Reliance General to focus on weather, liabilities insurance in FY14

India Infoline News Service | Mumbai |

The private insurer said it would come up with a new health product along with a catastrophe product for retail segment in the future

Private sector Reliance General Insurance said that it expects to grow around 20% in the current financial year.

Reliance General CEO Rakesh Jain said the company would focus on enhancing its top-line and bottom-line fronts. The non-life insurer would concentrate on weather and liabilities insurance to drive growth in the current fiscal.

At present, retail constitutes 80% of the total business, while the remaining comes from the corporate side. The company seeks to enhance corporate line of business to 25% in the near future.

Reliance General, part of Anil Ambani-led financial services major Reliance Capital, reported a profit of Rs. 170 million in the fourth quarter ended March 31, 2013 against a loss of Rs. 2.48 billion in Q4 FY12.

Reliance General reported Rs. 160 million profits in October-December period of FY13.

The gross written premium increased 16% to Rs. 20.36 billion in FY13 from Rs. 17.48 billion in FY12.

Reliance General Insurance offers insurance solutions for auto, health, home, property, travel, marine, commercial and other speciality products.

The private insurer said it would come up with a new health product along with a catastrophe product for retail segment in the future.
 

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