The Centre has no immediate plans to list any of the four non-life public sector general insurance companies, the Lok Sabha was informed on Friday.
“There is no proposal before the Government to list the public sector general insurance companies,” Namo Narain Meena, Minister of State for Finance, told the Lok Sabha in a written reply.
All the four non-life public sector insurance companies have been incurring underwriting losses over a period of time. It has, therefore, been felt necessary to contain the losses to improve their financial health so that they continue to serve in the best interests of the public and economy as envisioned of them, the reply said.
Advisory instructions have been issued to them to achieve this objective through prudent underwriting and efficient claims management, Meena said.
The cumulative dividend payout of the four companies in the last three years stood at Rs 271 crore (2009-10), Rs 30 crore (Rs 2010-11) and Rs 169 crore (2011-12).