Financial Performance Evaluation of Indian General and Standalone Health Insurance Companies: A Grey Relational Analysis Approach

Authors

  • Akriti Sachan Research Scholar, Department of Commerce, University of Lucknow, Babuganj, Hasanganj, Lucknow, UP, India 226007
  • Dr. Sunita Srivastava Associate Professor, Department of Commerce, University of Lucknow, Babuganj, Hasanganj, Lucknow, UP, India 226007

DOI:

https://doi.org/10.31305/rrijm.2023.v08.n08.028

Keywords:

Financial Performance, Grey Relational Analysis, General Insurance, Health Insurance, Indian Insurance

Abstract

Grey Relational Analysis (GRA) is adopted in various disciplines and research areas. It turned out to be an effective and practical real-world application. The objective of this study is to evaluate the financial performance of 23 Indian general insurance companies (GICs) and 4 standalone health insurance companies (SHICs) for the years from 2019-2020 to 2021-2022 using GRA proposed by Deng (1982). It incorporates the negative values in the analysis. The results rank the GICs and SHICs according to their financial performance. Among the GICs, Shriram insurance stands first with higher grey relational grade score, followed by the companies Go Digit General Insurance Limited, ICICI Lombard General Insurance Company Limited and Bajaj Allianz General Insurance Company Limited. Among the SHICs, Care health Insurance stands first with higher grey relational grade score followed by Manipal Cigna Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited and Star Health & Allied Insurance Company Limited. It is suggested that insurance firms should focus more on profitability ratios and operating ratios in order to improve their financial position.

Author Biographies

Akriti Sachan, Research Scholar, Department of Commerce, University of Lucknow, Babuganj, Hasanganj, Lucknow, UP, India 226007

Akriti Sachan has completed her Master of Commerce from University of Delhi, New Delhi, India. She is a Junior Research Scholar in the Department of Commerce, University of Lucknow, Lucknow, Uttar Pradesh, India. She is pursuing her Ph.D. in marketing. Her area of interest is services marketing and insurance.

Dr. Sunita Srivastava, Associate Professor, Department of Commerce, University of Lucknow, Babuganj, Hasanganj, Lucknow, UP, India 226007

Dr. Sunita Srivastava is an Associate Professor in Department of Commerce, University of Lucknow, Lucknow, Uttar Pradesh, India. She has a teaching experience of more than 25 years. She has produced around 12 Ph.D. under her supervision. Her area of specialization is marketing. She is Director of BhauRao-Devras Shodh Peeth. She further holds the position of additional director, Central Placement Cell, University of Lucknow and Sankritiki, the Central Cultural Activity Board of University of Lucknow. She has authored two text-books. She is an active member of various apex institution of academic bodies in the field of commerce and management, i.e., All India Commerce Association and All India Accounting Association. She has contributed various research papers in international and national seminars & conferences and published numerous research papers in reputed international and national journals.

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Published

14-08-2023

How to Cite

Sachan, A., & Srivastava, S. (2023). Financial Performance Evaluation of Indian General and Standalone Health Insurance Companies: A Grey Relational Analysis Approach. RESEARCH REVIEW International Journal of Multidisciplinary, 8(8), 164–176. https://doi.org/10.31305/rrijm.2023.v08.n08.028

Issue

Vol. 8 No. 8 (2023): RESEARCH REVIEW International Journal of Multidisciplinary

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Articles

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This is an open access article under the CC BY-NC-ND license Creative Commons Attribution-Noncommercial 4.0 International (CC BY-NC 4.0).