Reliance General Insurance Reports Strong Growth, Profit in 9M FY23

Published By: The Times Of India

Published Date: 25-02-2023

India's 5th biggest private general insurer, Reliance General Insurance Co. Ltd., continues its ninth year of profitable expansion. For the 9th months ended December 31, 2022, the corporation recorded strong financial performance.

The company's gross written premium reached Rs. 8,208 crore, marking a 13% year-on-year increase of Rs. 914 crore compared to the same period in FY22. Profit before tax grew to Rs. 334 crores, up from Rs. 314 crores in the previous year, despite taking a Rs. 41.7 crore hit for unutilized MAT credit to opt for a lower tax regime—a move expected to benefit the bottom line in future periods.

Investment assets grew significantly by 20%, reaching Rs. 16,581 crore, with an impressive investment AUM/net worth ratio of 6.6 times, among the best in the industry. The company maintains a healthy solvency position of 1.59 times as of December 31, 2022, indicating sufficient buffer over policyholder liabilities. Reliance General Insurance demonstrates exceptional customer service, settling over 23 lakh claims in 2021-22, with 98.65% resolved within three months, ranking it among the best large players in the industry for claim settlement speed.

The company is investing heavily in digital alliances, retail health distribution, MSME business and new product development to capitalize on emerging opportunities. With low insurance penetration in India compared to global markets and recent regulatory reforms facilitating business ease, the sector is poised for growth.

With its extensive network of 75,000+ intermediaries, 131 branch offices and 7,000+ employees nationwide, Reliance General Insurance is well-positioned to offer innovative insurance solutions to retail, corporate, government and SME clients in a resurgent India.