DFS Secretary Reviews Performance of Public Sector Insurance Companies

Department of Financial Services Secretary Shri M. Nagaraju reviews FY25–FY26 performance of Public Sector Insurance Companies, urging focus on profitability, digitalisation, innovative products and faster claims, while appreciating progress by Life Insurance Corporation of India and Agriculture Insurance Company of India Ltd.

NEW DELHI:The Secretary DFS, Shri M. Nagaraju on 13.01.2026 has chaired a meeting 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 Public Sector Insurance Companies includes 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).

The Secretary during the meeting emphasized that PSICs should focus on increasing profitable business and strategies to reduce loss ratios, along with market share maintenance and consistently strengthening their retail portfolios. Further he added that there is need for developing new and innovative customized products to meet the requirements of the younger generation and to provide coverage for emerging risks.

It was also emphasized to adopt technology and move towards full digitalisation, with the objective of achieving 100% 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.