DFS Reviews Performance of Public Sector Insurance Companies

The Secretary highlighted the critical role of technology in improving efficiency and customer experience.

A high-level review meeting chaired by Secretary, Department of Financial Services (DFS), Shri M. Nagaraju, was held on 13 January 2026 to assess the financial and business performance of Public Sector Insurance Companies (PSICs) for FY 2024–25 and the first half of FY 2025–26.

Public Sector Insurers Reviewed

The meeting covered the performance of the following PSICs:

• 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)

• Agriculture Insurance Company of India Ltd. (AICIL)

Focus on Profitability and Sustainable Growth

During the review, Shri Nagaraju emphasised that PSICs must:

• Increase the share of profitable business

• Devise strategies to reduce loss ratios

• Maintain market share while consistently strengthening their retail portfolios

He underscored the importance of developing innovative and customised insurance products, particularly to meet the evolving needs of the younger generation and to provide coverage for emerging and new-age risks.

Digitalisation and Technology Adoption

The Secretary highlighted the critical role of technology in improving efficiency and customer experience. He urged PSICs to:

• Accelerate adoption of digital technologies

• Move towards full digitalisation of operations

• Achieve 100% digital onboarding of retail products

These measures, he said, would enhance accessibility, reduce costs, and improve service delivery.

Strengthening Brand Visibility and Outreach

To improve public awareness and customer engagement, Shri Nagaraju stressed the need for:

• Enhanced communication and publicity

• Stronger brand visibility across multiple platforms

• Effective use of social media and digital channels

Recognition of Achievements

The Secretary appreciated notable achievements by public sector insurers:

• LIC was commended for its progress towards improved profitability and for successfully expanding the Bima Sakhi initiative, especially in rural and semi-urban areas

• AICIL was lauded for crossing the ₹10,000 crore premium milestone during the year

Customer Service and Grievance Redressal

Emphasising customer-centricity, the Secretary directed PSICs to accord high priority to:

• Timely resolution of public grievances

• Seamless and prompt claims processing

He noted that efficient claims settlement and grievance redressal are essential for building trust and improving customer satisfaction.

Senior Officials in Attendance

The meeting was attended by senior leadership of the PSICs, including:

• 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

• Mr. Hitesh Joshi, Executive Director, GIC

Strengthening Public Sector Insurance

The review meeting reaffirmed the government’s focus on ensuring that public sector insurers remain financially strong, technologically advanced and customer-centric, while playing a critical role in expanding insurance coverage and supporting India’s broader financial inclusion and economic growth objectives.