FY09 accumulated losses of life insurance ind at Rs 15K cr

The life insurance industry has accumulated losses amounting to over 15,000 crore in FY09. The accumulated losses of the private life insurance industry have risen by 30% in FY09, reports CNBC-TV18's Avni Raja.

Here is a verbatim transcript of Avni Raja's comments on CNBC-TV18. Also watch the accompanying video.

Avni Raja, CNBC-TV18: The accumulated losses of the private life insurance industry have risen by 30% in FY09. The top seven private insurers accounted for is 75% of these accumulated losses and these seven companies include ICICI Prudential, HDFC Standard Life, Birla Sun Life, Max New York Life, Reliance Life Insurance, Bajaj Allianz and Kotak Life Insurance. The accumulated losses of these companies have increased by 61% in FY09, that's a jump from about 7,300 crore to Rs 11,818 crore.

Lets look at individual companies losses, the largest private insurance provider ICICI Prudential's accumulated losses stand at about Rs 3,776 crore which is a rise of Rs 780 crore in FY09.

HDFC Standard Life's losses stand at about Rs 1,191crore, Birla Sun Life's losses stand at Rs 1,500 crore, Max New Your Life is at Rs 1,000 crore and Reliance Life Insurance is at over Rs 2,100 crore.

The only two companies that registered a profit in FY09 were Bajaj Allianz and Kotak Life Insurance with Bajaj Allianz recorded a Rs 45 crore profit and Kotak Life Insurance with a marginal profit of Rs 14.1 crore and their accumulated losses have reduced accordingly.