Study of Solvency Margin in ICICI Prudential life insurance
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Contents
SL.NO. TITLES PAGE
NO.
1 EXECUTIVE SUMMERY 1-4
2 INSURANCE INDUSTRY 5-10
3 COMPANY PROFILE 11-36
4 RESEARCH METHODOLOGY 37-45
5 DATA ANALYSIS 46-55
6 LIMITATIONS OF THE SOLVENCY
MARGIN
56
7 FINDINGS 57
8 SUGGESTIONS 58
9 CONCLUSION 59
10 BIBLIOGRAPHY 60
11 ANNEXURY 61
EXECUTIVE SUMMERY
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Study of Solvency Margin in ICICI Prudential life insurance
The In-plant Training was introduced to have an exposure to organization concepts.
In-plant training was for 2 months (8 weeks). It is been done with intention of correlating
the organization’s practical exposure with reference to the theory which I learnt in the
college.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
a premier financial powerhouse, and prudential plc, a leading international financial
service group headquartered in United Kingdom. ICICI Prudential joint venture
consisting of ICICI holding 74% of the equity and the balance 26% held by Prudential
group of UK. ICICI Prudential was amongst the first private sector insurance companies
to begin operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA). It is now one of the leading private Life
Insurance companies of India since its inception.
Topic of the study:
“The study of Solvency margin in ICICI Prudential life insurance.”
Research objectives:
1) To understand the meaning and importance of solvency margin
2) To know the procedure of calculation of solvency margin
3) To know why some companies fails in maintaining the adequate solvency
margin and some measures to over come from those problems
4) To calculate the solvency margin for the past 5 financial years, of ICICI
Prudential life insurance company
5) To know the limitations of solvency margin
Need for the study:
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Study of Solvency Margin in ICICI Prudential life insurance
Solvency margin is one of the major concepts in insurance. IRDA regulates the
limits of solvency margin. Solvency margin helps the company in case of any adverse
claim situation. And it gives the confidence to the customers about the safety of the
company.
Scope of the study:
Solvency margin has large scope for its study. Solvency margin calculation is the
work of the actuary of the company, which is to be calculated as per the norms of the
IRDA. Solvency margin is fully internal to any of the insurance company and the
transactions are fully confidential. So the solvency margin has lots of scope for its study.
Findings
Solvency margin helps the company in case of any adverse claim situations.
Solvency margin gives the confidence to investors to invest in the company
Solvency margin is one of the major sources of fund for the government.
As on 31st march 2005 ICICI Prudential Company has Rs2354040838.50 as the
solvency margin. As on 31st march 2006 ICICI Prudential company has
Rs5268490105.50 as the solvency margin As on 31st march 2007 ICICI Prudential
company has Rs9444863631.00 as the solvency margin As on 31st march 2008
ICICI Prudential company has Rs16788443704.50 as the solvency margin As on
31st march 2009 ICICI Prudential Company has Rs19512898935.50 as the
solvency margin which shows the financial strength and back up for the company
Suggestions:
IRDA can increase the minimum limits of the solvency margin. Even though the
company feels it bit difficult in the initial stage in the long run the company will
be benefited.
IRDA can take the steps to publish the accounts for solvency margin along with
the annual reports. It reveals the transferences of the company..
IRDA can mention solvency margin as one of the topic for the study in case of pre
license IRDA compulsory training.
Limitations of the study:
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Study of Solvency Margin in ICICI Prudential life insurance
The study is limited to 8 weeks
Non availability sufficient data
The study is restricted to last 5 years financial data.
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Study of Solvency Margin in ICICI Prudential life insurance
INTRODUCTION
In common sense, Insurance is a provision made against possible loss due to
anticipated contingencies and uncertainties in human life. It is a safe guard against
accepted risks and hazards. Insurance does not avoid the possibility of risk or danger. but
it spreads the loss of misfortune of a person over many persons who are exposed to
similar risk and compensates the loss suffered by one of them.
Insurance and be defined as “A contract between parties whereby one party under
takes to pay an agreed sum on happening of a certain event or to make good the loss
arising from an accepted event, which may or may not occur, in return for a consideration
called premium”.
Conceptually a general term “insurance” includes two concepts where as
1) Assurance
2) Insurance
Assurance: Assurance is an agreement of guarantee to pay a specified amount to the
other on happening of an event sure to occur such as death or attainment of certain age by
a person. It refers to Life Insurance.
Insurance : Insurance is an agreement to indemnify (compensate)loss suffered by a
person on happening of an event which is un certain to occur such as accident, fire,
collision, robbery, etc, example general insurance, namely, fire, marine and other forms
of insurance.
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Study of Solvency Margin in ICICI Prudential life insurance
LIFE INSURANCE
Life Insurance offers a way to replace the loss of income that occurs when someone dies.
It is a contract between the insured person and the company that is providing the
Insurance. If the insured dies while the contract is in force, the insurance company Pays a
specified sum of money to the person or persons you name as beneficiaries.
Life insurance ensures that your family will receive financial support in your absence.
Put simply, life insurance provides your family with a sum of money should something
happen to you. It protects your family from financial crises.
In addition to serving as a protective cover, life insurance acts as a flexible
money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get
your children married and even retire comfortably.
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Study of Solvency Margin in ICICI Prudential life insurance
History of insurance
The root of insurance might be traced to Babylonia, where tracers were
encouraged to assume the risk of the caravan trade through loans that were repaid
(with interest) only after the goods add arrived safety a practices resembling
bottomward and given legal force in the code of Hammurabi (C.2100 BC). The
Phoenicians and the Greek applied a similar system to their seaborne commerce.
The Romans used burial clubs as a form of life insurance, providing funeral
expenses for members and later payments to the survivors. Security and constant
search for security have been the unending endeavors of human race since the
beginning of the civilization. Right from the stone-age man to the modern IT
personality, this search for security has brought out innovative ideas. Unlike other
financial products, insurance is a complex product and one, which plays a key role
in the long-term financial well being of a customer. Before the agents can advise
their clients on which insurance solution is most appropriate for them, they will
have to understand the financial standing of their customer, his risk profile, etc.
it is for this very reason that, as per IRDA, all agents need to undergo some
mandatory training before being allowed to sell a life insurance product.
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Study of Solvency Margin in ICICI Prudential life insurance
Life insurance in India
In India, insurance started with life insurance. It was in the early 19th century when
the Britishers on their postings in India felt the need of life insurance cover. It stated with
English companies like, “The European and the Albert”. The first Indian insurance
company was the Bombay Mutual Assurance Society Ltd., formed in 1870.
In the wake of the Swadeshi Movement in India in the early 1900s, quite a good
number of Indian companies were formed in various parts of the country to transact
insurance business. To name a few: ‘Hindustan Co-operative’ and ‘National Insurance’
in Kolkata; ‘United India’ in Chennai; ‘Bombay Life’, ‘New India’ and ‘Jupiter’ in
Mumbai and ‘Lakshmi Insurance’ in New Delhi.
Nationalization of life insurance in India
In 1956, life insurance business was nationalized and LIC of India came into
being on 1.9.1956. The government took over the business of 245 companies (including
75 provident fund societies) who were transacting life insurance business at that time.
Thereafter, LIC got the exclusive privilege to life insurance business in India.
Relevant laws were amended in 1999 and LIC’s monopoly right to transact life
insurance business in India came to end. At the close of financial year ending 31.3.2004,
twelve new companies were registered with the Insurance Regulatory & Development
Authority (IRDA) to transact life insurance business in India
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INSURANCE REGULATORY & DEVELOPMENT AUTHORITY
ACT, 1999.
Insurance regulatory and development authority is a constituted boby which is created
to regulate the insurance business in India.
Mission
“To protect the interests of the policyholders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected therewith or incidental
thereto”.
Insurance regularity and development Authority (IRDA)
This is a corporate body established for the purpose and objects as set out in
the explanation to the title.
The Authority replaces ‘Controller” under Insurance Act 1938.
The first schedule amends insurance act 1938
It states that if the ‘Authority’ is superseded by central Government, the
‘Controller of Insurance’ may be appointed till such time as the ‘Authority’ is
reconstituted.
Membership of IRDA
a) A chairperson
b) Not more thae five whole time members
c) Not more than four part time members appointed by the central government.
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Functions of IRDA
To issue the certificate of registration,renew,withdraw,suspend or cancel such
registration.
To appoint the interests of the policy holders/insured in the matter of insurance
contact with the insurance company.
To specify the requisite qualification code of conduct and training for insurance
intermediaries and agents.
To specify the code of conduct for surveyors/loss assessors.
To promote the efficiency in the conduct of insurance business.
To promote and regulate professional organizations connected with the insurance
and reinsurance business.
To undertake inspection conduct enquiries and investigations including the audit
of insurers and insurance intermediaries.
To control and regulate the rates, terms and conditions to be offered by the insurer
regarding general insurance business not so controlled by tariff advisory
committee.
To mention the form and manner for maintenance of books of accounts and the
statements of accounts.
To regulate investment of funds by the insurance companies.
To adjudicate disputes between insurers and intermediaries of insurance.
To supervise the functioning of tariff advisory committee.
To specify the percentage of life insurance business and general insurance
business to be undertaken in the rural or social sector.
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Study of Solvency Margin in ICICI Prudential life insurance
Scope of IRDA
To permit private companies to enter the insurance market, Government has
enacted Insurance Regulatory & Development Authority Act, 1999.
The act was passed by the Parliament in December 1999.
The Act provides for the establishment of the Authority
1. To protect the interest of holders of insurance policies.
2. To regulate, promote and ensure orderly growth of insurance industry.
3. For matters connected there with or incidental thereto.
The Act also sought to amend the following Acts-
1. The Insurance Act, 1938.
2. The Life Insurance Corporation, 1956.
3. The General insurance Business (Nationalization) Act, 1972.
The Act applies to the whole of India including J & K State.
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Study of Solvency Margin in ICICI Prudential life insurance
ICICIPRUDENTIAL LIFE INSURANCE COMPANY LIMITED
The company profile
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank -
one of India's foremost financial services companies-and prudential plc - a leading
international financial services group headquartered in the United Kingdom. Total capital
infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and
Prudential plc holding 26%.
ICICI Prudential has started its operations in December 2000 after receiving
approval from Insurance Regulatory Development Authority (IRDA). Today, company’s
nation-wide team comprises of 2099 branches (inclusive of 1,116 micro-offices), over
276,000 advisors; and 18 bancassurance partners.
ICICI Prudential is the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI
Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic
Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As the company grow
its distribution, product range and customer base, company\ continue to tiredlessly uphold
its commitment to deliver world-class financial solutions to customers all over India.
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Promoters
ICICI Bank ICICI Bank Limited (NYSE:IBN) It is India ‘s largest private sector bank
and the second largest bank in the country with consolidated total assets of about US$ 95
billion’s of march 31,2009. The ICICI Bank subsidiaries include India’s leading private
sector insurance companies and among its largest securities brokerage firm, mutual funds
and private equity firm. The ICICI currently operation 19 countries including India.
Prudential plc It is established in London in 1848, prudential plc is a leading internal
retail financial services group with significant operation is Asia and UK. Prudential has
been writing prote3ction and savings insurance for over the 160 years, and today has
more than 21million customers worldwide and over 249billion assets under management
as of December 31, 2008. In Asia, Prudential is leading Europe-based life insurance with
operations in China, Hong Kong, India, Indonesia, Japan,, Korea, Malaysia, Philippines,
Singapore, Taiwan, Thailand and Vietnam, prudential is largest asset management. And
operation in ten market including China, Hong Kong, India, Japan, Korea,Singpore,
Taiwan,Vietnam,and United Arab Emirates.
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Vision
To be the dominant Life and Pension player built on trust by world class people and
service.
This the company hope to achieve by:
Understanding the needs of customers and offering them superior products and
service
Leveraging technology service customers quickly, efficiently and conveniently
Developing and implementing super risk management and investment strategies to
offer sustainable and stable returns to their policyholders
Providing an enabling environment to foster growth and learning for their
employees
And above all, building transparency in all their dealings.
Mission
In the ICICI prudential Life Insurance Company is continues process, movement and
direction to enable every individuals as a member of ICICI company community, to
realize and active his potential so as to contribute to the achievement of the insurance
goal and derive satisfaction there from
Objectives
Excellence in customer service.
Profit orientation.
Belongings and commitment to the organization.
Fairness in all dealings and relations.
Risk taking and innovation.
Team playing.
Learning and renewal
Integrity.
Transparency and discipline. In policies and system
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BOARD OF DIRECTORS
The ICICI prudential Life Insurance Company Limited Board Comprises reputed people
from the finance industry both from India and abroad.
Mr.Chanda D.Kochhar, Chairperson
Mr. N. S. Kannan, Director
Mr. K.Ramkumar, Director
Mr. Barry Stowe, Director
Mr. Adrisan O’Connor, Director
Mr. Keki Dadiseth, Independent Director
Prof. Marti G. Subranhmanyam, Independent Director
Ms. Rama Bijapurkar, Independent Director
Mr. Vinod Kumar Dhall, Independent Director
Mr. V. Vaidyanathan, Managing Director andCEO
Management team
Mr. V. Vaidyanathan Managing Director & CEO
Ms. Anita Pai Executive Vice President – Customer Service, Technology & Marketing
Dr. Avijit Chatteriee Appointed Actuary
Mr. punit Nanda Executive Vice President
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Assets held in the company as on 31st July 2009
Equity 63% 289724 millions
Debt 37% 168554 millions
Total 100% 458278 millions
Assets held by :
Linked policy holders 90.3% 413836 millions
Other policy holders 09.7% 44442 millions
Total 100% 458278 millions
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Study of Solvency Margin in ICICI Prudential life insurance
STUDY OF DEPARTMENTS IN THE ICICI PRUDENTIAL
Finance
Finance function in ICICI Prudential is committed to create an infrastructure that
is aligned to shareholder expectations. Finance basically comprises of four functions. .
Corporate Planning and MIS provide feedback on business strategies. This includes
driving the budgeting process, providing strategic inputs for decision-making and
management reporting and analysis. The Accounts function includes preparation and
maintenance of financial records, funds management, and expense processing and
treasury operations. Compliance ensures that every action is within the regulatory
framework. This includes reviewing compliance requirements and supporting the ethical
framework of ICICI Prudential life. Internal audit provides assurance to the management
over the organizations' control framework and includes process risk management,
information security assessment and business continuity assessment.
Marketing
The Marketing function at ICICI Prudential life insurance covers an array of
activities - brand and media management, channel support, direct marketing and
corporate communications. The Brand and Communications team is in charge of
advertising, consumer research, media planning & buying and Public Relations; that helps
develop and nurture ICICI Prudential's corporate identity while effectively
communicating its varied product offerings to the customer. Channel marketing provides
support to the sales force by streamlining the design and development of collaterals and
sales tools across distribution channels. The Direct marketing team was set up to generate
high quality leads for profitable business. The team achieves this through target database
acquisition and communicating customized product information through e-mailers,
telemarketing and innovative direct mailers.
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Tied Agency
Tied Agency is the largest distribution channel of ICICI Prudential, comprising a
large advisor force that targets various customer segments. The strength of tied agency
lies in an aggressive strategy of expanding and procuring quality business. With focus on
sales & people development, tied agency has emerged as a robust, predictable and
sustainable business model.
Rewards and recognition: ICICI prudential has its own rewards and recognition
programs like, club membership, career growth opportunity, foreign tours, additional pay
outs, various training programs for high achievers etc., which boost the performance and
morale of the employees.
Bancassurance and Alliances
ICICI Prudential was a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of partners,
B & A has emerged as a vital component of the company’s sales and distribution strategy,
contributing to approximately one third of company’s total business.
The business philosophy at B&A is to leverage distribution synergies with our
partners and add value to its customers as well as the partners. Flexibility, adaptation and
experimenting with new ideas are the hallmarks of this channel.
Customer Service
The Operations department oils the work processes between the customer and the
company to ensure consistent and quality service to the customer. To streamline the
operations, the Operations department interfaces between the clients and the agents, the
branches and the underwriters, and manages work processes.
The Vision at Customer Service is to deliver ‘World Class Service’ at every
opportunity. Units such as the 9 to 9 contact centre, Outbound Call Centre, Customer
Care and Query Resolution Unit are all committed to providing effective solutions to over
lakhs of customers across the country.
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Operations:
This department works in the company in case of processing of the policies at the
initial stage, primary underwriting, department of cash, etc.
Human Resource
The people strategy of ICICI Prudential is “To build a committed team with a
culture of innovation, learning and growth. The Human Resource Function at ICICI
Prudential drives the people strategy of the business. With its initial focus on operational
excellence to deliver benefits and services to staff members, HR is now committed to
building capability through state of the art processes. A robust performance management
system, compensation system and a segmented training architecture enable it to deliver
value to the organization.
Information Technology
The Information Technology function at ICICI Prudential is committed to enable
business through the use of technology. It is segmented into 4 groups to enable highest
levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in
designing better product offerings to end-users, the Solutions Group- Web that provides
real-time information to customers and is responsible for customer relationship
management, IT Architecture & Corporate Solutions Group is in charge of developing
and maintaining a blueprint for the IT architecture for the enterprise as a whole. This team
works as an in house R&D Solution Group, exploring new technological initiatives and
also caters to information needs of corporate functions in the organization. IT
Infrastructure group is responsible for providing hardware, software, network services to
the whole organization. This group runs the 'Digital Nervous System' of the Enterprise at
the highest levels of efficiency and provide robust, scalable and highly available platform
for deployment of business application.
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Study of Solvency Margin in ICICI Prudential life insurance
Training:
The department of training always aims at educating its employees of the
organization. In the company the training will be given to each level of employees.
Training may be conducted because of the requirement from the employees or it may be
as the initiation from the company. Training will be conducted in the different occasions
like promotion of an employee, the launch of the new product, etc.
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ICICI PRUDENTIAL LIFE INSURANCE PRODUCTS/ PLANS
Insurance Solutions for Individuals:
ICICI Prudential Life Insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its products can be
enhanced with up to 5 riders, to create a customized solution for each policyholder.
Protection Solutions
Life Guard: Is a protection plan, which offers life cover at very low cost. It is
available in 3 options Level term assurance, level term assurance with return of
premium and single premium.
Home Assure: Is a mortgage reducing term assurance plan designed specifically
to help customers cover their home loans in a simple and cost-effective manner.
Child Plans
Smart Kid: Is Education plans provide guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the child’s life.
Smart Kid plans are also available in unit-linked form both single premium and
regular premium.
Retirement Solutions
Forever Life is a retirement product targeted at individuals in their thirties.
Secure Plus Pension: Is a flexible pension plan that allows one to select between
3 levels of cover.
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Market-linked products
Lifetime Pension: is a regular premium market-linked pension plan
Life Link Pension II is a single premium market-linked pension plan.
Invest Shield Pension is a regular premium pension plan with a capital guarantee
on the investible premium and declared bonuses.
Golden Years: is a limited premium paying retirement solution that offers tax
benefits. up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and
payout stages. ICICI Prudential also launched “Salaam Zindagi”, a social sector
group insurance policy targeted at the economically underprivileged sections of
the society.
Life Time Super: A market-linked insurance products that adapts itself to
changing protection and investment need. The benefits are potentional to earn
high returns, Death benefit, partial withdrawals, Tax benefits.
Life Link Super: It is the unique, single premium united linked investment-cum-
insurance solution. It offers attractive premium allocation along with flexible
investment options to opportunity to enjoy potentially high returns on your
investments, without compromising on the protection of your family.
Life Time Plus: It is one –stop solution for investors who are looking for a plan
offers for the benefits of the insurance cover along with flexible investment
options. The payment will be three different modes like Monthly, half yearly,
Year.
Premier Life Gold: The Premier Life Gold High net worth segment is looking for
plan which gives potional high returns, liquated and a flexibility option to design
there own plan. And wealth along with insurance protection.
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Savings Solutions
Secure Plus: Is a transparent and feature-packed savings plan that offers 3 levels
of protection.
Cash Plus: Is a transparent, feature-packed savings plan that offers 3 levels of
protection as well as liquidity options.
Save’n’ Protect: Is a traditional endowment savings plan that offers life
protection along with adequate returns.
Cash Back :Is an anticipated endowment policy ideal for meeting milestone
expenses like a child’s marriage, expenses for a child’s higher education or
purchase of an asset.
Life Time Gold: Is offer customers the flexibility and control to customize the
policy to meet the changing needs at different life stages. Each offer 4 fund
options ? Preserver, Protector, Balancer and Maximiser.
Life Link II: Is a single premium Market Linked Insurance Plan which combines
life insurance cover with the opportunity to stay invested in the stock market.
Premier Life: Is a limited premium paying plan that offers customers life
insurance cover till the age of 75.
Invest Shield Life: Is a Market Linked plan that provides capital guarantee on the
invested premiums and declared bonus interest.
Invest Shield Cash: Is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with flexible liquidity
options.
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Study of Solvency Margin in ICICI Prudential life insurance
Invest Shield Gold: Is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with limited premium
payment terms.
Health Solution
Health Assure: Is a regular premium plan which provides l ong term cover
against 6 critical illnesses by providing policyholder with financial assistance,
irrespective of the actual medical expenses.
Health Assure Plus: Is a regular premium plan which provides long term cover
against 6 critical illnesses by providing financial assistance, irrespective of actual
medical expenses, as well as an equivalent life insurance cover
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Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.
Accident & disability benefit: If death occurs as the result of an accident during
the term of the policy, the beneficiary receives an additional amount equal to the
rider sum assured under the policy. If the death occurs while traveling in an
authorized mass transport vehicle, the beneficiary will be entitled to twice the sum
assured as additional benefit.
Accident Benefit: This rider option pays the sum assured under the rider on death
due to accident.
Critical Illness Benefit: Protects the insured against financial loss in the event of
9 specified critical illnesses. Benefits are payable to the insured for medical
expenses prior to death.
Income Benefit: This rider pays the 10% of the sum assured to the nominee every
year, till maturity, in the event of the death of the life assured. It is available on
Smar Kid, Secure Plus and Cash Plus
Waiver of Premium: In case of total and permanent disability due to an accident,
the premiums are waived till maturity. This rider is available with Secure Plus and
Cash Plus.
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Competitors for the ICICI Prudential life insurance company in the Indian life insurance industry 1 --------------- -------------- Life insurance corporation of India.
2 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.
3 104 15.11.2000 Max New York Life Insurance Co. Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited.
8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited
9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited
10 117 06.08.2001 Metlife India Insurance Company Ltd.
11 121 13.01.2002 Reliance life insurance company limited
12 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.
13 127 06.02.2004 Sahara India Insurance Company Ltd.
14 128 17.11.2005 Shriram Life Insurance Company Ltd.
15 130 14.07.2006 Bharti AXA Life Insurance Company Ltd.
16 133 04.09.2007 Future Generali India Life Insurance Company
Limited
17 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.
18 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life
Insurance Company Ltd.
19 138 27.06.2008 Aegon Religare Life Insurance Company Ltd.
20 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.
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SWOT ANALYSIS
Strengths:
Vast untapped market
In a country of 1 billion people there is a huge potential market for life insurance
products. In India the penetration of the insurance sector in the rural and semi-urban areas
is low. There is a market of 900 million for life insurance and 200 million for
householder’s insurance policy. In addition to this the affluent section can be tapped for
Overseas Medi claim and Travel Insurance policies.
Huge pool of skilled professionals
At ICICI Prudential Life Insurance company there is no dearth of skilled
professionals to carry out a successful Life Insurance venture.
Weakness:
Lack of networking among branches
In spite of growing emphasis on total branch mechanization (TBM) and full
computerization of branches, the rural and semi-urban branches have still to see
information technology as an enabler. Complete integration of branch network involves
huge investments for creating IT and communication infrastructure.
Low savings rate
Though we have a huge market for insurance policies, the middle class who
constitutes the bulk of this market is today burdened under inflationary pressures. The
secret lies in inculcating savings habit but considering the amount of surplus funds
available with the middle class for investing in future security, the ability to save is very
nominal
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Study of Solvency Margin in ICICI Prudential life insurance
Opportunities:
Data mining
Banks have a huge customer database which has to be properly leveraged. Target
segments should be identified and tapped.
A wide distribution network of banks provides a great opportunity to sell
insurance products through banks.
Another potential area of growth of Bancassurance is exploiting the corporate
customers and tying up for insurance of the employees of corporate clients
Threats:
Human Resource Challenges
Success in Bancassurance venture requires a change in mindset. Though we have
a large talent pool, the inability to sell complex insurance products on the part of bank
professionals and their reluctance to learn can be severe setback. There has to be a change
in the thinking, approach and work culture.
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Study of Solvency Margin in ICICI Prudential life insurance
Segmentation of the insurance products in ICICI Prudential
segmentation Purpose of the segment Suitable plans
Young & Single Asset creation Wealth creation plans
Young & Just married Asset creation & protection Wealth creation and mortgage protection plans
Married with kids Children's education, Asset creation and protection
Education insurance, mortgage protection & wealth creation plans
Middle aged with grown up kids
Planning for retirement & asset protection
Retirement solutions & mortgage protection
Across all life-stages Health plans Health Insurance
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Study of Solvency Margin in ICICI Prudential life insurance
AWARDS
ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand
Equity "Most Trusted Brands 2009" survey
ICICI Prudential Life won a Gold award for About ULIPS.com and Health Saver
campaign, innovation award for www.taxguru 08-09.com and a silver award for its
Insurance yoga campaign at the ICICI Group Marketing Excellence award.
Confederation of Indian Industry (CII) - Western Region recently awarded ICICI
Prudential Life a 'Commendation for Strong Commitment to HR Excellence 2008' at the
CII HR Summit 2008.
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Study of Solvency Margin in ICICI Prudential life insurance
ICICI Prudential Life Insurance was awarded with the coveted 'ICAI Award for
Excellence in Financial Reporting' by the Institute of Chartered Accountants of India
(ICAI) for the financial year ended March 31, 2008.
ICICI Prudential Life was awarded the Life Insurance Company of the Year at
the12th Asia Insurance Industry Awards 2008.
ICICI Prudential Life won the Award for Brand Excellence in the Banking and
ICICI Prudential life insurance
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Study of Solvency Margin in ICICI Prudential life insurance
ICICI Prudential Life was awarded with two Bronze Effie's in the sevices
catgeory for its Corporate campaign and Retirement Number campaign
ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner
up at the Outlook Money & NDTV Profit Awards 2008
ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects
Award for its IT practices
ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner
up at the Outlook Money & NDTV Profit Awards 2007
ICICI Prudential Life’s, retirement solutions campaign for the year 2006-07 was
awarded the Bronze Effy trophy in the services category.It also won the Brand Equity
Bravery Award 2007, instituted by Ad club.
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Study of Solvency Margin in ICICI Prudential life insurance
Innovation Award for launching Diabetes Care – Prudence Award 2006. People
Award for excellence in training and people development - Prudence Award 2006 .
Best Life Insurer 2003. Outlook Money Awards 2003 & 2004 IMM Award for
Excellence. Institute of Marketing & Management
India's Most Customer Responsive Insurance Company. Avaya Global Connect
Economic Times. Customer Responsiveness Awards Organisation with Innovative HR
Practices Indira Group of Institutes
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Study of Solvency Margin in ICICI Prudential life insurance
Superbrand 2003-04
Silver Effie for Effectiveness of the ‘Retire from Work not life’ advertising
campaign Effies 2003
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. was
adjudged the Businesswoman of the year at The Economic Times Awards for Corporate
Excellence, 2007-08.
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Study of Solvency Margin in ICICI Prudential life insurance
ICICI Prudential Life won the UK Trade & Investment India Business Awards
2008 in the Business Partnership Award-Large Company category
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged
the Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards
2007.
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded
the Outstanding Businesswoman of the Year at CNBC TV18's India Business Leader
Awards 2007
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Study of Solvency Margin in ICICI Prudential life insurance
Prudence Customer Centricity Award 2004 & 2005. Prudential Corporation Asia
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Study of Solvency Margin in ICICI Prudential life insurance
RECOGNISATION
ICICI Prudential Life was recognized as the most trusted brand amongst private
life insurers in the Economic Times-Most Trusted Brand survey 2008.
IMM Award for Excellence. Institute of Marketing & Management Organization
with Innovative HR Practices. India Group of Institutes Organization with Innovative HR
Practices. Asia-Pacific H R Congress Awards for HR Excellence
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Study of Solvency Margin in ICICI Prudential life insurance
Topic of the study:
“The study of Solvency margin in ICICI Prudential life insurance.”
Research objectives:
1) To understand the meaning and importance of solvency margin
2) To know the procedure of calculation of solvency margin
3) To know why some companies fails in maintaining the adequate solvency
margin and some measures to over come from those problems
4) To calculate the solvency margin for the past 5 financial years, of ICICI
Prudential life insurance company
5) To know the limitations of solvency margin
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Study of Solvency Margin in ICICI Prudential life insurance
Need for the study:
Solvency margin is one of the major concepts in insurance. IRDA regulates the
limits of solvency margin. Solvency margin helps the company in case of any adverse
claim situation. And it gives the confidence to the customers about the safety of the
company.
Scope of the study:
Solvency margin has large scope for its study. Solvency margin calculation is the
work of the actuary of the company, which is to be calculated as per the norms of the
IRDA. Solvency margin is fully internal to any of the insurance company and the
transactions are fully confidential. So the solvency margin has lots of scope for its study.
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Study of Solvency Margin in ICICI Prudential life insurance
SOLVENCY MARGIN
Solvency margin is the amount by which the assets of an insurer exceed its
liabilities, and will form part of the insurer’s shareholder’s funds. Methods of valuations
of assets and liabilities of an insurer are prescribed in the insurance regulations, Rules for
estimating the liabilities will obviously be different for long-term and general insurance
business. The regulations stipulated the minimum solvency margin, which an insurer
must maintain.
Why is the solvency margin needed?
All insurance companies have to pay claims to policy holders. These could be
current or future claims of policy holders. Insurers are expected to put aside a certain sum
to cover these liabilities. These are also referred to as technical provisions. Insurance,
however, is risky business and unforeseen events might occur sometimes, resulting in
higher claims not anticipated earlier. For instance, calamities like the Mumbai floods,
J&K earthquake, fire, accidents of a large magnitude, etc may impose an unbearable
burden on the insurer.
In such circumstances, technical provisions though initially prudent, may prove
insufficient for taking care of liabilities. If the liability is large, there is a possibility of the
insurance company becoming insolvent. This would create an awkward situation for the
insurance sector, regulator and also the government. The solvency margin is thus aimed at
averting such a crisis. The purpose of the extra capital all insurers are required to keep as
per the regulatory norms is to protect policy holders against unforeseen events.
This also helps the company to settle the emergency claims and gives the
confidence to the public to invest in the respected company.
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Study of Solvency Margin in ICICI Prudential life insurance
Why some companies failing to maintain the solvency margin……..?
There are certain factors which affects the working of the solvency margin some of those
factors are:
• Poor mortality experience
• Poor expense experience
• Expense inflation
• Inadequate investment returns
• Poor lapse and surrender experience
• Asset default and depreciation
• Mismatched investments
• Guaranteed surrender values/investments returns
• Liquidity
• Options
• Change in business mix
• Inadequate reinsurance
• Operational risks
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Study of Solvency Margin in ICICI Prudential life insurance
How to handle threats to maintain appropriate solvency margin……..?
• Management actions
• Role of the Appointed Actuary
• Regulations
• Timely intervention by regulator
• Conservative asset and liability valuations
• Risk based capital/solvency margin
• Holistic and integrated approach to risk management
• Incentives to encourage prudent risk management
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Study of Solvency Margin in ICICI Prudential life insurance
How much solvency margin required…………………….?
The calculation of Solvency margin depends on the factors like total reserve for
the conventional products total fund that the management of any insurance company
intended to invest and also the total sum assured that the any insurance company writes.
According to the guidelines of the IRDA total solvency margin required is 4% of
reserve for conventional products +1%of all unit linked insurance funds without any
guarantee + 2% of all unit linked insurance funds with some guarantee+0.3% of (sum
assured –(reserves for conventional product + unit linked insurance fund with some
guarantee+ unit linked insurance product without any guarantee))
The first two factors ensure that the insurance company is protected against
moments and interest rates or investment income and 0.3% of (sum assured – policy
holder’s fund) ensures that the company is protected against the adverse claim
situations….
As an additional safety measure IRDA mandates that an insurance company must
maintain 150% of solvency margin as the solvency margin or Rs50 crores as a solvency
margin whichever is higher. This can be explained much better with the following
example.
Suppose the company has Rs200 million as a reserve for conventional product,
Rs500 million units fund without guarantee, Rs50 million unit funds with some
guarantee. So the total fund is 750 million.
Then the company calculates the solvency margin as, for the conventional policy
holders fund (200 million *0.4), for the unit fund without any guarantee (500 million
*0.1), for the unit funs with some guarantee (50 million *0.2) here if the insurance
company has sum assured of 5000 million then, 5000million-750million (sum of above 3
types of fund) that comes 4250 million which should be multiplied by 0.3 % then,
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Study of Solvency Margin in ICICI Prudential life insurance
4% of 200million is Rs8 million
1% of 500 million is Rs5 million
2% of 50 million is Rs1 million
0.3% of 4250 million is Rs12.75 million
Then the total becomes 26.75 million (total of all the above)
Now IRDA wants any insurance company to maintain 150% of the above calculated fund
i.e. 26.75*150% is equal to Rs40.12 million.
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING TOTAL OF POLICY HOLDERS FUND AND SUMASSURED FOR THE YEAR..
PARTICULARS AMOUNT (IN MILLIONS)
RESERVE FOR CONVENTIONAL PRODUCTS 200
POLICY HOLDERS UNIT FUND WITH SOME 50GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY 500GURENTEE
TOTAL AMOUNT OF POLICY HOLDERS 750FUND SUMASSURED WRITTEN BY THE COMPANY 5000
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING CALCULATION OF SOLVENCY MARGIN FOR THE YEAR........
PERTICULERS AMOUNT PERCENTAGE %AMOUNT
(MILLIONS) (MILLIONS)
RESERVE FOR CONVENTIONAL 200 4% 8.00PRODUCTS
POLICY HOLDERS UNIT FUND 50 2% 1.00WITH SOME GUARANTEE
POLICY HOLDERS UNIT FUND 500 1% 5.00WITHOUT ANY GURENTEE
TOTAL AMOUNT OF POLICY 750 14.00HOLDERS FUND
(SUMASSURED WRITTEN BY 4250 0.3% 12.75 THE COMPANY – TOTAL AMOUNT OF POLICY HOLDERS FUND)
TOTAL 26.75
CALCULATION OF SOLVANCY MARGEN OF THE COMPANY ACCORDING TO THE IRDA SPECIFICATIONS FOR THE YEAR= ABOVE TOTAL*150%
= 26.75 * 150%
= 40.12 MILLION RS
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Study of Solvency Margin in ICICI Prudential life insurance
Calculation of solvency margine for the past 5 years of the ICICI
prudential life insurance company.
CHART SHOWING TOTAL OF POLICY HOLDERS FUND AND SUMASSURED FOR THE YEAR 2005
PARTICULARS AMOUNT(in 000,s)
RESERVE FOR CONVENTIONAL PRODUCTS 8252789.00
POLICY HOLDERS UNIT FUND WITH SOME 2674799.20GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY 24073192.80GURENTEE
TOTAL AMOUNT OF POLICY HOLDERSFUND 35000781.00 SUMASSURED WRITTEN BY THE COMPANY 350007810.00
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING CALCULATION OF SOLVENCY MARGIN FOR THE YEAR 2005
PERTICULERS AMOUNT PERCENTAGE % AMOUNT
(IN 000’S) (IN 000’S)
RESERVE FOR CONVENTIONAL 8252789.00 4% 33011.5600PRODUCTS
POLICY HOLDERS UNIT FUND 2674799.20 2% 53495.9840WITH SOME GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY GURENTEE 24073192.80 1% 240731.9280
TOTAL AMOUNT OF POLICY 327239.5600HOLDERS FUND
(SUMASSURED WRITTEN BY THE COMPANY – TOTAL 315007029.oo 0.3% 945021.8070
AMOUNT OF POLICY HOLDERS FUND)
TOTAL 1569360.5590
CALCULATION OF SOLVANCY MARGEN OF THE COMPANY ACCORDING TO THE IRDA SPECIFICATIONS FOR THE YEAR= ABOVE TOTAL*150%
= 1569360.559 * 150%
= 2354040.8385
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING TOTAL OF POLICY HOLDERS FUND AND SUMASSURED FOR THE YEAR 2006
PARTICULARS AMOUNT(in 000,s)
RESERVE FOR CONVENTIONAL PRODUCTS 11567031.OO
POLICY HOLDERS UNIT FUND WITH SOME 7203515.OO GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY 64831635.OOGURENTEE
TOTAL AMOUNT OF POLICY HOLDERS FUND 83602181.OO SUMASSURED WRITTEN BY THE COMPANY 836021810.00
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING CALCULATION OF SOLVENCY MARGIN FOR THE YEAR 2006
PERTICULERS AMOUNT PERCENTAGE % AMOUNT (IN 000’S) (IN 000’S)
RESERVE FOR CONVENTIONAL 11567031 4% 462681.2400PRODUCTS
POLICY HOLDERS UNIT FUND 7203513 2% 144070.2600WITH SOME GUARANTEE
POLICY HOLDERS UNIT FUND 64831635 1% 648316.3500WITHOUT ANY GURENTEE
TOTAL AMOUNT OF POLICY HOLDERS FUND 1075067.8500
(SUMASSURED WRITTEN BY 752419629 0.3% 2257258.8870THE COMPANY – TOTAL AMOUNT OF POLICY HOLDERS FUND)
TOTAL 3512326.7370
CALCULATION OF SOLVANCY MARGEN OF THE COMPANY ACCORDING TO THE IRDA SPECIFICATIONS FOR THE YEAR= ABOVE TOTAL*150%
= 3512326.737 * 150%
= 5268410.1055
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING TOTAL OF POLICY HOLDERS FUND AND SUMASSURED FOR THE YEAR 2007
PARTICULARS AMOUNT (in 000’s)
RESERVE FOR CONVENTIONAL PRODUCTS 18044258.00
POLICY HOLDERS UNIT FUND WITH SOME 13388448.60GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY 120496037.40GURENTEE
TOTAL AMOUNT OF POLICY HOLDERS 151928744.00FUND SUMASSURED WRITTEN BY THE COMPANY 1519287440.00
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING CALCULATION OF SOLVENCY MARGIN FOR THE YEAR 2007
PERTICULERS AMOUNT PERCENTAGE % AMOUNT
(IN 000’S) (IN 000’S)
RESERVE FOR CONVENTIONAL 18044258.0 4% 721770.3200PRODUCTS
POLICY HOLDERS UNIT FUND 13388448.6 2% 267768.9720WITH SOME GUARANTEE
POLICY HOLDERS UNIT FUND 120496037.4 1% 1204960.3740WITHOUT ANY GURENTEE
TOTAL AMOUNT OF POLICY 2194499.6660HOLDERS FUND
(SUMASSURED WRITTEN BY THE COMPANY – TOTAL 1367358696.0 0.3% 4102076.0880AMOUNT OF POLICY HOLDERS FUND)
TOTAL 6296575.7540
CALCULATION OF SOLVANCY MARGEN OF THE COMPANY ACCORDING TO THE IRDA SPECIFICATIONS FOR THE YEAR= ABOVE TOTAL*150%
= 6296575.754 * 150%
= 9444863.631
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING TOTAL OF POLICY HOLDERS FUND AND SUMASSURED FOR THE YEAR 2008
PARTICULARS AMOUNT (in 000’s)
RESERVE FOR CONVENTIONAL PRODUCTS 24831049.00
POLICY HOLDERS UNIT FUND WITH SOME 25075304.00GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY 225677736.00GURENTEE
TOTAL AMOUNT OF POLICY HOLDERS 275584089.00FUND SUMASSURED WRITTEN BY THE COMPANY 2755840890.00
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING CALCULATION OF SOLVENCY MARGIN FOR THE YEAR 2008
PERTICULERS AMOUNT PERCENTAGE % AMOUNT (IN 000’S) (IN 000’S)
RESERVE FOR CONVENTIONAL 24831049 4% 993241.9600PRODUCTS
POLICY HOLDERS UNIT FUND 25075304 2% 501506.0800 WITH SOME GUARANTEE
POLICY HOLDERS UNIT FUND 225677736 1% 2256777.3600WITHOUT ANY GURENTEE
TOTAL AMOUNT OF POLICY 3300175.4000
(SUMASSURED WRITTEN BY 2480256801 0.3% 7440770.4030THE COMPANY – TOTAL AMOUNT OF POLICY HOLDERS FUND)
TOTAL 11192295.8030
CALCULATION OF SOLVANCY MARGEN OF THE COMPANY ACCORDING TO THE IRDA SPECIFICATIONS FOR THE YEAR= ABOVE TOTAL*150%
= 11192295.803 * 150%
= 16788443.7045
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING TOTAL OF POLICY HOLDERS FUND AND SUMASSURED FOR THE YEAR 2009
PARTICULARS AMOUNT (IN 000’S)
RESERVE FOR CONVENTIONAL PRODUCTS 31569812.00
POLICY HOLDERS UNIT FUND WITH SOME 286668999.70GUARANTEE
POLICY HOLDERS UNIT FUND WITHOUT ANY 258002097.30GURENTEE
TOTAL AMOUNT OF POLICY HOLDERS 318238809.00FUND SUMASSURED WRITTEN BY THE COMPANY 3182388090.00
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Study of Solvency Margin in ICICI Prudential life insurance
CHART SHOWING CALCULATION OF SOLVENCY MARGIN FOR THE YEAR 2009
PERTICULERS AMOUNT PERCENTAGE % AMOUNT
(IN 000’S) (IN 000’S)
RESERVE FOR CONVENTIONAL 31569812.00 4% 1262792.4800PRODUCTS
POLICY HOLDERS UNIT FUND 28666899.70 2% 573337.9940WITH SOME GUARANTEE
POLICY HOLDERS UNIT FUND 258002097.30 1% 2580020.9730
WITHOUT ANY GURENTEE
TOTAL AMOUNT OF POLICY 28666899.70 HOLDERS FUND 4416151.4470
(SUMASSURED WRITTEN BY 2864149281.00 0.3% 8592447.8430 THE COMPANY – TOTAL AMOUNT OF POLICY HOLDERS FUND)
TOTAL 13008599.2900
CALCULATION OF SOLVANCY MARGEN OF THE COMPANY ACCORDING TO THE IRDA SPECIFICATIONS FOR THE YEAR= ABOVE TOTAL*150%
= 13008599.29 * 150%= 19512898.935
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Study of Solvency Margin in ICICI Prudential life insurance
Limitations of the solvency margin
Solvency margin is very internal for any insurance company.
It is not fixed for the specific period it becomes bit difficult to calculate on regular
basis because it is the work of higher authorities if the company.
It becomes a very heavy amount to those companies who have just entered the
industry.
Even though it is one of the major reserve that the company keeps it cannot be
published in the final reports of the insurance company.
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Study of Solvency Margin in ICICI Prudential life insurance
Findings
Solvency margin helps the company in case of any adverse claim situations.
Solvency margin gives the confidence to investors to invest in the company
Solvency margin is one of the major sources of fund for the government.
As on 31st march 2005 ICICI Prudential Company has Rs2354040838.50 as the
solvency margin. As on 31st march 2006 ICICI Prudential company has
Rs5268490105.50 as the solvency margin As on 31st march 2007 ICICI Prudential
company has Rs9444863631.00 as the solvency margin As on 31st march 2008
ICICI Prudential company has Rs16788443704.50 as the solvency margin As on
31st march 2009 ICICI Prudential Company has Rs19512898935.50 as the
solvency margin which shows the financial strength and back up for the company.
Solvency margin of ICICI Prudential is increasing in the rate of its growth in
business.
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Study of Solvency Margin in ICICI Prudential life insurance
Suggestions:
It can be suggested that “the persons in the organizations can be made aware of
the solvency margin. by conducting the training sessions for both the employees
and advisors” It gives them more confidence to sell the insurance products.
IRDA can increase the minimum limits of the solvency margin. Even though the
company feels it bit difficult in the initial stage in the long run the company will
be benefited.
IRDA can take the steps to publish the accounts for solvency margin along with
the annual reports. It reveals the transferences of the company..
IRDA can mention solvency margin as one of the topic for the study in case of pre
license IRDA compulsory training.
IRDA can also simplify the investment norms so that the money can be better
utilized and income from the solvency margin amount can be increased
(Rs1951289893.50 is not the small amount).
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Study of Solvency Margin in ICICI Prudential life insurance
Conclusion:
Every study and project needs to be concluded. Hence, the study conducted in ICICI
Prudential helped me to know some thing about its product, working environment of the
company, rules and regulations to be followed in the company, how to handle the work
pressure. I got the maximum exposure because personally I met the customer and I have
also sold some of the insurance products this gave us the confidence to how to work and
helped us to apply the theoretical knowledge to the practical job, because practical
exposure differs significantly From text book knowledge.
ICICI Prudential is performing fantastically well in the Indian insurance industry
and is the No. 1 private player among the 19 other private life insurance players.
Topic: solvency margin is one of the important terminologies in the insurance sector.
Every insurance company has to maintain the solvency margin according to the
guidelines issued by the IRDA. Solvency is beneficial to IRDA because it reduces the
burden, helpful for the company because it helps the company to manage the adverse the
claim situation, and also helps the customers because it gives them the since of security
for their investments.
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Study of Solvency Margin in ICICI Prudential life insurance
Bibliography:
Books:
Marketing research by A Parashuraman, Dhurv Grewal, R Krishnan.
IRDA Pre-licencing training exam book(IRDA syllabus).
ICICI Prudetial product training materials.
Magazines:
Insurance word
Web sites:
www.iciciprulife.com
www.iciciprupartner.com
www.irdaindia.org
icici prudential intranet.
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Annexture:
Five years balance sheet of ICICI Prudential life insurance.
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