Ministry of Finance is yet to receive any proposals on wage revision of employees of six general insurers from the GIPSA, the coordinating agency for PSU general insurers,Pankaj Chaudhary, minister of state, Ministry of Finance said in Lok Sabha on Monday
New Delhi: For the first time in years, the PSU general insurance industry, consisting of six companies, have become profitable in fy 23-24.
The combined profit of six companies, four PSU multiline general insurers, New India Assurance(NIA),National Insurance Company, Oriental Insurance Company(OIC) and United India Insurance Company(UIIC) along with Agriculture Insurance Company (AIC) and GIC Re stood at Rs7558 crore in Fy 23-24 as compared to a total loss of Rs 3529 crore in Fy 22-23, said Pankaj Chaudhary, minister of state, Ministry of Finance said in Lok Sabha on Monday.
In the segment, reinsurer GIC Re’s net profit was a record Rs 6,497.30 crore in FY24 as compared to Rs 6312.50 crore in FY 23.
NIA’s profit after tax increased by 7 per cent to Rs 1,129 crore during Fy 24.
AIC had recorded almost a 20 per cent jump in its net profit to Rs 904 crore during the reporting year.
Oriental Insurance has earned Rs 37.66 crore crore profit in FY24 as against a loss of Rs 5,000 crore a year ago, while National Insurance Company narrowed its loss to Rs 187 crore from Rs 3,800 crore, and United India Insurance to a loss of Rs 800 crore as against the loss of Rs 2,800 crore in the preceding year that is FY23
While replying a question on the completion of wage revision of PSU general insurance industry since Aug 22, Chaudhary said the ministry is yet to get any proposal from GIPSA, the official coordination agency for six PSUs and which also negotiates with the various unions of the industry on wage revision.