Reliance Nippon Life sees 3% rise in individual new business in Q2
At the end of Q2, the insurer had 750 branches and 69,400 active advisors across India
Moneycontrol News
Private life insurance company Reliance Nippon Life Insurance (a 51 percent subsidiary of Reliance Capital) saw a 3 percent increase in its individual new business premium for the quarter ended September 30, 2017 compared to a year ago. The insurer collected Rs 169 crore as individual new business premium while the renewal premium went up at 3 percent and stood at Rs 762 crore.
The company’s assets under management stood at Rs 17,893 crore at the end of Q2 FY18, which was up by 11 percent compared to the same period last financial year. The embedded value stood at Rs 3147 crore.
In terms of persistency or the rate of renewal of the policies, the insurer’s 13th month persistency rose to 68 percent in Q2 FY18 from 61 percent in Q2 FY17.
At the end of Q2, the insurer had 750 branches and 69,400 active advisors across India. They have the highest number of individual insurance agents among private life insurers.
“We have achieved significant progress across business parameters in this fiscal, driven by robust strategy and strong execution capabilities. Our focus continues towards building a profitable and customer centric growth story, driven by higher agency productivity and a favourable product mix”, said Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance.
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