IRDAI grants in-principle approval for Reliance General Insurance IPO

India Infoline News Service | Mumbai | September 05, 2017 14:26 IST

Reliance General Insurance Company (RGI), a 100% subsidiary of Reliance Capital, announced that it has received in-principle approval from Insurance Regulatory and Development Authority of India (IRDAI) for the process of its proposed IPO.

Reliance General Insurance Company (RGI), a 100% subsidiary of Reliance Capital, announced that it has received in-principle approval from Insurance Regulatory and Development Authority of India (IRDAI) for the process of its proposed IPO.
 
Listing of RGI is expected to be completed in FY18, subject to necessary approvals.
 
RGI provides a wide range of general insurance products like fire, motor, health, home, crop, travel etc. The company has a diversified distribution network including corporate agents and bancassurance partners, amongst others.
 
The company outperformed the industry growth rate of 30%, and reported 41% growth in FY17. RGI’s gross direct premium stood at Rs 3,935 crore in FY17. Profit Before Tax stood at Rs 130 crore, up 32%, while the investment book stood at Rs 6,724 crore, up 25% for FY17.
 
RGI is an active participant in various government crop Insurance schemes, including the Pradhan Mantri Fasal Bima Yojna. In FY17, the company insured over 3 million farmers under this financial inclusion initiative. 

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