Insurance Performance Review: A meeting chaired by the Secretary, DFS, Shri M. Nagaraju, was held on 13.1.2026 to review the financial and business performance of Public Sector Insurance Companies (PSICs) for FY 2024–25 and the first half of FY 2025–26.
The PSICs reviewed included the Life Insurance Corporation of India (LIC), General Insurance Corporation of India(GIC), New India Assurance Co. Ltd(NIACL)., National Insurance Co. Ltd.(NICL), United India Insurance Co. Ltd.(UIICL), Oriental Insurance Co. Ltd.(OICL) and Agriculture Insurance Company of India Ltd. (AICIL).
During the meeting, the Secretary emphasized that PSICs should focus on increasing profitable business and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios. He underscored the need for developing new and innovative customised products to meet the requirements of the younger generation and to provide coverage for emerging risks. Emphasis was also laid on adopting technology and moving towards full digitalisation, with the objective of achieving 100 per cent onboarding of retail products through digital channels.
The Secretary stressed the importance of enhancing communication, publicity and outreach to improve brand visibility through various platforms, including social media.
Appreciating the efforts of the LIC, the Secretary noted its progress in its journey towards profitability and its success in expanding the Bima Sakhi initiative across the country, particularly in rural and semi-urban areas. He also appreciated AICIL for crossing Rs 10,000 crore premium milestone this year.
The Secretary also stressed that high priority should be given to the timely resolution of public grievances and to ensuring seamless and prompt claims processing, in order to provide efficient services to customers.
The meeting was attended by Mr. R. Doraiswamy, CEO & MD, LIC, Ms. Girija Subramanian, CMD, NIACL, Ms. Rajeshwari Singh Muni, CMD, NICL, Mr. B.S. Rahul, CMD, UIICL, Mr. Sanjay Joshi, CMD, OICL, Dr. Lavanya R Mundayur, CMD, AICIL and Mr. Hitesh Joshi, ED, GIC among others.
