A TRAINING REPORT ON

“RATIO ANALYSIS OF AVIVA LIFE INSURANCE

COMPANY INDIA VS SAHARA INDIA LIFE INSURANCE
COMPANY”

Submitted To:

Satyug Darshan Institute of Engineering and Technology

(SDIET)

Submitted By: Ankit mishra

Roll No- 21020304013

Batch: 2021-2024

In Partial Fulfilment of

Bachelor Of Business Administration (BBA)

Industry Integrated Financial Services and Banking (IIFSB)

HARYANA

Satyug Darshan Institute of Engineering and Technology

Bhupani Lalpur Road, Village Bhupani Faridabad-121002, NCR,

Haryana, India affiliated to:

JC BOSE UNIVERSITY OF SCIENCE & TECHNOLOGY,

YMCA
 DECLARATION

I Ankit mishra hereby declares that this training report titled “RATIO
ANALYSIS OF AVIVA LIFE INSURANCE COMPANY INDIA VS
SAHARA INDIA LIFE INSURANCE COMPANY” is the record of authentic
work carried out by me during the period from 2023-2024 and has not been
submitted to any other university or institute for the award of any degree/diploma
etc.

(Signature)

Ankit mishra

Date: -

CERTIFICATE
This is to certify that Soumen of Satyug Darshan Institute of Engineering and
Technology has successfully completed the report work titled (“RATIO
ANALYSIS OF AVIVA LIFE INSURANCE COMPANY INDIA VS
SAHARA INDIA LIFE INSURANCE COMPANY”) in partial fulfilment of
requirement for the completion of Bachelors of Business Administration (BBA-
IIFSB) course as prescribed by the JC BOSE UNIVERSITY OF SCIENCE
AND TECHNOLOGY, YMCA, FARIDABAD.

This project report is the record of authentic work carried out by her during the
period from 2023 to 2024 she has worked under my Guidance.

(Signature)

Ms. Richa khugshal

Assistant Professor, Management Studies

PROJECT GUIDE

Date: -
 ACKNOWLEDGEMENT

I would like to express my gratitude and appreciation to all those who gave me
the possibility to complete this report. It gave me immense pleasure in presenting
the Report work.

On “RATIO ANALYSIS OF AVIVA LIFE INSURANCE COMPANY

INDIA VS SAHARA INDIA LIFE INSURANCE COMPANY” the success
of this project is a result of sheer hard work and determination put in by me with
the help of my project guide. A special thanks to, Mr. Paras Sharma, who help
stimulating, suggestions and encouragement, helped to me coordinate my project
especially in writing this report.

I would also like to acknowledgement with much appreciation the crucial role of
the professor of Satyug Darshan Institute of Engineering and technology who
helped me in collecting all required information to complete the project report.

PREFACE
Many students may have work on this project in different way. I have also tried
to work on this project in a different way. It was for the first time I got the
opportunity to work in such a prestigious and well-known organization and things
which I have experienced in my training time are going to help throughout my
life time. I have worked on this project with great enthusiasm and zeal.

Ankit mishra

Date: -
 Index
S.
No.
Particulars Page No. Remarks

Chapter – 1
1 7-11
Introduction to the Study
Chapter – 2
2 12-19
Company Profile
Chapter – 3
3 20-25
Research Methodology
Chapter – 4
4 26-30
Data Analysis and Interpretation
Chapter – 5
5 31
Findings
Chapter – 6
6 32
Conclusion
Chapter – 7
7 33
Bibliography

Chapter – 1
 Introduction to the Study
What Is Insurance?
Insurance is a contract, represented by a policy, in which a policyholder receives financial
protection or reimbursement against losses from an insurance company. The company pools
clients’ risks to make payments more affordable for the insured. Most people have some
insurance: for their car, their house, their healthcare, or their life.

Insurance policies hedge against financial losses resulting from accidents, injury, or property
damage. Insurance also helps cover costs associated with liability (legal responsibility) for
damage or injury caused to a third party.

KEY TAKEAWAYS

● Insurance is a contract (policy) in which an insurer indemnifies another against losses

from specific contingencies or perils.
● There are many types of insurance policies. Life, health, homeowners, and auto are
among the most common forms of insurance.
● The core components that make up most insurance policies are the premium,
deductible, and policy limits.
How Insurance Works
Many insurance policy types are available, and virtually any individual or business can find
an insurance company willing to insure them—for a price. Common personal insurance
policy types are auto, health, homeowners, and life insurance. Most individuals in the United
States have at least one of these types of insurance, and car insurance is required by state law.

Businesses obtain insurance policies for field-specific risks, For example, a fast-food
restaurant's policy may cover an employee's injuries from cooking with a deep fryer. Medical
malpractice insurance covers injury- or death-related liability claims resulting from the health
care provider's negligence or malpractice. Businesses may be required by state law to buy
specific insurance coverages.

There are also insurance policies available for very specific needs, such as kidnap, ransom
and extortion insurance (K&R), identity theft insurance, and wedding liability and
cancellation insurance.

Insurance Policy Components

Understanding how insurance works can help you choose a policy. For instance,
comprehensive coverage may or may not be the right type of auto insurance for you. Three
components of any insurance type are the premium, policy limit, and deductible.

Premium
A policy’s premium is its price, typically a monthly cost. Often, an insurer takes multiple
factors into account to set a premium. Here are a few examples:
 ● Auto insurance premiums: Your history of property and auto claims, age and
location, creditworthiness, and many other factors that may vary by state.
● Home insurance premiums: The value of your home, personal belongings,
location, claims history, and coverage amount .
● Health insurance premiums: Age, sex, location, health status, and coverage
levels.
● Life insurance premiums: Age, sex, tobacco use, health, and amount of coverage.

Much depends on the insurer's perception of your risk for a claim. For example, suppose you
own several expensive automobiles and have a history of reckless driving. In that case, you
will likely pay more for an auto policy than someone with a single midrange sedan and a
perfect driving record. However, different insurers may charge different premiums for similar
policies. So, finding the price that is right for you requires some legwork.

Policy Limit
The policy limit is the maximum amount an insurer will pay for a covered loss under a
policy. Maximums may be set per period (e.g., annual or policy term), per loss or injury, or
over the life of the policy, also known as the lifetime maximum.

Typically, higher limits carry higher premiums. For a general life insurance policy, the
maximum amount that the insurer will pay is referred to as the face value. This is the amount
paid to your beneficiary upon your death.

Deductible
The deductible is a specific amount you pay out of pocket before the insurer pays a
claim. Deductibles serve as deterrents to large volumes of small and insignificant claims.

For example, a $1,000 deductible means you pay the first $1,000 toward any claims. Suppose
your car's damage totals $2,000. You pay the first $1,000, and your insurer pays the
remaining $1,000.

Deductibles can apply per policy or claim, depending on the insurer and the type of policy.
Health plans may have an individual deductible and a family deductible. Policies with high
deductibles are typically less expensive because the high out-of-pocket expense generally
results in fewer small claims.

Types of Insurance
There are many different types of insurance. Let’s look at the most important.

Health Insurance
Health insurance helps covers routine and emergency medical care costs, often with the
option to add vision and dental services separately. In addition to an annual deductible, you
may also pay copays and coinsurance, which are your fixed payments or percentage of a
covered medical benefit after meeting the deductible.
Health insurance may be purchased from an insurance company, an insurance agent, the
federal Health Insurance Marketplace, provided by an employer, or federal Medicare and
Medicaid coverage.

Home Insurance
Homeowners insurance (also known as home insurance) protects your home, other property
structures, and personal possessions against natural disasters, unexpected damage, theft, and
vandalism. Renter's insurance is another type of homeowners insurance.

Homeowner insurance won't cover floods or earthquakes, which you'll have to protect against
separately.

Auto Insurance
Auto insurance can help pay claims if you injure or damage someone else's property in a car
accident, help pay for accident-related repairs on your vehicle, or repair or replace your
vehicle if stolen, vandalized, or damaged by a natural disaster.

If you have a leased vehicle or borrowed money to buy a car, your lender or leasing
dealership will likely require you to carry auto insurance. As with homeowners’ insurance,
the lender may purchase insurance for you if necessary.

Life Insurance
A life insurance policy guarantees that the insurer pays a sum of money to your beneficiaries
(such as a spouse or children) if you die. In exchange, you pay premiums during your
lifetime.

There are two main types of life insurance. Term life insurance covers you for a specific
period, such as 10 to 20 years. If you die during that period, your beneficiaries receive a
payment. Permanent life insurance covers your whole life as long as you continue paying the
premiums.

Travel Insurance
Travel insurance covers the costs and losses associated with traveling, including trip
cancellations or delays, coverage for emergency healthcare, injuries and evacuations, and
damaged baggage, rental cars, and rental homes.

Benefits of Insurance
Insurance policies benefit people as well as society as a whole in various ways. Along with
the obvious benefits of insurance, others are not much discussed or talked about.
1. Cover against Uncertainties
It is one of the most prominent and crucial benefits of insurance. The insured individual or
organizations are indemnified under the insurance policies against losses. Buying the right type
of insurance policy is indeed, a way to get protection against losses arising from different
uncertainties in life.
2. Cash Flow Management
The uncertainty of paying for the losses incurred out of pocket has a significant impact on cash
flow management. However, with an insurance policy by your side, you can tackle this
uncertainty with ease. The chosen insurance provider pays in the event of happening of an
insured event whenever they occur.

3. Investment Opportunities
Unit linked insurance plan, invest a part of the premium into several market linked funds. This
way, they enable you to invest money regularly to benft of market linked returns and fulfil your
life goals.

Tax Benefits of Insurance

Other than the protection benefits of insurance policies, you can also avail income tax benefits.

Section 80C
The premium paid to buy life insurance policies are eligible for deduction from the taxable
income, Under Section 80C of the Income Tax Act. The upper limit for these deductions is Rs.
1.5 Lakh.

Section 80D
Health insurance premium paid to buy policies for yourself and your parents is also tax-
deductible under Section 80D of income tax Act 1961

Section 10(10D)
The life insurance benefits that you or the insurance policy nominee will receive from the
insurer are tax-exempted under this section. You can claim these tax benefits of insurance at
the time filing your income tax returns.
 Chapter 2
COMPANY’S PROFILE

OVERVIEW - AVIVA LIFE INSURANCE COMPANY INDIA LTD

Aviva Life Insurance Company India Ltd is an unlisted public company incorporated on 25 September,
2000. It is classified as a public limited company and is located in New Delhi, Delhi. Its authorized
share capital is INR 2,500.00 cr and the total paid-up capital is INR 2,189.90 cr.
The current status of Aviva Life Insurance Company India Ltd is - Active.
The last reported AGM (Annual General Meeting) of Aviva Life Insurance Company India Ltd, per our
records, was held on 10 August, 2023.
Aviva Life Insurance Company India Ltd has nine directors - Pritam Das Narang, Mohit Burman,
and others.
The Corporate Identification Number (CIN) of Aviva Life Insurance Company India Ltd is
U66010DL2000PLC107880. The registered office of Aviva Life Insurance Company India Ltd is at
2ND FLOORPRAKASHDEP BUILDING 7 TOLSTOY MARG NA, NEW DELHI, Delhi.

Highlights OF Aviva Life Insurance

● Aviva Life Insurance Company is a joint venture of Dabur Group, the 4th largest FMCG
company in India, and Aviva Group, the 6th largest insurance group worldwide
● Aviva Life has over 13,500 financial planning advisors in India
● Aviva Life insurance company has over 33 million customers across 16 countries
 ● Aviva Life Insurance Company had an extensive network of 107 branches across India
● Its connection with India dates back to 1834
● Aviva Life Insurance Company offers a robust product portfolio of quality products that can
be customised to unique customer needs

Benefits of Aviva Life Insurance Policies

● Life cover: The plans offer comprehensive life cover.
● Claim settlement ratio: This Company is synonymous with seamless and hassle-free
processing of claims and a commendable claim settlement ratio of 94.45%, as per 2017-2018
data.
● Wealth creation: Aviva’s ULIP plans offer good returns by investing a portion of premium
payments of their customers in the capital market, thus providing investment and protection.
● Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits on
regular payment of premiums.
● Cost: Affordable term insurance plans, available at pocket-friendly rates, makes them the
most preferred term insurance company in India.
● Customer Service: This Company is equipped with a team of customer service professionals
who are experts in pre-sales as well as post-sales services.

Who We Are
Aviva India is a joint venture between Aviva Plc., a UK based insurance group,
and Dabur Invest Corp., one of India's oldest and most respected business
houses.
We are guided by our purpose to defy uncertainty in the lives of our customers.
Our aim is to craft simple and relevant products and propositions that help our
customers achieve their life goals. Our focus is to provide the finest customer
experience and highest levels of service through our digital innovations.

Our Purpose
With you today, for a better tomorrow
We help our customers to protect what's important to them and help them look to
the future with confidence. We provide our customers with a wide range of
insurance products to prepare for life's challenges and opportunities today,
tomorrow and for many years to come.

COMPANY’S PROFILE
OVERVIEW – SAHARA INDIA LIFE INSURANCE COMPANY

The Sahara Pariwar’s latest foray is in the field of Life Insurance. The Pariwar’s life
insurance company – Sahara India Life Insurance Company Ltd.- has been granted licence
by the insurance regulator – the IRDA on 6th February 2004. With this approval Sahara India
Life Insurance Company Ltd. becomes the first wholly and purely Indian company, without
any foreign collaboration to enter the Indian Life insurance market. The launch is with an
initial paid-up capital of 232 crores.

Benefits of Buying Sahara Life Insurance Plans

Sahara Life Insurance Company and its insurance products are well-known as they offer
wide insurance coverage. Additionally, the insurance plans are designed as per the needs
and financial goals of its customers. All the insurance plans are uniquely designed to offer
numerous benefits to the insured. The benefits offered by the insurance plans depend on the
type of insurance product availed by the insured. Apart from offering insurance protection,
these plans offer additional benefits as under:

● Wide Range of Insurance Products

Sahara Life Insurance Company offers numerous types of insurance plans each
designed to cover the insurance and financial needs of its customers at a different
phase of life. Sahara Life Insurance Company offers insurance plans like Money-
Back Policy, Endowment Policy, and Unit-linked policies. Customers can choose the
plan depending upon their insurance needs, financial convenience, and financial
goals.

● Flexible
All the insurance policies of Sahara Life Insurance Company are flexible in terms of
premium payment tenure and mode. The company offers insurance policies with
limited premium payment mode or regular payment mode or single premium mode.
Additionally, under regular premium payment mode, the customer has an option to
choose the premium payment frequency from yearly, half-yearly, quarterly, and
monthly depending upon their convenience.

● Pocket-friendly
All the plans offered by Sahara Life Insurance Company are affordable. They provide
numerous benefits at an affordable price making it easier for everyone to purchase
and invest hard-earned money.
 ● Tax Benefits
Tax benefits can be availed on all the premiums paid for self, spouse, child, or
parents’ life insurance policy. The tax benefit amount depends on the prevailing tax
laws at a particular time.

The Members of the Board are:

Name Designation
Shri O.P. Srivastava Chairman
Shri Arun Kumar Jain Independent Director
Shri Arun Kanti Dasgupta Whole Time Director, President & CEO
Shri Ishwar Singh Verma Independent Director
Shri D. Devender Singh Independent Director
Shri K. Subrahmanyam Independent Director
Mrs Mahima Devi Women Director

COMPANY NETWORK - SAHARA INDIA LIFE INSURANCE

COMPANY LIMITED: -

Chapter – 3
Research Methodology
Research

Research takes place with the purpose of acquiring knowledge to contribute to further
investigation or process to inform action, to prove a theory, or to reach a result. To produce
fruitful experience, the Research must be of high quality.
 ● Research is a way to build knowledge.
● It is an essential requirement to start analysing, writing, reading, and distributing
information.
● It nourishes and opens up the minds.
● With Research, different understanding issues seem easy.
● Research helps to build confidence and positivity to try on opportunities.

Research Methodology
Research methodology refers to the systematic process used by researchers to design, conduct,
and analyze research studies. It involves a set of procedures, techniques, and tools that are
employed to collect and analyze data in a rigorous and scientific manner. Research
methodology is an important aspect of any research study, as it determines the reliability,
validity, and generalizability of the findings.

The research methodology typically includes the following steps:

1. Research design: This involves identifying the research problem, formulating

research questions, and selecting an appropriate research design such as quantitative,
qualitative, mixed-methods, or case study.
2. Data collection: This involves identifying the sources of data, selecting
appropriate sampling techniques, and collecting data using methods such
as surveys, interviews, observations, or experiments.
3. Data analysis: This involves processing and analyzing the collected data
using appropriate statistical or qualitative analysis techniques.
4. Results: This involves reporting the results of the analysis in a clear and
concise manner, often in the form of tables, graphs, or charts.
5. Conclusion: This involves interpreting the results and drawing
conclusions about the research questions and objectives.
6. Limitations and future directions: This involves identifying the
limitations of the study and suggesting future directions for research.
In summary, research methodology is the systematic and scientific process used
by researchers to design, conduct, and analyze research studies. The methodology
is designed to ensure the rigor and validity of the research findings and to enable
other researchers to replicate the study.
What is a Research Design?
By the term ‘research’, we can understand that it’s a collection of data that
includes critical information by taking research methodologies into
consideration. In other words, it is a compilation of information or data explored
by setting a hypothesis and consequently coming up with substantive findings in
an organized way. Research can be done on an academic as well as on a scientific
basis as well. Let’s first understand what a research design actually means.
A Research Design is simply a structural framework of various research methods
as well as techniques that are utilized by a researcher.

Types of Research Design

1. Descriptive Research Design
2. Analytical Research Design
3. Fundamental Research Design
4. Conceptual Research Design
5. Applied Research Design
6. Qualitative Research Design
7. Quantitative Research Design

● Descriptive Research is a type of research that is used to describe the

characteristics of a population.
● Analytical Research is a specific type of research that involves critical
thinking skills and the evaluation of facts and information relative to the
research being conducted.
● Fundamental Research is defined as basic and applied research in the
areas of science and engineering where the resulting information is
intended to be published and shared broadly.
● Conceptual Research as the name suggests, is research that relates to
abstract concepts and ideas.
● Applied research refers to scientific study and research that seeks to
solve practical problems. Applied research is used to find solutions to
everyday problems, cure illness, and develop innovative technologies,
rather than to acquire knowledge for knowledge's sake.
● Qualitative research is research dealing with phenomena that are
difficult or impossible to quantify mathematically, such as beliefs,
meanings, attributes, and symbols.
● Quantitative research refers to the systematic empirical investigation of
any phenomena via statistical, mathematical or computational techniques.
The objective of quantitative research is to develop and employ
mathematical models, theories and/or hypotheses pertaining to
phenomena.

My Design “Analytical Research Design”

Analytical research definition: Analytical research is a specific type of research
that involves critical thinking skills and the evaluation of facts and information
relative to the research being conducted. A variety of people including students,
doctors and psychologists use analytical research during studies to find the most
relevant information.
Importance of analytical research

● The goal of analytical research is to develop new ideas that are more
believable by combining numerous minute details.

● The analytical investigation is what explains why a claim should be

trusted. Finding out why something occurs is complex. You need to be
able to evaluate information critically and think critically.

● This kind of information aids in proving the validity of a theory or

supporting a hypothesis. It assists in recognizing a claim and determining
whether it is true.

Data Collection method: -

1. Primary data
2. Secondary data

In this report we have use the secondary data for the study on the
“Ratio Analysis of Aviva life insurance company India Vs Sahara
India life insurance company”

Objective of the study-

● To analyse the company’s position in different year.
● By using ratio analysis, found the premium growth of the
company.
● To analyse the changes in their premium, expense, commission
etc.

Limitations of the Study: -

● Data limitations: The study may be limited by the availability and quality
of data by the company.

● Methodological limitations: The study may be limited by the use of

inappropriate research methods, sampling techniques, or statistical
analyses.
● Reliability and validity of data: The study may be limited by the
reliability and validity of the data collected, particularly if the data is self-
reported or subject to bias.
● Generalizability of findings: The findings of the study may be limited in
their generalizability to other contexts, depending on the sample and
methods used.
● Time limitations: The study may be limited by the time frame within
which the research is conducted, which may not be long enough to capture
all relevant factors.
 Chapter – 4
Data Interpretation and Analysis
Ratio Analysis of Aviva Life Insurance Company India vs Sahara India Life Insurance
Company from its annual reports for the year 2021-22 is presented below:
Premium Growth Ratio:
The growth in premiums collected over the years may be accomplished by selling more
policies or increasing the rates of existing policies. Premium growth may imply a higher rate
of market penetration, customer confidence, and better performance of an insurer.
Formula for Premium Growth Ratio is
Premium Growth Ratio = 𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝑊𝑟𝑖𝑡𝑡𝑒𝑛 (𝑌1) – 𝐺𝑟𝑜𝑠𝑠𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝑊𝑟𝑖𝑡𝑡𝑒𝑛 (𝑌0)
/𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝑊𝑟𝑖𝑡𝑡𝑒𝑛 (𝑌𝑂) × 100.

PREMIUM GROWTH RATIO

Company PREMIUM GROWTH RATIO
ALICI 10.89%
SILIC 8.37%
Premium Growth Ratio
12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
ALICI SILIC

Premium Growth Ratio

Interpretation:
It indicates growth in business undertaken by the Aviva Life Insurance is better than Sahara
life Insurance entity in 2021-22 year.

Commission Expense Ratio:

This ratio has a direct impact on the premium that you pay. The higher the
commission expense ratio, the lower the discount on premium offered by the
insurance company. This will lead to higher premiums. So, the lower the
commission expense ratio, the better it is.
COMMISION EXPENSE RATIO
Company COMMISSION EXPENSE RATIO
ALICI 7.97%
SILIC 5.90%
COMMISSION EXPENSE RATIO
9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
ALICI SILIC

COMMISSION EXPENSE RATIO

Interpretation:
It is an indicator of expenses towards commissions. It indicates that the
commission expense ratio is higher in Aviva Life Insurance as compared to
Sahara Life Insurance.

Solvency Ratio:
It is an indicator of a company’s financial capacity to meet both short-term and
long-term liabilities. It defines how good or bad an insurance company’s
financial situation is on defined solvency norms.
Formula:
 Solvency ratio is calculated as the amount of Available Solvency Margin
(ASM) in relation to the amount of Required Solvency Margin (RSM).
Solvency Ratio is calculated as: 𝐴𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 𝑆𝑜𝑙𝑣𝑒𝑛𝑐𝑦 𝑀𝑎𝑟𝑔𝑖𝑛 (𝐴𝑆𝑀)
/𝑅𝑒𝑞𝑢𝑖𝑟𝑒𝑑 𝑆𝑜𝑙𝑣𝑒𝑛𝑐𝑦 𝑀𝑎𝑟𝑔𝑖𝑛 (𝑅𝑆𝑀) × 100.
The Available Solvency Margin (ASM) is the value of the company’s assets
over liabilities, and Required Solvency Margin (RSM) is based on net premiums
and defined as per IRDAI guidelines.
Company SOLVENCY RATIO
ALICI 187%
SILIC 190%
SOLVENCY RATIO
191%
190%
190%
189%
189%
188%
188%
187%
187%
186%
186%
ALICI SILIC

SOLVENCY RATIO

Interpretation:
It means the company has enough buffer to settle all claims in extreme situation in Aviva Life
Insurance as compared to Sahara Life Insurance. Hence it is a good indicator of an insurance
company’s financial capacity to meet both its short term and long-term liabilities.

Expense Ratio:
Expense ratio reflects the efficiency of insurance operations. Expense ratio for
an insurer would be analysed by class of business, along with the trend of the
same.
Expense ratio is calculated as: (𝑀𝑎𝑛𝑎𝑔𝑒𝑚𝑒𝑛𝑡 𝐸𝑥𝑝𝑒𝑛𝑠𝑒𝑠 + 𝑁𝑒𝑡 𝐶𝑜𝑚𝑚𝑖𝑠𝑠𝑖𝑜𝑛
𝑃𝑎𝑖𝑑)/ 𝑁𝑒𝑡 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝐸𝑎𝑟𝑛𝑒𝑑 × 100
Company EXPENSE RATIO
ALICI 15.53%
 SILIC 28.57%
EXPENSE RATIO
30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
ALICI SILIC

EXPENSE RATIO

Interpretation:
Expense ratio reflects the efficiency of insurance operations. By which it
indicates that the company efficiency is higher in Sahara Life Insurance as
compared to Aviva Life Insurance.

CLAIM SETTLEMENT RATIO:

A higher CSR indicates that an insurance company is more likely to honour its
commitments to policyholders and efficiently settle claims. It is a critical
transparency tool for customers, helping them gauge the reliability and
performance of insurance providers.
Claim Settlement ratio is calculated as: (Total no of claim settled in a
year/Total no. of claim in a year) × 100
Company CLAIM SETTLEMENT RATIO
ALICI 98.62%
SILIC 95.82%
 CLAIM SETTLEMENT RATIO
99.00%
98.50%
98.00%
97.50%
97.00%
96.50%
96.00%
95.50%
95.00%
94.50%
94.00%
ALICI SRLI

CLAIM SETTLEMENT RATIO

Interpretation:
It indicates that the claim settlement ratio is higher in Aviva Life Insurance as
compared to Sahara Life Insurance.

Chapter – 5
Findings

In our project file most of data is secondary data and collected from the official
website of the company and also take the help of project guide.
Now we finally tell the findings of the report means that what we have done in
our report and what are the conclusion can be drawn from it on the basis of the
table and graph and their interpretation we justify the findings: -

● In this analysis we found that the growth of the business is increased in

Aviva Life Insurance company 2021-22 financial year.
 ● We also found that commission expense ratio is increased in Aviva Life
Insurance 2021-22 year.
● We also found that the company has enough buffer to settle down their
claims in Sahara Life Insurance 2021-22 year.
● We also found that claim settlement ratio is higher in Aviva Life Insurance
as compared to Sahara Life Insurance.
● We also analysed that policyholders are satisfied with the product
portfolio, customer service, post sales service, product utility, returns on
their product, customer loyalty, etc.

Chapter – 6
Conclusion

● In this file we have discussed about the financial condition of Aviva Life
Insurance and Sahara Life Insurance Company. In the above report we can
conclude that we have studied on the various factors of the insurance and also
show an analytical aspect of the insurance company through comparative ratio
analysis and how it calculates.

● On the basis of the above file, we can say and conclude that the condition of
Aviva Life Insurance is better than the Sahara Life Insurance s 2021-22 FY
Year. At the end we can say that the overall conclusion of the file is insurance
is the very critical source of any firms and we have efficiently managed it for
the best utilization.
 Chapter – 7
Bibliography
Websites: -
● www.sbilife.co.in
● www.iciciprulife.com
● www.licindia.in
● www.irda.gov.in
● www.irdaindia.org
● www.insuranceinstituteofindia.com

Reference Books: -
1. Annual Reports of IRDA.
2. Annual Reports of LIC of India.
3. Hand Book of IRDA.
4. Annual Reports of selected private companies.
5. Public Disclosures of selected private companies.
6. Various publications of IRDA issued time to time.