Reliance Life Insurance Company Q3 net profit soars 4-fold
insurers which achieved higher profits without having a bank partner. The company has a distribution gap as it does not have any bancassurance.
Rau said, "Our focus continues to be medium and smaller towns and cities, addressing the under and uninsured opportunity. In spite of that, we have been able to increase our average ticket size to over Rs 15,000 in the third quarter from Rs 14,000 in Q2 FY'13".
With RLIC focusing on productivity, customer acquisition and retention, profitability and growth, the company aims at showing further improvement in profitability on the back of quality products and services.
Reliance Life Insurance recorded its first full-year net profit at Rs 373 crore for the fiscal ended March 31, 2012. It had sold over one million policies in 2011-12 and garnered a total premium of Rs 5,498 crore in that year.
Nippon Life, Asia's largest private life insurer and seventh biggest globally with an asset size of USD 650 billion, holds a 26 per cent stake in Reliance Life, which it had acquired for over Rs 3,000 crore.
Reliance Life was the country's seventh largest private life insurer in terms of total new business premium and sixth in terms of individual new business premium for the last fiscal ended March 31, 2012. At present, the company has a market share of 4.9 per cent of the private sector life insurance industry.
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