The Department of Financial Services (DFS) today held a review meeting on the financial and business performance of Public Sector Insurance Companies (PSICs) for Financial Year 2024-25 and the first half of Financial Year 2025-26. The review included the performances of PSICs such as Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), Agriculture Insurance Company of India Limited (AICIL), and others.

The Ministry of Finance noted that during the meeting, DFS Secretary M Nagaraju emphasised that PSICs should focus on increasing profitable business and devise strategies to reduce loss ratios while maintaining market share and consistently strengthening their retail portfolios. He underscored the need for developing new and innovative customised products to meet the requirements of the younger generation and to provide coverage for emerging risks. Emphasis was also laid on adopting technology and moving towards full digitalisation, with the objective of achieving 100 per cent onboarding of retail products through digital channels.