [email protected] Life Insurance Council 4th Floor, Jeevan Seva Annexe Bldg. S. V. Road, Santacruz (W), Mumbai–400054 Phone: 91-22-26103303, 26103306 E-mail: [email protected] General Insurance Council 5th Floor, Royal Insurance Building, 14, Jamshedji TATA Road, Churchgate , Mumbai–400020 Phone: 91-22-22817511, 22817512 Fax: 91-22-22817515 E-mail: [email protected]

Insurance

AUGUST

2012


Glossary

→ ACMA: Automotive Component Manufacturers Association of India

→ EV: Embedded Value

→ FDI: Foreign Direct Investment

→ FY: Indian financial year (April to March) → So FY12 implies April 2011 to March 2012

→ GOI: Government of India

→ INR: Indian Rupee

→ OEM: Original Equipment Manufacturers

→ NATRiP: National Automotive Testing and R&D Infrastructure Project

→ SEZ: Special Economic Zone

→ USD: US Dollar

→ Conversion rate used: USD1= INR 48

→ Wherever applicable, numbers have been rounded off to the nearest whole number

USEFUL INFORMATION

Insurance

40

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

Disclaimer

For updated information, please visit www.ibef.org DISCLAIMER

Insurance AUGUST

2012

Documents

AUGUST 2012 Insurance AUGUST 2012 · • The life insurance sector was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds • All life insurance