Mumbai: India’s third largest private life insurer, Bajaj Allianz Life Insurance Co. Ltd, has posted a profit of Rs50 crore in the fiscal ended March even as rivals posted a consolidated loss of at least Rs4,000 crore.
The rivals include ICICI Prudential Life Insurance Co. Ltd, Reliance Life Insurance Co. Ltd, HDFC Standard Life Insurance Co. Ltd, SBI Life Insurance Co. Ltd and Birla Sun Life Insurance Co. Ltd.
Bajaj Allianz’s general insurance arm, too, has posted a profit of at least Rs140 crore, a rarity in an otherwise loss-making non-life sector.
Eight years after insurance was opened up to the private sector, most firms are yet to break even. SBI Life, the only profit-making life insurer for three years, recorded a Rs24 crore loss for FY09, compared with a Rs34 crore profit a year ago. ICICI Prudential Life has recorded a mark-to-market loss of Rs780 crore and HDFC Standard Life a loss of Rs1,800 crore. Reliance Life and Birla Sun Life recorded operational losses worth Rs875 crore and Rs600 crore, respectively.