Life Is Getting Better
Photo Credit :
The life insurance industry finally turned the corner in the third quarter after companies such as SBI Life declared profits. Others such as Reliance Life have substantially reduced their losses; from Rs 254 crore to Rs 63 crore. The industry itself has seen a 53 per cent jump in new business income in the April-November period of this fiscal compared to a year ago. “This turnaround began two years ago when most large companies began focusing on bottom line,” says S.B. Mathur, secretary-general of the Life Insurance Council in Mumbai. According to the council, renewal premium was the reason why companies were making headway into profits.