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Question

IRDAI has released its Annual Report 2023 highlighting the status of the life insurance companies.Which of the following information is NOT CORRECT with respect to the information provided in the report ?

I.According to IRDAI annual report 2023, the life insurance companies paid a total commission of Rs 42,322 crore during FY 2022-23.

II.The ratio of first-year commission to premium received in private sector companies grew from 10.94% in 2021-22 to 15.78% in FY 2022-23 - an increase of almost 5%.

III.There was a very low growth in the public sector company's first-year commission increased from 26.55% to 27.61% - a hike of approximately 1% only.

A Only I Correct Answer Incorrect Answer
B Only I & II Correct Answer Incorrect Answer
C Only II & III Correct Answer Incorrect Answer
D Only II Correct Answer Incorrect Answer
E All are correct Correct Answer Incorrect Answer

Solution

According to IRDAI annual report 2023, the life insurance companies paid a total commission of Rs 42,322 crore during FY 2022-23. The commission expenses slightly increased to 5.41% in FY 2022-23 from 5.18% in FY 2021-22. The ratio of first-year commission to premium received in private sector companies grew from 10.94% in 2021-22 to 15.78% in FY 2022-23 - an increase of almost 5%. There was a very low growth in the public sector company's first-year commission increased from 26.55% to 27.61% - a hike of approximately 1% only.

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