Reliance Nippon Life Insurance Reported Strong Persistency and Premium Growth in Q3 FY19
Deepthi | Myequity news | Date : 04-02-2019 11:55:00 IST
Reliance Nippon Life Insurance Company Ltd., a subsidiary of Reliance Capital Ltd., announced its financial results for the quarter ended December 31, 2018.
The key performance highlights are:
Individual WRP was Rs. 220 crore (US$ 31 million) - a YoY increase of 34%
Total premium increased to Rs. 1,030 crore (US$ 147 million) - a YoY increase of 3%
Renewal premium was at Rs. 793 crore (US$ 113 million)
The business made a marginal profit in Q3 FY19 vis-à-vis a loss in Q3 FY18
As on December 31, 2018, assets under management stood at Rs. 20,202 crores (US$ 2.9 billion) - a YoY increase of 7%
As on December 31, 2018, there were approx. 3 million policies in force with a total sum assured of over Rs. 74,500 crore
“Our focused efforts have resulted in a significantly faster than industry growth, besides sharp improvements across customer retention and persistency measures. We will continue to drive momentum towards profitable growth in the last quarter”
, said Mr. Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance Co. Ltd.
About Reliance Nippon Life Insurance
Reliance Nippon Life Insurance Company is amongst the leading private sector life insurance companies in India in terms of individual WRP (weighted received premium) and new business WRP. The company is one of the largest non-bank supported private life insurers with over 10 million policyholders, a strong distribution network of over 725 branches and 59,200 active advisors as on December 31, 2018.