Industry segments such as broking, insurance, banking, mutual funds and investment management form the entire canvas of the Indian financial services industry. While the insurance sector is believed to be growing at an annual pace of 32-34 per cent, Indian banking sector is poised to become the world’s third largest in asset size by 2025. Further, remaining substantially bullish on Indian markets, foreign institutional investors (FIIs) invested over US$ 13 billion into Indian stocks so far in 2012.
Some of recent developments pertaining to various financial services are as follows:
The US$ 41 billion-insurance industry has 24 life insurers and 27 general insurers.
The first year premium of the life insurance companies grew by 1.4 per cent in April-May 2012 wherein the first year premium, combined of the public and private sector insurers, for April-May 2012 stood at Rs 12,428.83 crore (US$ 2.35 billion), up from Rs 12,253.44 crore (US$ 2.32 billion) during the same period a year ago, according to the recent data released by the sector regulator, Insurance Regulatory and Development Authority (IRDA).
The gross premium of non-life insurance companies during April-May 2012 expanded by 18.27 per cent to Rs 11,387.32 crore (US$ 2.16 billion) from Rs 9,627.91 crore (US$ 1.82 billion) during the corresponding period in 2011.
Some of the key recent statistics pertaining to the Indian banking industry are:
The Rs 6.70 trillion (US$ 126.89 billion) Indian mutual funds (MF) industry has 44 asset management companies (AMCs). The fund houses registered average assets under management (AAUM) at Rs 7,53,703 crore (US$ 142.74 billion) in the second quarter of 2012-13 wherein they added assets worth Rs 54,681 crore (US$ 10.36 billion) marking an increase of 8 per cent, according to recent data released by the Association of Mutual Funds in India (AMFI).