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Reliance General Insurance Going Strong; Posts a Profitable Growth for 9M FY23 with Robust Future Plans
Invests in new Digital Alliances, Retail health distribution, MSME business and new product development Mumbai (Maharashtra) [India], February 25: Reliance General Insurance Co. Ltd., India’s 5th largest Private General Insurance Company, has been registering consistent profitable growth and healthy solvency for the past eight consecutive years. For the nine months ended on 31st December 2022, […]
Invests in new Digital Alliances, Retail health distribution, MSME business and new product development
Mumbai (Maharashtra) [India], February 25: Reliance General Insurance Co. Ltd., India’s 5th largest Private General Insurance Company, has been registering consistent profitable growth and healthy solvency for the past eight consecutive years. For the nine months ended on 31st December 2022, the Company has posted Gross Written Premium of Rs. 8,208 Crore, up by Rs. 914 Crore from the corresponding period previous year.
Key performance highlights for nine months ended December 31, 2022 are:
- The Company has grown Gross Written Premium @ 13% on Y-o-Y basis to 8,208 Crore for 9M FY23 as against Rs. 7,294 Crore for corresponding period 9M FY22.
- Profit Before Tax has grown to Rs. 334 Crore for 9M FY23 as against Rs 314 Crore for corresponding period 9M FY22. The Company took a hit of Rs 41.7 Crore for unutilized MAT credit in current year to opt for lower tax regime. This will accrue significant bottom line benefits in the subsequent periods.
- Company has grown its Investments Assets at 20% to Rs. 16,581 Crore for 9M FY23 as against Rs. 13,861 Crore for corresponding period 9M FY22. The company is operating at 6.6 times the Investment AUM / Net Worth Ratio, which is one of the best in the industry and shows a strong cash accrual.
- For the past many years, the Company is reinvesting the Annual bottom-line in growing the business and maintaining solvency over the Regulatory limits. The latest solvency position as on 31st December 2022 stands at 1.59 times indicating sufficient buffer over its Policyholder liabilities There is no challenge to the company to grow at the past growth rates due to strong internal accruals and existing capital.
Additionally, the Company ranks best amongst large players in the industry in terms of its faster claims settlement. According to the IRDAI’s Annual Report, for the year 2021-22, the company has settled over 23 lakh claims of which 98.65% claims were settled in less than 3 months’ time.
