Reliance General Insurance registered a 30% rise in profit levels as they recorded the profit for the June-end quarter of the current fiscal year at Rs. 57 crores as compared to Rs. 43.8 Crores earned during the corresponding quarter of the previous fiscal year.
Reliance General Insurance Gross Written Premium witnessed a growth of 23% year on year to Rs. 1571 crores. The current market share of the company, among all the private players, holds about 8.8% according to the Chief Executive of the company.
The investment book inclined to Rs. 8261 crores resulting in a 20% jump against the Rs 6880 crores during the same quarter of the previous year. The combined ratio, which measures the key profitability of the firm remained stable at 104% during the quarter under review. As compared to the Q1 FY18.
Reliance General Insurance (RGI) which is a wholly-owned subsidiary of Reliance Capital has filed the draft paper with the market regulator SEBI during October 2017 for the issuance of Initial Public Offerings (IPO) and also received the nod from the regulator in November. The proposed IPO consists of a new issue of around 1.67 crores shares by the company and an offer for sale by Reliance Capital of 5.03 crores shares.