Reliance Capital’s insurance arm -- Reliance Life Insurance -- is aiming to garner total new business premium of Rs 1,800 crore in the current financial year, ending this month, and expects to continue a double-digit growth in the next fiscal along with full-year profitability.
The company registered 56% rise in its new business premium collection to Rs 1,424 crore during April-December period of 2013-14, from Rs 911 crore in the year-ago period. Moreover, the company reported 18.2% growth in its new business premium income in the third quarter ended December 31, 2013 to Rs 401 crore, helped by a significant increase in its individual insurance business.
Reliance Life Insurance Company is amongst the leading private sector life insurance companies in terms of new business premium with a market share of 5% of the private sector life insurance industry.
