Reliance General Insurance Reported Growth in Premium and Profitability in Q2FY19
Deepthi | Myequity news | Date : 26-10-2018 13:40:00 IST
Reliance General Insurance Company Ltd., a wholly owned subsidiary of Reliance Capital Ltd., announced its financial results for the quarter ended September 30, 2018.
The key performance highlights are: About Reliance General Insurance Company Limited:
∙Gross Written Premium was Rs. 2,025 crore (US$ 289 million) - a YoY increase of 20%
∙Profit After Tax rose to Rs. 56 crore (US$ 8 million) - a YoY increase of 20%
∙Combined Ratio improved from 109% in Q2 FY18 to 106% in Q2 FY19
∙Investment Book increased to Rs. 8,650 crore (US$ 1.2 billion) - a YoY increase of 19%
∙Online channel registered 26% growth in gross premium collected during the quarter
∙RGI’s market share rose from 4.3% in Q2 FY18 to 4.5% in Q2 FY19
“The industry will benefit from favorable regulatory enactments such as compulsory long term insurance for motor vehicles and enhancement in the compulsory personal accident cover. We remain focused on our journey of profitable growth. For Q2, our premium grew by 20% against industry growth of 13%” said Mr. Rakesh Jain, ED & CEO, Reliance General Insurance Company Ltd.
Reliance General Insurance Company Limited (RGI), a wholly owned subsidiary of Reliance Capital Limited, offers insurance solutions for motor, health, home, property, travel, marine and other speciality products. RGI is amongst the leading private sector general insurance companies in India with a strong distribution network of 130 branches and, one of the largest agency force of approx. 29,000 agents across the country as on September 30, 2018.