Private life insurance company, Reliance Nippon Life, has reported an 8% increase in its premiums for the second quarter (July to September) compared to the same period a year ago. Total premium for this period stood at Rs.1,042 crore. The company has witnessed strong gains in the recent quarter with the increase in its customer base. Even during the previous quarter (April to June), the company’s premium increased by 8% to Rs.755 crore.
Total assets under management (AUM) during this period stood at Rs.19,612 crore, up by 9% compared to the same period of the previous fiscal year. The company’s individual weighted received premium (WRP) for the second quarter increased by 35% to Rs.222 crore compared to the same period of last year. Renewal premium for this period stood at Rs.792 crore, up by 4% from the same period a year ago.
The company also reported that it has made a marginal profit in the second quarter of this year compared to a loss in the same period of last year.
Ashish Vohra, the Chief Executive Officer of Reliance Nippon Life, stated that the company’s sharp rise in individual WRP can be attributed to the positive momentum of the company’s several digital-led initiatives. The company also looks forward to investing further in digital initiatives and aims to maximise the values offered to customers.
In the first quarter of the current fiscal year, the AUM of Reliance Nippon Life stood at Rs.19,335 crore, up by 11% from the same period of last year. For the first quarter, the company also reported a 6% increase in renewal premium to Rs.552 crore.
Reliance Nippon Life is one of the top private life insurers in the country. The company claims to have a strong customer base with over 10 million policyholders. It has more than 700 branches located in different parts of the country. It also has a strong agency network with over 75,000 advisors as of March 31, 2018.
Source: Economic Times