Anil Dhirubhai Ambani Group?s Reliance Life Insurance will infuse at least Rs 1,000 crore capital this fiscal. It already has a base of Rs 2,000 crore.
?We will infuse about Rs 1,000-1,200 crore in the next seven months of this fiscal,? said P Nandagopal, president & chief executive officer of the company.
The company has already invested more than Rs 300 crore in 2008-09.
Nandagopal said, ?In 2007-08, we had Rs 2,754 crore as the first year premium. Till August this year, we have collected Rs 1,112 crore as first year premium. Compared with the same period last year, the growth is about 170%.? In 2006-07, the first year premium collection was Rs 930 crore.
Reliance Life?s growth rate in 2007-08 was 250% compared with the previous fiscal, but it is planning to maintain at least 170% growth in 2008-09. ?Last year, the growth was on a smaller base. But when the base is increasing your rate of growth will obviously come down,? he said.
The company has applied for three new products to the Insurance Regulatory & Development Authority of India. ?I cannot really disclose more than this, but the products will address the demands of all sectors,? he said.
The company?s focus is currently on the savings and pension plans, which contribute about 75% to its market share. ?The rate of growth in future will be higher in health and pension,? said Nandagopal.
The insurance market in India was Rs 1,00,000 crore in 2007-08 with the private insurance sector having 48% share. Reliance Life Insurance?s share in the private sector is 10%, and 4.15% in the overall insurance market.
