Company has grown its investments assets at 20 per cent to Rs. 16,581 Crore for 9M FY23 as against Rs. 13,861 crore for the corresponding period 9M FY22
Mumbai:
Profit before tax of Reliance General Insurance has grown to Rs 334 crore for 9M FY23 as against Rs 314 crore for the corresponding period 9M FY22.
The company took a hit of Rs 41.7 crore for unutilized MAT credit in the current year to opt for a lower tax regime. This will accrue significant bottom-line benefits in the subsequent periods, said the company.
Reliance General Insurance can gain significantly in the current ecosystem and hence in anticipation of much higher growth rate over and above its normal growth of about 15 per cent per annum in the last three years, the company has raised a request for fresh capital infusion to its parent company, the company has raised a request for fresh capital infusion to its parent company, Reliance Capital
Key performance highlights for nine months ended December 31, 2022, are:
The company has grown Gross Written Premium @ 13 per cent on a Y-o-Y basis to Rs. 8,208 Crore for 9M FY23 as against Rs. 7,294 Crore for the corresponding period 9M FY22.
-Company has grown its investments assets at 20 per cent to Rs. 16,581 crore for 9M FY23 as against Rs. 13,861 crore for the corresponding period 9M FY22.
The latest solvency position as on 31st December 2022 stands at 1.59 times indicating sufficient buffer over its policyholder liabilities
According to the IRDAI’s Annual Report, for the year 2021-22, the company has settled over 23 lakh claims of which 98.65 per cent claims were settled in less than 3 months’ time.
The company is investing heavily in new Digital Alliances, Retail health distribution, MSME business and new product development to tap emerging growth opportunities in the sector.
Considering the fact, that the insurance penetration level in our country is very low as compared to other parts of the world and the big-ticket reforms recently initiated on the Regulatory side facilitating ease of doing business in the insurance sector, and ensuring the regulatory architecture is aligned with the market dynamics to improve penetration, there is an augmented opportunity for much faster growth over the past. Few reforms are already in place, and few are in pipeline.
The impact of these reforms will bring significant growth opportunities for the sector.
Reliance General Insurance also has a robust network of more than 75,000 intermediaries and 131 branch offices manned by over 7000 people across India for offering its products and services to Retail, Corporate, Government and SME clients.