Does this explain Aegon Religare's profits?

A copy of my email sent to Aegon Religare
Hello xxxx,

hope you are doing well. i was looking at the IRDA's annual statement recently.
It seems there were 7 claims in the whole year and 5 of them rejected/repudiated.
I have attached a screenshot of the relevant page from IRDA's report.
You can get the whole report from here:
http://www.irdaindia.org/annualreport09/annual_rep_eng_09.pdf
The relevant report is page #151.
Aegon Religare's Claims repudiation ratio is above 70% !!!
This is rather extreme. No other insurance company has it so high.
LIC's figure is 1.33%
No other private players' number is so high.
How would you explain this?

I hope this is not what explains the profit numbers of Aegon Religare.
As a person who has bought life coverage from Aegon Religare, i am very nervous about this.


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From: XXXX Chowdhury
Sent: Fri, January 8, 2010 1:19:11 PM
Subject: Press Coverage- Aegon Religare posts profit

Dear all,

Attached are the scans of the coverage we’ve received:

Yesterday:
In the Financial Express under the headline ‘Life Insurer’s losses soar 43% in FY09’.

Today:
Ø In The Hindu Business Line under the headline ‘Life Insurers’ losses mount 43% in FY09’.
Ø In The Economic Times under the headline ‘Insurance aggregators leave you spoilt for choice’.
Ø Indian Express on web, under the headline ‘Insurance firms widen Net, tap online market’
http://www.indianexpress.com/news/insurance-firms-widen-net-tap-online-market/560856/

Regards,
xxxx
AEGON Religare Life Insurance Co Ltd
Please visit us at www.aegonreligare.com