Conducting Financial Analysis of the Indian Reinsurer-GIC Re.
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Dr. SumninderKaurBawa Associate Professor University Business School Guru Nanak Dev University Email id:skbawa_gndu@yahoo.com Mobile No: 9855808866 |
NehaVerma Research Fellow University Business School Guru Nanak Dev University Email id: nehaverma786786@gmail.com Mobile No: 9915255540 |
Reinsurance is among the most important risk and capital management tools in the hands of the insurers. It is a means of insuring insurance companies.Insurance companies transfer the risk that they cannot handle to the reinsurance companies.IRDA stipulates that every insurance company must have an appropriate reinsurance programme in order to keep its solvency intact. The growing Indian market has realized that reinsurance is not merely a risk reduction strategy but it is a partner of insurance sector that helps it to face heavy unfortunate risks. In a country like India where insurance penetration needs to be increased, support of reinsurers would be highly required for the same. General Insurance Corporation of India (GIC-Re) is the only public company in India at present that is solely into reinsurance business and was the only reinsurer of India till 2016. Other primary insurers also offer reinsurance but GIC Re bags the credit of being the most dominant reinsurer in the Indian market and there is no other Indian company besides GIC Re that is working as an exclusive reinsurer. Undoubtedly the company is a lifeline for various insurance companies operating in India. Since a reinsurance company holds special importance for primary insurers, any financial failure on the part of the former can affect the profitability and solvency of the latter. Considering the importance of reinsurance, and the dependence of insurers upon reinsurers for the part of risks transferred to them, the need is felt to evaluate the financial performance of the only Indian reinsurance company i.e. GIC Re.Through the article an endeavor is made to analyze the financial performance of the company for a period of ten years from 2004-2005 to 2013-2014 using CARAMELS Model. Different parameters namely Capital Adequacy, Asset Quality, Reinsurance and Actuarial Issues, Management Soundness, Earnings & Profitability, Liquidity and Sensitivity to Market Risk are appraised and it is found that Earning and Profitability of the company needs to be honed. Improvement in the Liquidity of the company would also be welcomed. This study would not only help various interest groups but would add to the domain of financial performance of reinsurance companies which has been relatively a less researched area in contrast to the financial performance of insurance and banking companies.
Keywords: GIC Re, Reinsurance, Financial Performance, CARAMELS Model
Reinsurance is insurance of insurance companies. It is as important for an insurance company as is the sound underwriting policy and well managed investments. We cannot dream of a developing insurance sector without the presence of reinsurance. The horror created by natural disasters and the unmerciful terror attacks has propelled the need of reinsurance for the insurance sector. The widening of umbrella of risks for insurers has put questions on their capacity, thereby increasing their dependency on reinsurers. The ever increasing financial conglomerates and the increasing interconnectivity among the various financial segments of the financial sector have given an upward swing to the importance of reinsurance.
GIC Re is the face of Indian reinsurance business, being the only public company in India that indulges in reinsurance exclusively.
With a market of around Rs. 100000 Million in India, reinsurance industry is increasing at a rate of 10 percent annually. Approximately 65 per cent of the market share is captured by GIC Re which speaks volumes about the kingly status of the company in the domain of reinsurance.[i]
It is receiving both voluntary and compulsory cession from the primary insurers in India. Subject to certain limits, GIC Re has the right to obtain statutory cession of minimum 5 per cent on general insurance policies w.e.f. 1 April 2016. The underlying motive of the company is to make the Indian insurance industry powerful enough to retain maximum business with itself.
Being the only Indian reinsurance company, GIC Re’s financial strength is of utmost importance not only for the company itself but its various stakeholders. A company that is fragile financially cannot serve the entities that depend upon it. If Indian insurers happen to get themselves reinsured from the foreign reinsurers, then the results might be unfavourable for the country as it would drain a lot of foreign exchange from India. They will stick to GIC Re only if it remains healthy.
The indomitable status of GIC Re in the insurance sector of India makes it necessary to evaluate the financial performance of the company.
Financial Performance of banking and insurance companies has been on the priority list of researchers but reinsurance companies have been relatively less researched.Even from the macroeconomic context it becomes imperative to evaluate the financial performance of the sole domestic reinsurer of the country. Failure of any financial institution and especially institutions as strong as GIC Re can dismantle the financial system of a country.
Simpson &Damaoh (2009) through a conceptual paperattempted to evaluate the financial soundness ofnon-life insurance companies of Ghana. Comparison was made between the various evaluation tools being used and it was found that CARAMELS Model was the most comprehensive of all, keeping in consideration the unparalleled format of the insurance companies. Darzi, T.A. (2011) in his doctoral dissertation evaluated and compared the financial performance of public and private insurers in India post liberalization using CARAMELS Model from 2004-05 to 2008-09. It was observed that public sector companies showed satisfactory capital adequacy, asset quality, retention, management soundness and liquidity while they needed to improve their earning and profitability. On the other hand private companies with satisfactory capital adequacy, asset quality and retention needed to hone their management soundness, earning and profitability and liquidity position.DraganaIkonic, et.al (2011) analysed the performance of insurance companies in Serbia by applying the CARAMEL method and found that level of capital was the significant determinant of profitability.Sinha (2013) analyzed the financial health of two life insurers Bajaj Allianz and ICICI Prudential from 2004-05 to 2009-10 using CARAMELS Parameters. Areas of Capital Adequacy, Liquidity & Operating Expenses needed improvement for both the companies. Ghimire& Kumar (2014) tested the financial performance and soundness of the Life insurance companies of Nepal using CARAMELS Parameters from 2007-08 to 2011-2012. It was found that capital adequacy, asset quality, retention, management soundness and liquidity were improving however earning and profitability needed improvement.Ansari and Fola (2014) made an attempt to evaluate the financial soundness and performance of life insurance companies in India. The study compared life insurers in the public and private sector. Seven registered life insurers from 2008-09 to 2012-13 constituted the sample of the study. CARAMEL Model was applied. Statistical tests found significant difference between the performance of public and private life insurers. It was found that overall the companies were financially sound. However LIC was found to have inadequate reinsurance and capital position when compared with the private insurers. Kumari and Dorthy (2014) evaluated the performance of Bancassurance in India by conductingan in-depth study of SBI Life Insurance Company from 2001-02 to 2010-11. CARAMEL Model was applied and it was found that capital, retention and management soundness of the company were satisfactory, however quality of assets,earning and profitability and liquidity of the company needed improvement.
The objective of the study is to appraise the financial performance of GIC Re- the sole domestic public reinsurer of India, using CARAMELS Model.
FSI’s is an acronym for Financial Soundness Indicators. These indictors unveil the current financial health and soundness of the financial institutions of a country (World Bank, IMF, 2005). These indicators can be put to use by the individual institution as well as the whole industry of which the institution is a part.
CARAMELS Model has been used to evaluate the financial strength of GIC Re. This model is recommended in the Handbook of Financial Sector Assessment by World Bank and IMF to evaluate the financial performance of the insurance companies. This model can be used for reinsurance companies as well. The Model has been extensively used to assess the financial performance of the insurance companies. This method is homologous to CAMEL framework for banking sector. It was developed considering Insurance Core Principles (IAIS, 2000). The model is capable of giving myriad amount of information using limited ratios.
It is relatively complex to evaluate the financial performance of the insurance companies owing to their unique format. But this model helps to overcome this problem. When compared to other models, CARAMELS model was found to be more comprehensive as it included two important dimensions namely management soundness and reinsurance and actuarial issue.
There has been hardly any study where CARAMELS Parameters have been used to assess the financial performance of the Sole Indian Reinsurer in India.Under CARAMELS model C stands for Capital Adequacy, A for Asset Quality, R for Reinsurance and Actuarial Issues, M for Management Soundness, E for Earnings and Profitability , L for Liquidity of the company and S for Sensitivity to market risk .
DATA COLLECTION: Secondary data have been collected for the purpose of the study using the Annual Reports of GIC Re which are available online.
SAMPLE:The sample of the study comprises of a sole public reinsurer of India i.e. GIC Re for a number of years.
TIME PERIOD:The study covers a period of 10 years that is from 2004-05 to 2013-2014.
For the purpose of analysis of the financial performance of the company CARAMELS Model is used. Proper analysis of different ratios is made. Ratios are expressedas percentages for the purpose of analysis.
Due to unavailability of data some ratios are not calculated.
Capital Adequacy is a key parameter to rate a reinsurance company. Capital is said to be adequate if it surpasses the amount of risks undertaken by the company.
For the purpose of calculating capital adequacy three ratios are used.
It indicates whether the company is capable of entertaining the risk undertaken or not. Underwriting a large volume of risk and that too very volatile could be a threat to the stable capital position of a company.
No standard benchmark has been prescribed by the IRDA for this, but as a rule of thumb a ratio of 100 percent to 200 percent may be considered satisfactory. Rani and Shankar (2014) endorsed this criterion for insurance companies.
Table 1: Net Premium/ Capital
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
108.3 |
88.98 |
108.3 |
124.2 |
95.27 |
96.10 |
105.9 |
163.4 |
142.6 |
120.4 |
(Annual Reports of GIC Re, 2005-2014)
Table 1shows that capital has managed to surpass the business generated in the year ending 2006, 2009 and 2010 where the ratio is less than 100 percent. However the difference between the capital and the net premium is not too large to speak of the less business generated by the company. While contrary to this, capital coverage has been less in comparison to the business generated for other years where ratio is more than 100 percent. This means more risk has been undertaken with the capital held in these years. But the capital has not been low to the level of being a source of concern for the company.
On the whole capital has been adequate in almost all the years.
The second ratio exposes the share of assets invested out of the capital of the company. As a rule of thumb low ratio is better as it signifies the solid asset base of the company. Normally, 10 percent to 20 percent ratio can be considered satisfactory.This criterion has been followed by Rani and Shankar (2014).
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
21.78 |
18.01 |
20.78 |
18.58 |
25.88 |
20.83 |
19.96 |
14.30 |
16.11 |
16.37 |
(Annual Reports of GIC Re, 2005-2014)
Table 2 shows that the ratio has been satisfactory throughout except in 2005, 2009 and 2010 where it was slightly above 20 percent.
Overall, the ratio has been satisfactory and shows that company’s capital has been utilized very well to create a dependable asset base.
It shows the ability of the company to pay its future obligations. As a rule of thumb low ratio is better as it speaks of the sufficient technical reserves held by the company which can be used to pay its policyholders. But it should not be too low to indicate shortage of capital for the company.
Table3: Capital / Technical Reserves
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
56.75 |
50.26 |
57.81 |
57.32 |
63.22 |
66.41 |
59.67 |
32.21 |
37.1 |
40.6 |
(Annual Reports of GIC Re, 2005-2014)
Table 3 shows that the ratio has been within the acceptable limits throughout the period of the study.
All these ratios show that the capital of GIC Re has been adequate throughout the period of the study.
Asset Quality
Capital adequacy cannot serve its purpose fully until and unless quality of assets a company invests in is maintained. Any weak decision in selecting the assets for investments can prove disastrous for the company. Asset Quality assessment helps us to detect the existence of any credit risk related to the assets owned, investments made and the loans given.
Following ratios are calculated to evaluate this dimension.
One must be careful in choosing the shares to be invested as they are highly risky.This ratio unveils the extent to which the reinsurer is exposed to the risk of stock market and economic unsteadiness.
Table 4: Equity/ Total Assets
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
14.42 |
16.23 |
18.67 |
16.31 |
19.84 |
13.85 |
12.17 |
11.61 |
10.85 |
10.46 |
(Annual Reports of GIC Re, 2005-2014)
Table 4shows that a considerable percentage of total assets is invested in equity markets which are subject to market risk. The ratio stands between 10 percent to 20 percent in all the years. This shows that GIC Re is investing a satisfactory amount in the equity shares and at the same time is not overlooking other investment options.
This ratio tells us what extent of loans is non-performing. Non-Performing Loans are the ones that are devoid of interest payment or repayment of the principal by the borrower. As a rule of thumb the lower is the ratio, the better it is.
Table 5: NPLs/ Total Gross Loans
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
6 |
8.2 |
12.9 |
13 |
12 |
12.3 |
12.5 |
2.3 |
2.2 |
4.8 |
(Annual Reports of GIC Re, 2005-2014)
Table 5shows a fluctuating trend in the ratios but the ratio has not been too high to be a source of concern for the company.
The ratios evaluated under this dimension endorse the sound asset quality of GIC Re.
Reinsurance and Actuarial Issues
Just as insurers resort to reinsurers, the latter also makes arrangements with retrocessionaries. i.e. reinsurers also get themselves insured. Retrocession is a means through which a reinsurance company insures itself by another insurance or reinsurance company. Retrocession is necessary in case it is required as it would help the company to pay the claims safely.
Following Ratios are calculated to evaluate this dimension of the model.
This ratio is popularly known as risk retention ratio and denotes the risk that is retained by the company and hence shows its risk bearing capacity (Lee and Lee, 2012). Higher ratio indicates better risk retention.
Table 6: Net Premium/ Gross Premium
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
90.09 |
86.77 |
86.72 |
89.22 |
91.83 |
90.14 |
89.99 |
92.21 |
91.29 |
90.00 |
(Annual Reports of GIC Re, 2005-2014)
Table 6showssmashing ratios throughout which speak volumes about the superb risk bearing capacity of GIC Re.
Company must have adequate technical reserves to pay the claims that arise with ease. As a rule of thumb the higher the ratio, the better is the company equipped to handle the claims.
Table 7: Net Technical Reserves/ Average of Net Claims paid in last three years
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
240.9 |
254.3 |
258.5 |
246.45 |
232.6 |
216.12 |
230 |
243 |
232.7 |
219 |
(Annual Reports of GIC Re, 2005-2014)
Table 7 shows high ratios for the company throughout,which denotes the sufficiency of technical reserves for entertaining the claims of the company.
This ratio reflects the adequacy of reserves of the company for the business retained by the company. As a rule of thumb higher ratio is better.
Table 8: Net Technical Reserves/ Average of Net Premium received in last three years
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
178.5 |
218.3 |
201.5 |
184.6 |
166.6 |
168.5 |
187 |
225 |
212 |
205 |
(Annual Reports of GIC Re, 2005-2014)
Table 8 shows satisfactory ratios for the period of the study.
Hence all these ratios are a testimony of effective retention and adequate capacity of GIC Re to handle the business underwritten by it.
Management Soundness
We cannot ignore the importance of sound management for the stable financial position of a reinsurance company. Das et al.(2003) considered sound management crucial for determining the financial health of a company. He is of the opinion that the ratios recommended under this model for insurance companies may not be used for reinsurance companies. Therefore the ratio used is Operating Expenses / Gross Premium. This ratio has been referred in the encouraged set of CARAMELS MODEL. It has been used to evaluate management soundness of insurers by Ansari and Fola (2014).
It shows what proportion of revenue obtained by generating the business of the company is used by the company in incurring the related expenses. The lower the ratio the better it is. The lower ratio here indicates the better efficiency of the management in managing the operational expenses.
Table 9: Operating Expenses / Gross Premium
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
0.79 |
0.93 |
0.65 |
0.61 |
0.78 |
0.73 |
0.65 |
0.75 |
0.74 |
1.21 |
(Annual Reports of GIC Re, 2005-2014)
From the above table we can clearly see that ratio has been tremendously less throughout the study. Even the highest ratio in the period of study is 1.21 percent (2014). This speaks volumes about the sound management of the company.
Earnings and Profitability
Sound earning and profitability is indispensable for any insurance company.It denotes the net income of the company and informs us about what the company is gaining out of the business it does.
Following ratios are calculated to evaluate Earnings and Profitability.
This ratio indicates the claims paid out of the premium held by the company. Loss Ratio or Claims Ratio is calculated as Net Claims / Net Premium.Low ratio is always deemed better. Ratio exceeding 100 percent shows that the claims paid are exceeding the premium held.
Table 10: Loss Ratio
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
61.97 |
56.31 |
62.2 |
68.28 |
70.82 |
69.47 |
63.83 |
64.89 |
65.98 |
81.39 |
(Annual Reports of GIC Re, 2005-2014)
As per the ratios shown in the table, the picture is not that gloomy, still efforts should be made to keep this ratio as low as possible.
This ratio is calculated as the sum ofOperating Expenses and Net Commissions paid by the Company / Net Premiums. A less ratio is always desirable as it signifies controlled expenses and good amount of profits being made by the company.
Table 11: Expense Ratio
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
27.05 |
27.11 |
26.76 |
25.48 |
24.48 |
22.81 |
19.05 |
17.28 |
21.91 |
19.88 |
(Annual Reports of GIC Re, 2005-2014)
Table 11shows that the ratio has not exceeded 30percent in any of the years which could be considered as an acceptable condition.
This ratio is calculated as the sum ofTotal Expenses and Claims Incurred / Premiums Earned. Total expenses include operating expenses and commission paid.It is often considered as the best indicator of the underwriting performance of an insurer. A ratio of more than 100 percent indicates that the company is experiencing underwriting losses, paying more than what it is earning through premiums.
Table 12: Combined Ratio
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
113.20 |
128.31 |
101.47 |
112.85 |
102.86 |
109.68 |
111.36 |
142.78 |
104.79 |
108.27 |
(Annual Reports of GIC Re, 2005-2014)
Table 12 shows that more than 100 percent ratio is seen throughout the decade which shows that the company is undergoing underwriting losses.GIC Re must be cautious while selecting and pricing the risks in order to avoid such situation.
This ratio explains the second major source of revenue for the insurance companies i.e. investment income.
It shows the earnings of the firm through its investments.
Table 13: Investment Income / Net Premium
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
30.31 |
40.58 |
28.88 |
24.44 |
24.17 |
23.25 |
22.25 |
17.32 |
20.96 |
25.16 |
(Annual Reports of GIC Re, 2005-2014)
Ratios as per Table 13 show thatthe company has been able to earn through its investments.
Investment Income / Investment Assets
This ratio calculates the percentage of income earned from the assets invested by the company . The investment assets here comprises the sum of investments , loans and deposits .
Table 14: Investment Income / Investment Assets
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
9.88 |
10.18 |
10.26 |
10.49 |
10.31 |
10.69 |
10.81 |
10.89 |
11 |
11.11 |
(Annual Reports of GIC Re, 2005-2014)
Table 14 shows satisfactory ratiofor GIC Re.However more increase in the ratio would be welcomed.
The ratio is calculated as Net Profit (After Tax) with Net Worth. It reflects the overall position of profitability. It indicates how well the funds of shareholders are utilized by the company, (Anthony and Reece, 1995). As a rule of thumb at least a ratio between 10 to 15 percent is deemed satisfactory and above that is considered solid. As per Standard and Poor, reinsurers should target 13 percent to 15 percent return on equity.
Table 15: Return on Equity
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
4.70 |
12.57 |
25.83 |
14.84 |
18.11 |
19.43 |
10.41 |
-32.1 |
24.28 |
20.54 |
Clearly acceptable ratio is observed in all the years except the year ending 2005 and 2012 where this happened because the tragedies that occurred in these years crippled the company financially.
Broadly we can see that the company has an average Earnings and Profitability position.
Loss ratio has been under control but is not as low as it should be. Unsatisfactory Combined Ratio shows ineffective underwriting by the company. The company must select and price risks very judiciously in order to overcome this problem. However Expenses have been under complete control. Income generated through investments has been satisfactory and funds of shareholders have also been used wisely to give a satisfactory return on equity in all the years.
This dimension checks whether the reinsurance company has the availability of such assets which can be readily converted into cash in case of need or not.
Liquidity management is not a fundamental issue with the reinsurers. But still inadequate liquidity position of reinsurers can shake the confidence of its policyholders. Where more liquidity could be harmful for the profitability of the company, less of it could be problematic for its solvency and goodwill.
It is measured using the well-known ratio that is current ratio.
This ratio shows whether the company has adequate amount of current assets to pay the immediate liabilities or not.As a rule of thumb, 200 percent ratio is desirable i.e. the condition attained if current assets are twice the current liabilities of the company.
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
62.74 |
46.75 |
54.58 |
66.07 |
72.22 |
76.87 |
83.35 |
76.04 |
80.27 |
78.51 |
Table No.16shows that the ratio has not been satisfactory. But we should not be scared as GIC Re is a going concern and hence the very situation of winding up which requires the realisation of the current assets to meet the current liabilities is not foreseen.
Sensitivity to Market Risk
Since the values necessary to evaluate the ratios under this dimension were not available, this has not been analysed.
Conclusion, Suggestions and Implications
With the increased link between the insurers and banks, the risk of contagion has boomed manifolds. Financial health and performance of insurance companies is becoming more important with the passage of time and reinsurance companies are no exception to it. This study could be useful to various interest groups like managers, shareholders, workers, creditors, government & tax authorities and others.No reinsurer becomes a failure overnight, so this study would throw light on the problems that the company faced and will help avoid any unfortunate experience in future.Now that, international reinsurers are permitted to open branches in India, this study would help to see the status of our own reinsurer and improve its efficiency.
Using CARAMELS Model an attempt has been made to look into the financial health of the company in a comprehensive manner. We conclude that GIC Re has performed quite well financially. The company has managed to pass the test of fitness under different parameters of CARAMELS. Capital has been fairly adequate in relation to the business generated and assets held. Adequate technical reserves have also been maintained .Composition of assets of the company is qualitative with norms of investments being duly satisfied. As such no credit risk is seen. Reinsurance premiums have been very well retained by the company. Adequate technical reserves have been maintained in line with the increasing premium and claims which helped the company to retain the business. Management has also been efficient in handling the business of the company. However, there is room for betterment in company’s earning and profitability position. Liquidity Position of the company also needs to be improved.
It has been observed that years in which major catastrophes have occurred have proved disastrous for the company. If adequate price is not charged for catastrophic risks it can run the company into losses and hence increase the prices of reinsurance. Unsatisfactory combined ratios have been observed throughout the period of the study which are an indication of the underwriting losses of the company.
These suggestions could be considered for better results for GIC Re.
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Chen, R., & Wong, K. A. (2004).The determinants of financial health of Asian insurance companies. Journal of Risk and Insurance , 71 (3), 469-499.
Darzi, T. A. (2012). Financial performance of insurance industry in post liberalization era in India.PhD diss.
Das, U., Davies, N., &Podpiera, R. (2003).Insurance and issues in financial soundness, 1-44.
Ghimire, R., & Kumar, P. (2014).Testing of Financial Performance of Nepalese Life Insurance Companies by CARAMELS Parameters. Journal of Business and Management .
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Ikonic, D., Arsic, N., & Milosevic, S. (2011). Growth Potential and Profitability Analysis of Insurance Companies in the Republic of Serbia. Chinese Business Review , 10 (11).
Lee, H.H. & Lee, C.Y. (2011) .Determinants of property–liability insurer retention: Evidence from Taiwan insurance industry”. African Journal of Business Management. 5(32),12543-12550
Rani, T. & Shankar, H (2014).Financial Performance of General Insurance Business in India– A Study of Select Indicators. Indian Journal of Applied Research 4(10), 281-285.
Rao, G.V. (2012) “Reinsurance Scene & India- Need for a Relook?” IRDA 10(8):29
Sinha, A. (2013). Financial Soundness in Indian Life Insurance: A Comparison Between Two Leading Private Players. Indian Journal of Finance , 7 (4), 22-30.
Simpson, S. N. Y., &Damoah, O. B. O. (2008, May). An Evaluation of financial health of non-life insurance companies from developing countries: the case of Ghana. In 21st Australasian Finance and Banking Conference .
Annual Reports of General Insurance Corporation (GIC Re) from 2004-05 to 2013-14.
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