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53	53	= Financial Overview =
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55		-The non-life insurance industry registered growth of 11.7%5 in fiscal 2020. The industry has grown at a CAGR of approximately 16.7% since fiscal 2001. Despite this, non-life insurance penetration in India continues to be around 0.97%6 of Gross Domestic Product against world average of 2.78%6 and given India’s demographic dividend, the sector is poised to reach newer heights in the coming years.
	55	+The non-life insurance industry registered growth of 11.7% in fiscal 2020. The industry has grown at a CAGR of approximately 16.7% since fiscal 2001. Despite this, non-life insurance penetration in India continues to be around 0.97% of Gross Domestic Product against world average of 2.78% and given India’s demographic dividend, the sector is poised to reach newer heights in the coming years.
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57	57	The industry growth is driven by growth in Fire, Motor Third Party, Retail Health and Group Health insurance segments. Fire, Motor Third Party, Retail Health, and Group Health grew by approximately 36.1%, 12.1%, 12.0% and 23.3% in fiscal 2020.
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59		-The company's proportion of Crop segment to overall GDPI is negligible for fiscal 2020 which was consistent with its cautious approach in underwriting this underpriced segment. Further the company did not win any new tender in crop business during the year under review. The graph below depicts the product portfolio mix.
	59	+The company's proportion of Crop segment to overall GDPI is negligible for fiscal 2020 which was consistent with its cautious approach in underwriting this underpriced segment. Further the company did not win any new tender in crop business during the year under review.
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61	61	The company's NEP increased to Rs 94.04 billion for fiscal 2020 from Rs 83.75 billion for fiscal 2019, an increase of 12.3%. The increase was primarily due to increase in NEP from Motor and Health segments.
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108	108	Return on Average Equity (ROAE) was 21.7% in FY2021 compared to 20.8% in FY2020.
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111	111	= References =
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