Premium Income of Indian Life Insurance Industry

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1 Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance marke in India underwen major srucural changes in recen years. Beween end-march 2 and end-march 25, he number of life insurance companies operaing in India has increased from 1 o 15. As on March 31, 25, he privae secor life insurers enjoyed nearly 1% of he premium income and nearly 25% of he new business. In view of he changing scenario of compeiion in he life insurance secor, he paper compares 13 life insurance companies for he financial years 22-3, 23-4 and 24-5 in respec of echnical efficiency and changes in oal facor produciviy. For he purpose of compuaion of echnical efficiency and oal facor produciviy, he ne premium income of he observed life insurance companies has been aken as he oupu, and equiy capial and he number of agens of insurance indusries have been aken as he inpus. The resuls sugges ha all he life insurers exhibi posiive oal facor produciviy growh during he period. Inroducion Indian life insurance indusry underwen major srucural changes during he second phase of financial secor reform. Prior o his, he governmen had a monopoly conrol over he insurance indusry. Obviously, his faciliaed preempion of scare financial resources for meeing governmen budgeary needs. The absence of compeiion, however, resuled in low peneraion of life insurance in he Indian households. The scenario changed in he curren millennium following he inroducion of compeiion in life insurance indusry on he basis of he recommendaion of he R N Malhora Commiee on Insurance Deregulaion (1994). In he end of 1999, he IRDA bill was passed in he parliamen, which allowed he enry of privae secor companies in he insurance business and led o he formaion of Insurance Regulaory and Developmen Auhoriy (IRDA). In view of he changed compeiion scenario in he life insurance indusry, his paper aemps o assess oal facor produciviy growh in he indusry for he period 23-5 using Malmquis Toal Facor Produciviy Index. The paper provides an overview * Assisan Professor and Head, Deparmen of Economics, Acharjya Brajendra Nah Seal (Governmen) College, Coochbehar, Kolkaa, Wes Bengal. bundle 27 IUP. All Righs Reserved. Premium Income of Indian Life Insurance Indusry: A Toal Facor Produciviy Approach 61

2 of he growh of he life insurance indusry during he reform period; presens he mehodological issues relaing o measuremen of echnical efficiency and change in oal facor produciviy; describes he resuls obained from he sudy; and finally, analyzes he resuls. Growh of Life Insurance Business in he Reform Phase Afer he opening up of he insurance secor for he privae secor in end-1999, four privae life insurance companies Birla Sunlife Insurance Company, ICICI Prudenial Life Insurance Company, Max New York Life Insurance Company, and HDFC Sandard Life Insurance Company Ld. commenced heir operaions in 2-1. By 24-5, he oal number of life insurance companies increased o 14. During 22-3 o 24-5, he life insurance companies sold a oal of 8,28,788 policies. Ou of hese, LIC sold 75,491,722 policies (94% of he oal). The remaining 6% wen o he privae life insurers. In 24-5, he life insurance companies sold a oal of 26,211,198 new policies. Of his, LIC sold 23,978,123 policies (marke share 91.48%), while he privae secor life insurers sold 2,233,75 new policies (marke share of 8.52%). Table 1 provides he deails. Table 1: Number of New Policies Sold by Life Insurance Companies (22-3 o 24-5) (Rs. in Cr) LIC 24,545,58 26,968,69 23,978,123 Privae s 825,94 1,658,847 2,233,75 Toal 25,37,674 28,626,916 26,211,198 Source: IRDA Annual Repors. Table 2: Firs Premium Income (Including Single Premium) of he Life Insurance Companies (22-3 o 24-5) (Rs. in Cr) LIC 15,977 17,347 2,653 Privae s 986 2,441 5,565 Toal 16,963 19,788 26,218 Source: IRDA Annual Repors. Table 3: Renewal Premium Income of The Life Insurance Companies (22-3 o 24-5) (Rs. in Cr) LIC 38,652 46,186 54,474 Privae s Toal 38,85 46,866 56,637 Source: IRDA Annual Repors. During he same period (22-3 o 24-5), he oal premium income of he life insurance secor grew from Rs. 55,768 Cr o Rs. 82,855 Cr i.e., a growh of 49% firs premium income (including single premium) grew by 55%, while renewal premium income grew by 46%. As on March 31, 25, LIC enjoyed 9.67% marke share of he oal premium income. Tables 2 and 3 conain he deails. Produciviy and Technical Efficiency of Life Insurance Companies Sinha (24) made a survey of he life insurance secor deregulaion in India and made an early survey of he changing compeiion scenario in he secor and he emerging regulaory and supervisory issues relaing o he secor. 62 The IUP Journal of Financial Economics, Vol. V, No. 1, 27

3 Sinha (26) compared he operaing efficiency of 13 life insurance companies for he financial year 24-5 using Daa Envelopmen Analysis (DEA). For his, he operaing income and he ne premium income of he observed life insurance companies have been aken as he oupu, and number of agens employed by he companies and equiy capial as he inpus. The comparison of efficiency scores of he life insurance companies wih he same of LIC show ha he privae insurance companies are sill way behind LIC. However, he difference is less sharp in erms of ne premium generaion he mean efficiency score of he privae life insurance companies is only 36%, if we ake operaing income as he oupu indicaor, which increases o 54%, if we ake ne premium income as he oupu indicaor. In erms of ne premium income no only LIC bu SBI Life also has a echnical efficiency score of one i.e., hese wo companies are declared echnically efficien (given he inpus uilized, hey produce he maximum observable oupu). All oher firms have echnical efficiency score less han one. In erms of operaing income, no life insurance company excep LIC was found o be echnically efficien. Sinha (26) consruced sochasic producion fronier for he Indian life insurance indusry for 23-5 using a Cobb-Douglas Producion Funcion. For he purpose of consrucion of producion fronier, he paper follows he approach aken by Baese and Coelli (1992) and adops he parameerizaion process of Baese and Corra (1977). The resuls obained from he sudy shows ha during he period, here has been a secular improvemen in he efficiency score of he life insurance companies. Furher, he privae secor life insurance companies improved heir performance. On an average, he mean echnical efficiency score of he privae secor companies has been 35% of ha of LIC. Furher, from he error componens fronier, i is observed ha he oupu (ne premium of he life insurance companies) is negaively relaed o he equiy holding of he relaive companies. I may be due o he fac ha he equiy holding decision in he presen circumsances is more a regulaory requiremen han anyhing else. The Mehodological Issues In he sudy, we are concerned abou produciviy and efficiency of life insurance companies. Produciviy refers o he oupu produced per uni of inpu. Measuremen of efficiency, on he oher hand, involves a comparison of acual oupu/inpu o opimal oupu/inpu. Technical and of Producive Organizaions: A Formal Presenaion The producion possibiliy se of a producive organizaion can be represened by wo alernaives, bu equivalen ways in erms of he inpu and oupu se. For any oupu bundle q, he inpu requiremen se is V(q ) {x : (x,q ) Ps}, where Ps is producion possibiliy se. Similarly for any inpu bundle x, he producible oupu se is P (x ) {y :(x,q) Ps} Premium Income of Indian Life Insurance Indusry: A Toal Facor Produciviy Approach 63

4 A firm can be an oupu maximizer or a cos minimizer. In he oupu maximizaion approach, he firm is believed o maximize oupu given he inpu bundle. The efficacy of he firm in doing so is measured in erms of echnical efficiency. I refers o he abiliy of a producive uni o reduce all variable inpus o produce a given level of oupu or o expand all variable oupus for given levels of inpus. In our case, = q /Ps(x ) = Acual Oupu/Bes Pracice Oupu Following he Banker e al. (1984) orienaion (under he assumpion of variable reurns o scale), he problem for he firm is: Max S.. q λ Y j 1 j If, however, he firm is assumed o enjoy consan reurns o scale, hen he condiion λ j 1 is excluded. Scale efficiency is he raio of Consan Reurn o Scale /Variable Reurns o Scale, which is he indicaor of he local reurns o scale enjoyed by he firm (a he poin of he observaion). If scale efficiency is less han one, he respecive firm exhibis VRS (increasing/decreasing). If he raio is equal o one, he firm exhibis CRS. Concep of Produciviy This paper also ries o measure produciviy change in he observed public and privae secor commercial banks aking off balance shee exposure as he oupu. For his, oupu based Malmquis Toal Facor Produciviy (TFP) Index has been used. The Malmquis produciviy index was inroduced by Caves e al., (1982). I is a normaive produciviy measure, which consrucs a producion fronier represening he echnology and makes use of he corresponding disance funcions evaluaed a differen inpu oupu combinaions for he purpose of comparison of produciviy. Following Fare e al., (1994), he Malmquis TFP Index is defined as: M 1, 1, Y, ) [d 1, 1 )x d 1 1, 1 )/d, )xd 1, )] This represens he produciviy of he producion poin ) 1, 1 compared o he poin ( Y, ). If M Y ) 1 1, 1,,, i implies a posiive oal facor produciviy growh during he period. 64 The IUP Journal of Financial Economics, Vol. V, No. 1, 27

5 Decomposiion of Produciviy The produciviy change is now decomposed ino echnical change and echnical efficiency change. In case of VRS, he echnical efficiency can be furher decomposed ino pure echnical efficiency and scale efficiency. Thus, we have he following relaionships: For CRS: Toal Facor Produciviy = Technical x For VRS: Toal Facor Produciviy = Technical x Pure x in For a deailed sudy of he concep of TFP Malmquis approach, one may also refer o Diewer (1992), Førsund (1997), Coelli e al., (1998) and Ray (24). Resuls from he Sudy This sudy esimaes he change in TFP (wih decomposiion) of 13 life insurance companies for 22-3, 23-4 and 24-5, using he Malmquis Toal Facor Produciviy Index. Sahara Life is no considered in he paper, as i did no have operaion for all he hree years under consideraion. For measuremen of TFP and echnical efficiency, specificaion of oupu and inpus is essenial. In his case, he ne premium income (afer making adjusmen for reinsurance premium paid) of he observed life insurance companies is considered as he oupu. The number of agens employed by he companies and equiy capial has been considered as he inpus for he sudy. The daa has been obained from he IRDA websie. The company-wise echnical (boh CRS and VRS) and scale efficiency scores are presened in Tables 4, 5 and 6. Table 7 shows he change in oal facor produciviy. Tables 8 o 11 presen he mean efficiency and produciviy change scores across ownership caegories. Table 4 presens he insurer-wise echnical (under boh CRS and VRS) and scale efficiency scores for he year Under CRS, only LIC is found o be efficien, while under VRS, wo more insurers (Me Life and SBI Life) are found o be efficien. Exceping LIC, all oher insurers enjoyed increasing reurns o scale. Table 5 discusses he insurer-wise echnical (under boh CRS and VRS) and scale efficiency scores for Under CRS, only LIC is found o be efficien, while under VRS, hree more insurers (Aviva, Me Life and OM Koak) are found o be efficien. Exceping LIC, all oher insurers enjoyed increasing reurns o scale. Table 6 analyzes he insurer-wise echnical (under boh CRS and VRS) and scale efficiency scores for Under CRS, LIC and SBI Life are found o be efficien, while under VRS, hree more insurers (AMP Sanmar, Me Life and OM Koak) are found o be efficien. Exceping LIC, all oher insurers enjoyed increasing reurns o scale. Table 7 shows he insurer-wise mean produciviy change scores for he observed years. The change in oal facor produciviy under CRS can be decomposed ino change in echnical efficiency and echnical change. The change in echnical efficiency under CRS is he produc of he change in echnical efficiency under VRS and scale efficiency. Premium Income of Indian Life Insurance Indusry: A Toal Facor Produciviy Approach 65

6 Table 4: -wise Efficiency Score of 22-3 (Oupu Ne Premium Income) Toal Efficiency Toal Efficiency Scale Efficiency Reurns o Scale LIC Consan Birla Sunlife Increasing ICICI Pru Increasing HDFC Sandard Life Increasing ING Vysya Increasing Max New York Life Increasing AMP Sanmar Increasing Bajaj Allianz Increasing Aviva Increasing Me Life Increasing TATA AIG Increasing SBI Life Increasing OM Koak Increasing Table 5: -wise Efficiency Score of 23-4 (Oupu Ne Premium Income) Toal Efficiency Toal Efficiency Scale Efficiency Reurns o Scale LIC Consan Birla Sunlife Increasing ICICI Pru Increasing HDFC Sandard Life Increasing ING Vysya Increasing Max New York Life Increasing AMP Sanmar Increasing Bajaj Allianz Increasing Aviva Increasing Me Life Increasing TATA AIG Increasing SBI Life Increasing OM Koak Increasing Table 8 compares he mean echnical and scale efficiency of LIC and he privae insurers for Table 9 compares he mean echnical and scale efficiency of LIC and he privae insurers for Table 1 compares he mean echnical and scale efficiency of LIC and he privae insurers for 24-5 and Table 11 compares he mean produciviy change scores of LIC and he privae insurers for he period 22-3 o The IUP Journal of Financial Economics, Vol. V, No. 1, 27

7 Table 6: -wise Efficiency Score of 24-5 (Oupu Ne Premium Income) Toal Efficiency Toal Efficiency Scale Efficiency Reurns o Scale LIC Consan Birla Sunlife Consan ICICI Pru Consan HDFC Sandard Life Increasing ING Vysya Decreasing Max New York Life Decreasing AMP Sanmar Increasing Bajaj Allianz Increasing Aviva Increasing Me Life Increasing TATA AIG Increasing SBI Life Consan OM Koak Increasing Table 7: -wise Produciviy Scores (Mean of he Observed Years) Toal Efficiency Technical Toal Efficiency Scale Efficiency Toal Facor Produciviy LIC Birla Sunlife ICICI Pru HDFC Sandard Life ING Vysya Max New York Life AMP Sanmar Bajaj Allianz Aviva Me Life TATA AIG SBI Life OM Koak Analysis of Resuls Comparison of echnical efficiency scores of he life insurance companies show ha he privae insurance companies are sill way behind he Life Insurance Corporaion (LIC). Since under he assumpion of CRS, he inefficien firms are penalized more in erms of disance from he bes pracice fronier he mean echnical efficiency score of he life insurers under Premium Income of Indian Life Insurance Indusry: A Toal Facor Produciviy Approach 67

8 Table 8: Technical and Score by Ownership Caegory 22-3 (Oupu Ne Premium Income) Pariculars LIC Privae Life Insurance Companies (Mean) Overall Mean Table 9: Technical and Score by Ownership Caegory 23-4 (Oupu Ne Premium Income) Pariculars LIC Privae Life Insurance Companies (Mean) Overall Mean Table 1: Technical and Score by Ownership Caegory 24-5 (Oupu-Ne Premium Income) Pariculars LIC Privae Life Insurance Companies (Mean) Overall Mean Table 11: Mean Produciviy Scores of he Observed Life s (By Ownership Caegory) (22-3 o 24-5) Caegory CRS Technical VRS Toal Facor Produciviy LIC Privae Toal CRS is much lower han under VRS. For all he observed years, LIC and SBI Life have a echnical efficiency score of one. All oher life insurance firms are echnically inefficien (echnical efficiency score of less han one). For 22-3 and 23-4, exceping LIC, all oher insures exhibied increasing reurns o scale. For 24-5, ING Vysya and Max New York Life exhibied decreasing reurns o scale. 68 The IUP Journal of Financial Economics, Vol. V, No. 1, 27

9 Tables 7 and 11 provide he insurer and ownership caegory-wise oal facor produciviy change scores. All he life insurers exhibied posiive oal facor produciviy growh. Obviously, he oal facor produciviy growh rae of he privae life insurers is much higher han LIC. Among he privae life insurers, OM Koak Life exhibied highes oal facor produciviy growh rae followed by Aviva Life insurance. Reference # 42J Reference 1. Banker R A Charnes and Cooper W W (1984), Some Models for Esimaing Technical and ", Managemen Science, Vol. 3, pp Baese G E and Coelli T J (1992), Fronier Producion Funcions, and Panel Daa: Wih Applicaion o Paddy Farmers in India", Journal of Produciviy Analysis, Vol. 3, pp Baese G E and Corra G S (1977), Producion Fronier Model: Wih Applicaion o he Pasoral Zone of Easern Ausalia, Ausralian Journal of Agriculural Economics, Vol. 21, pp Caves D W, Chrisensen L R and Diewer E (1982), The Economic Theory of Index Numbers of The Measuremen of Inpu, Oupu and Produciviy, Economerica, Vol. 5, No. 6, pp Coelli T, Rao D S P and Baese G (1998), An Inroducion o Efficiency and Produciviy Analysis, Boson, Kluwer Academic Publishers. 6. Diewer W E (1992), The Measuremen Produciviy, Bullein of Economic Research, Vol. 44, pp Fare R S (1994), Produciviy Growh, Technical Progress and Efficiency s in Indusrialised Counries, American Economic Review, Vol. 84, pp Førsund F R (1997), The Malmquis Produciviy Index, TFP and Scale, 5 h European Workshop on Produciviy and Efficiency Analysis, Copenhagen, Denmark. 9. IRDA, Annual Repors, 22-3,23-4 and 24-5, 1. Ray S C (24), Daa Envelopmen Analysis: Theory and Techniques for Economics and Operaions Research, Cambridge Universiy Press. 11. Sinha R P (24), The Life Insurance Secor in India, Arha Beekshan, Vol. 13, No Sinha R P (26), Operaing Efficiency of Life Insurance Companies: A Daa Envelopmen Approach, The IUP Journal of Risk and Insurance, IUP Hyderabad. 13. Sinha R P (26), Premium Income of Indian Life Insurance Indusry A Sochasic Fronier Approach, mimeo. Premium Income of Indian Life Insurance Indusry: A Toal Facor Produciviy Approach 69

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