Mehul Dani: What is the total income from third-party insurance product sale in 2019-20? What is the number of life, general and health insurance policies sold by the bank?
Shiv Bajrang Singh: Third-party insurance sector has always been a lucrative segment for banks. It not only ensures appropriate hedging of risks by insuring the assets but also contributes to the income through commission. The products are modeled based on the needs of the customers as well as the banks. The premium income of our bank has decreased to `274.14 million in 2019-20, from `359.34 million in the previous year. Also, our income through commission too came down to `44.24 million in the last FY from `53.84 million in the previous year.
The infographic shows that premium as well commissions during 2019-20 has plunged 23.71% and 17.82% respectively compared to the previous year. The insurance business is more pronounced normally during the months of February and March, but this year, this has been adversely impacted by unseasonal rains and hailstorms in February and COVID outbreak in March 2020, leading to negative growth in life and health insurance business.
How is the bank pushing insurance sales?
Denne historien er fra July 2020-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra July 2020-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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