Reliance Nippon Life Insurance Reported Strong Persistency and Premium Growth in Q2 FY19
Deepthi | Myequity news | Date : 29-10-2018 12:20:00 IST
Reliance Nippon Life Insurance Company Ltd., a subsidiary of Reliance Capital Ltd., announced its financial results for the quarter ended on September 30,2018.
The key performance highlights are:
- Total premium increased to Rs. 1,042 crore (US$ 149 million) - a YoY increase of 8%
- Renewal premium rose to Rs. 792 crore (US$ 113 million) - a YoY increase of 4%
- Individual WRP was Rs. 222 crore (US$ 32 million) - a YoY increase of 35%
- The business made a marginal profit in Q2 FY19 vis-à-vis a loss in Q2 FY18
- As on September 30, 2018, assets under management stood at Rs. 19,612 crores (US$ 2.8 billion) - a YoY increase of 9%
- As on September 30, 2018, there were approx. 3 million policies in force with a total sum assured of over Rs. 71,100 crore
“Several of our digital-led initiatives from the last year are now showing positive momentum with a sharp rise in Individual WRP and constantly improving 13th month persistency. Our objective is to continue being invested in digital, while maximizing value for our customers, distributors and employees”, 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 approx. 750 branches and over 59,800 active advisors as on September 30, 2018. The company’s individual Claim Settlement Ratio, at 96.75% as on September 30, 2018, is amongst the best in the industry.