This research paper presents a comparative study of selected private life insurance companies in India using the CARAMEL model. Tawheed B. (2016) The macro-level analysis of the performance of the Life Insurance Corporation (LIC) in India provides valuable insights into its operational efficiency and societal impact. The study focuses on HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, and Max Life Insurance, representing a significant portion of the private life insurance market. The CARAMEL model, which encompasses Capital Adequacy, Asset Quality, Risk Management, Earnings, Market Perception, and Liquidity, serves as a comprehensive framework for evaluating the financial health and performance of these insurance companies. Trivedi S. (2016) The study on risk management tools and techniques in life insurance in India aims to provide valuable insights into developing effective tools for life insurers to analyze customer risks. This research endeavors to conduct a comparative study of three leading private life insurance companies in India: HDFC Life Insurance, ICICI Prudential Life Insurance, and SBI Life Insurance. The findings indicate that HDFC Life Insurance exhibits superior Capital Adequacy, positioning it favorably in terms of protecting policyholders and promoting financial system stability. Max Life Insurance demonstrates better Asset Quality, reflecting its strong financial health and risk management capabilities. All the selected companies show effective risk management practices, which contribute to their financial stability and resilience. SBI Life Insurance is a top performer in Management Soundness, Earnings and Profitability, and Liquidity ratios, highlighting its operational efficiency, profitability, and financial resilience. Madhuri T. and Rao N. (2020) has evaluated the financial performance of selected Indian life insurance companies using the CARAMEL model. Recommendations of the paper suggested LIC's capital position and underwriting expenses while urging private insurers to enhance liquidity for timely liability fulfillment. The study provides valuable insights for regulators, investors, and other stakeholders, supporting informed decision-making and promoting overall stability and sustainability in the insurance industry.
Amin et al. (Wed,) studied this question.