Reliance Life doubles new business premia in first quarter

Chennai, July 10 : Doubling its fresh premium income, the Reliance Life Insurance Company closed the first quarter of the current fiscal with a total premium income of Rs.914 crore up from Rs.815 crore logged during the comparable period of the previous year.

The company, an associate of Reliance Capital, also made its re-entry into the top five life insurers club in the first quarter.

The company, in a statement Wednesday, said it had registered "100 percent increase in its new business premium at Rs.514 crore during Q1 FY14 (first quarter of 2013-14) compared to Rs.251 crore in the corresponding quarter of the last fiscal".

Within the new business premium, Reliance Life logged 48 percent growth in the individual segment at Rs.267 crore up from Rs.181 crore earned during the first quarter of previous year.

"Reliance Life Insurance has topped the list amongst Non-Bank promoted private life insurers in total new business premium during the first quarter. We are now amongst the top five private life insurers in the country, and hope to further improve our market share in coming quarters," the statement quoted CEO Anup Rau as saying.

According to Rau, the company would continue its focus on traditional products and agent productivity.

"Our product portfolio has undergone a significant and profitable change, with 80 percent of business now coming from traditional products, and only 20 percent from unit-linked products," he added.

During the period under review, Reliance Life's average premium per policy (APPP) went up by over 40 percent to touch Rs.20,000. Agent productivity also improved by 50 percent during the first quarter.

Reliance Life closed last year with a total premium income of Rs.4,015 crore selling over 750,000 policies.

--IANS (Posted on 10-07-2013)

business-india-news headlines

Pay outstanding salaries to pilots: High Court to Kingfisher

India's forex reserves rise to $309.44 bn

Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

Wipro Q4 profit rises by 29 percent, beats analyst estimates

Trade, commerce to drive India-US ties: Narendra Modi

PepsiCo launches free talk time offer

TCS, Twitter launch app to track Indian Elections

India's software market grew at 10pc in 2013: Research

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

AGP launches talent division

Hotel Sahara Star honoured with award

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014


Your e-mail:

Your Full Name:

Type verification image:
verification image, type it in the box


Back to Top