The Department of Financial Services (DFS) conducted a comprehensive performance review of public sector insurance companies on 13 January 2026, setting ambitious targets for profitability enhancement and digital transformation. The review covered financial and business performance for FY 2024-25 and the first half of FY 2025-26, signaling a strategic shift towards customer-centric reforms and technological advancement.

Strategic Focus Areas

DFS Secretary M. Nagaraju chaired the meeting, outlining key priorities for the insurance sector. The review encompassed major public sector insurers including Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), New India Assurance Co. Ltd (NIACL), National Insurance Co. Ltd (NICL), United India Insurance Co. Ltd (UIICL), Oriental Insurance Co. Ltd (OICL), and Agriculture Insurance Company of India Ltd (AICIL).

The Secretary emphasized several critical objectives:

• Increase profitable business operations
• Reduce loss ratios while maintaining market share
• Strengthen retail portfolios systematically
• Design innovative products for younger demographics
• Address emerging market risks through customized solutions

Digital Transformation Initiative

A significant emphasis was placed on technology adoption and complete digitalisation across all operations. The ambitious target includes achieving 100% digital onboarding for retail insurance products, representing a major technological leap for the public sector insurance industry.

The digital push extends beyond onboarding to encompass improved communication strategies, enhanced publicity efforts, and expanded outreach programs. Special attention was given to strengthening brand visibility across multiple platforms, including social media channels.

Performance Highlights

The review acknowledged notable achievements across the sector:

The Bima Sakhi initiative's expansion, particularly in rural and semi-urban areas, was specifically praised for its contribution to financial inclusion and market penetration.

Customer Service Enhancement

The meeting prioritized customer service improvements, with particular emphasis on:

• Timely resolution of public grievances
• Seamless claims processing procedures
• Prompt service delivery mechanisms
• Enhanced customer experience across touchpoints

Leadership Participation

The high-level meeting saw participation from senior executives across the insurance sector, including LIC CEO and MD R. Doraiswamy, NIACL CMD Girija Subramanian, NICL CMD Rajeshwari Singh Muni, UIICL CMD B.S. Rahul, OICL CMD Sanjay Joshi, AICIL CMD Dr Lavanya R. Mundayur, and GIC ED Hitesh Joshi, among other industry leaders.

The comprehensive review reflects the government's commitment to modernizing public sector insurance companies while maintaining their market leadership and expanding their reach to underserved segments.

M&M Financial Services has announced the reaffirmation of its credit ratings from two prominent rating agencies, reinforcing its strong financial position in the market. The company received these rating confirmations on January 12, 2026, from both CRISIL Ratings Limited and India Ratings & Research Private Limited, as disclosed under Regulation 30 of SEBI Listing Regulations.

India Ratings Reaffirmation Details

India Ratings & Research Private Limited provided comprehensive rating reaffirmations across eight different financial instruments. The agency maintained its AAA rating with stable outlook for the majority of the company's debt portfolio.

The rating agency noted that ₹2,000 crores of retail non-convertible debentures were moved to private subordinated debt, while maintaining the overall credit quality assessment. The retail non-convertible debentures limit remains interchangeable with retail subordinated debt.

CRISIL Rating Confirmation

CRISIL Ratings Limited reaffirmed its ratings across three key instrument categories, maintaining the AAA rating with stable outlook for long-term instruments.

Regulatory Compliance and Transparency

The rating reaffirmations were communicated to both BSE Limited and National Stock Exchange of India Limited in compliance with SEBI Listing Regulations. The company has also made this information available on its official website under the debt information section for investor access.

These rating confirmations from two leading credit rating agencies underscore the company's maintained creditworthiness across its diverse debt instrument portfolio, covering both retail and institutional funding sources.